Litecoin (LTC) is a decentralised value token developed by former Google engineer Charles Lee. Although built on the same model as Bitcoin, the inspiration to create Litecoin was to improve upon it.
These improvements came with the integration of SegWit and Lightning which effectively allow a greater number of peer to peer transactions to be processed by the network in a given time, reducing potential bottlenecks and giving it the ability to scale up, as demand to transact increases.
More specifically, Litecoin has a faster block time of just 2.5 mins compared to Bitcoin at ten mins, which ultimately means payment confirmations are about four times faster with Litecoin.
Compared to other value tokens Litecoin has a very low transaction fees, and with a cap of 84 million Litecoin available, it could have great growth potential.
To get started, you’ll need a Token Room account and a crypto wallet to securely store your currencies.
Litecoin can be securely stored on our range of Ledger hardware wallets or your choice of Software wallet. There’s some easy to follow set up guides here, however, if you need further assistance, we’re here to help.
You can find more information on wallets and cryptocurrencies via our FAQ.