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What is Litecoin?

Last Updated: Jun 14, 2018 08:43AM EST
Litecoin was created in 2011 as a derivative of Bitcoin, but designed to be a lighter, faster and cheaper alternative for transacting with peers electronically. The major differences between Litecoin and Bitcoin is that (i) Litecoin provides average transaction confirmations in 2.5 minutes on average, versus Bitcoin’s 10 minutes and (ii) uses a proof-of-work transaction verification process that’s able to use the more democratized computing power of everyday computers as opposed to the specialized computing units used in Bitcoin mining.

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