Litecoin was designed to be used for cheaper transactions and to be more efficient for everyday use. In comparison, bitcoin was being used more as a store of value for long-term purposes. The coin limit market cap is much higher on litecoin than bitcoin, and the mining process far quicker. This means transactions are faster and cheaper, although generally smaller in size. Like bitcoin, litecoin is a form of digital money. Utilizing blockchain technology, litecoin can be used to transfer funds directly between individuals or businesses. This ensures that a public ledger of all transactions is recorded, and allows the currency to operate a decentralized payment system free from government control or censorship.
Litecoin involves the creation and transfer of digital coins via an open-source, cryptographic protocol. It uses blockchain technology to record a decentralized, public ledger of all transactions.
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