What is litecoin

Litecoin is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It is often referred to as the “silver to Bitcoin’s gold” because it is similar to Bitcoin in many ways, but it is designed to be more lightweight and faster. Litecoin uses a different mining algorithm than Bitcoin, called Scrypt, which is designed to be more resistant to ASIC mining and make it easier for individuals to mine on their personal computers.

Like Bitcoin, Litecoin is decentralized, meaning it is not controlled by any central authority or government. It uses a public ledger called the blockchain to record all transactions, and transactions are verified by a network of nodes on the network. Litecoin is often used as a means of transferring value between individuals, and it has gained popularity as a fast and low-cost alternative to Bitcoin for small transactions.