Litecoin - considered as the silver to Bitcoin 😄

What is Litecoin and what’s the purpose?

Litecoin is a peer-to-peer digital currency which allows you to send payments anywhere in the world in real time. It is a worldwide, decentralized open source payment network without central authorities.

Mathematical calculations secure the network and give the users the opportunity to decide about their finances.

Regarding security, Litecoin relies above all on encoding, which is intended to secure your wallet against unauthorized access. At the same time, unintentional payments should also be avoided as you can’t go to anybody for changing them.

Litecoin is faster and has an improved storage efficiency compared to Bitcoin. Because of the extensive trade support, as well as significant trading volume and liquidity is Litecoin a proven addition to Bitcoin.

Here are some general facts for you!

• Founder: Charlie Lee
• Issued Date: 7th October 2011
• Price July 2012: 0,035$
• Max. Supply: 84.000.000 LTC
• Technology: Blockchain & Proof of Work

What’s about mining?

25 litecoins are generated per earned block. The amount of generated Litecoins halves approximately every 4 years (840.000 blocks).
This generates four times more litecoins than bitcoins (a total of 84 million litecoins).

Another significant difference to BTC is the time - Litecoin is 4 times faster than Bitcoin.
In other words - Bitcoin Transactions are generally confirmed every 10 Minutes (as this is the time for a miner to mine one block and pass all transactions within this block to the Blockchain). With Litecoin one confirmation takes 2.5 minutes.

The following picture is a little self created information picture I am currently using for Instagram to bring some more facts into this community.

What do you think about this graphic?

Any ideas to change the design in some way to make it look more attractive?

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