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Litecoin was launched in 2011 as a direct competitor to Bitcoin, promising low-cost, and high-speed transactions to make it a cryptocurrency that could undertake point-of-sale transactions and microtransactions. Created from a fork in Bitcoin’s blockchain, founder Charlie Lee labeled Litecoin as a “lite version of Bitcoin” and “silver to Bitcoin’s gold.” Litecoin uses a proof-of-work consensus method and has halving events every four years just like Bitcoin, however its supply is slightly higher than BTC, totalling 84m LTC.

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