Indodax Academy Glossary!
Hello all! In this video we will discuss what Litecoin is. As the name suggests, Litecoin is an alternative coin which is a simplified version of Bitcoin.
Litecoin has a shorter block spacing of only 2.5 minutes, while bitcoin has 10 minutes, which means the level of transaction capability runs faster than Bitcoin and also Litecoin has a greater supply of coins.
The use of the algorithm is also different where Litecoin uses Scrypt, and what Bitcoin uses is SHA256. This digital asset, discovered by Charlie Lee, was released through an open-source client on GitHub on October 7, 2011.
The reason Litecoin was developed is to remedy the shortcomings of Bitcoin, and now Litecoin has gained a lot of support as seen from the high trading volume and liquidity levels for years. When this video was made, there were already around 63 million litecoin that had been circulating in the world, and will be proclaimed to reach 84 million litecoin. To get Litecoin, you can go through mining just like bitcoin. But it will be much faster and easier if you buy it through Indodax!
Want to have Litecoin? Come buy now at indodax.com! And don’t forget to subscribe to our YouTube channel!