Litecoin (LTC) is a decentralized, peer-to-peer cryptocurrency created in 2011 by Charlie Lee, a former Google engineer. It operates on a blockchain similar to Bitcoin but is designed to offer faster transaction confirmation times (about 2.5 minutes per block compared to Bitcoin’s 10 minutes) and lower transaction fees, making it suitable for everyday use and smaller transactions. Litecoin uses a unique hashing algorithm called Scrypt, which was intended to make mining more accessible compared to Bitcoin’s SHA-256 algorithm.

Known as the “silver to Bitcoin’s gold,” Litecoin has a maximum supply of 84 million coins, four times that of Bitcoin’s 21 million. It has been integrated into various payment infrastructure platforms like BitPay and is widely traded and accepted across many cryptocurrency exchanges.

Litecoin wallets store LTC securely and can be software-based or hardware-based. The network provides near-instant transfers, low fees, and is open source, with strong community and industry support. In recent years, Litecoin has implemented privacy features like the MimbleWimble extension block (MWEB), enhancing transaction confidentiality.

Overall, Litecoin serves as a complementary digital currency to Bitcoin, emphasizing speed, affordability, and ease of use in digital payments while maintaining robust security and decentralization.