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Litecoin (LTC) is widely considered to be the first alternative cryptocurrency. It was launched on October 13, 2011, with the goal of being “the silver to Bitcoin’s gold,” and is still one of the largest cryptocurrencies by market capitalization.

Just like Bitcoin (BTC), Litecoin runs on an open-source blockchain that isn’t controlled by any central authority. Every Litecoin node operator has a copy of each blockchain to ensure that new transactions do not contradict its transaction history, and miners help process new transactions by including them in newly mined blocks.

Litecoin and Bitcoin do have a few key differences. Transactions are faster on Litecoin and the cryptocurrency has a larger supply. It uses a different hashing algorithm to keep mining fair for everyone, and these differences are believed to have helped LTC succeed and remain one of the top cryptocurrencies throughout the years.

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