Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee, a former Google employee, in 2011. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, tight limits, block transaction time, and several other factors. Litecoin was released through an open source client on GitHub on October 7, 2011, and the Litecoin network was launched five days later on October 13, 2011.
Lee’s intention behind Litecoin was to create a “lite version of Bitcoin,” and its developers have always stated that Litecoin can be seen as the “silver” for Bitcoin’s “gold”. Litecoin differs from Bitcoin in that it prioritizes the speed of transaction confirmation, which is about 2.5 minutes per block. However, Litecoin users may need about 30 minutes to process a transaction due to network congestion.
Litecoin is accepted by different sellers, you can see the updated list on the Litecoin Foundation website.
Preparation for installation Blockchain Blocks Litecoin (LTC)
- Make sure that there is enough free space on your hard drive, it takes about 10-15 GB;
- Download Litecoin Core
- Download the archive with the Litecoin blockchain blocks
Import Blockchain Blocks Litecoin
After the files have downloaded, we can start importing Litecoin blockchain blocks, for this:
- Create a folder where we will place the blocks, for example, “Litecoin Core”;
- We dig into it an archive with blocks;
- Next, in the same folder, run – “Ltecoin.exe”
- The Litecoin Core window will open, select our just created Litecoin Core folder and click Next, after which the assembly of the LTC blockchain base and synchronization with the network will begin;
- Done! Now you can use your Ltecoin wallet!