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What is Litecoin?
Litecoin is a cryptocurrency that is often coined with the term 'silver' compared to Bitcoin which is known as digital gold. The concept of Litecoin is not fundamentally different to that of Bitcoin. In fact, the founder of Litecoin aimed it to be an improved version of Bitcoin, retaining some features whilst improving on others. One of the key advantages of Litecoin is the fact that it has faster confirmation times due to its shorter intervals between blocks, therefore making it more desirable for merchants.
Although Litecoin is also a 'proof-of-work' cryptocurrency, it employs an entirely different cryptography algorithm compared to Bitcoin. There are also more Litecoins in circulation compared to Bitcoin, given it has a maximum supply limit of 84 million coins compared to Bitcoin's 21 million.