5 Cryptocurrencies Redditors Are Buying for Early Retirement

3. Litecoin

Litecoin was founded by Charlie Lee, a former software engineer at Alphabet Inc. (NASDAQ:GOOG), with the notion of being a faster, cheaper, and more decentralized successor to bitcoin. While bitcoin has a block time of 10 minutes, Litecoin is four times faster and has a block time of 2.5 minutes. Bitcoin can handle only 5 transactions per second, owing mainly to the size of the block, and Litecoin can process 54 transactions per second. The core difference between Litecoin and bitcoin lies in the hashing algorithm used for both coins. Mr. Lee deployed the “scrypt” hashing algorithm which eliminated the need for expensive hardware to mine coins that were backed by a proof-of-work consensus mechanism.

Among the top coins that Reddit investors were holding for early retirement, we saw a significant number of mentions for Litecoin. Reddit Investors are bullish on the future of Litecoin and believe that it will follow in the footsteps of the parent coin.