Litecoin (LTC) is a peer-to-peer cryptocurrency launched in 2011 by Charlie Lee as a “lighter” version of Bitcoin. It was designed to enable faster and cheaper transactions while maintaining a secure, decentralized network. Litecoin uses a Proof-of-Work (PoW) consensus algorithm called Scrypt, which allows for quicker block generation (approximately every 2.5 minutes) compared to Bitcoin’s 10 minutes. This faster confirmation time makes LTC suitable for smaller, everyday transactions.
Over the years, Litecoin has maintained a reputation as a reliable and efficient digital currency, often referred to as “silver to Bitcoin’s gold.” It supports features like Segregated Witness (SegWit) and the Lightning Network, enhancing scalability and enabling instant, low-fee payments. Although it doesn’t have as large an ecosystem as Bitcoin or Ethereum, Litecoin continues to be widely used for payments, trading, and as a testbed for technological upgrades that may later be applied to Bitcoin.
