The cryptocurrency was created by a former Google employee named Charlie Lee. Litecoin was supposed to be the “lite version of Bitcoin,” in that it features many of the same properties as Bitcoin— but more of it…. Think of it like silver to Bitcoins gold.
The cryptocurrency is a fork of the Bitcoin (BTC) protocol, but it is different in terms of the hashing algorithm used, hard cap, and block transaction times. Litecoin has a block time of 2.5 minutes and low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
Behind Bitcoin, Litecoin is the second most popular pure cryptocurrency. This success can be largely attributed to its simplicity and clear utility benefits. As of January 2021, Litecoin is one of the most widely accepted cryptocurrencies, and more than 2,000 merchants and stores now accept LTC across the globe.