Litecoin is one of the earliest and most established cryptocurrencies, launched in 2011 by former Google engineer Charlie Lee as a "lighter" alternative to Bitcoin. Often referred to as the "silver to Bitcoin's gold," Litecoin was designed to provide faster transaction times and a more efficient mining process. It operates on a similar blockchain structure to Bitcoin but with significant modifications, such as a reduced block generation time of 2.5 minutes (compared to Bitcoin’s 10 minutes) and a different hashing algorithm called Scrypt, which makes mining more accessible to a wider range of users.
Litecoin’s native currency, LTC, is used for peer-to-peer transactions and has gained popularity for its ability to facilitate quick, low-cost transfers. Over the years, Litecoin has maintained its position as one of the most reliable and widely adopted cryptocurrencies, serving as both a payment method and a testbed for new blockchain technologies. Its longevity and strong community support have cemented Litecoin’s status as a fundamental player in the broader cryptocurrency market.