Litecoin is an open-source blockchain-based decentralized peer-to-peer (P2P) digital currency and payment network. Users of Litecoin can send money to anyone around the globe at relatively fast rates and inexpensive fees when compared to other digital currencies and traditional payment systems like SWIFT, ACH, and FedWire. Charlie Lee, who held positions at Google, Coinbase, and other companies before leaving to lead the Litecoin Foundation, a charity devoted to hastening the advancement and use of the technology, established it in October 2011.
In response to early worries about Bitcoin’s wait times in confirming block transactions, The Project arose as a substitute for Bitcoin. Litecoin made it possible for transaction processing fees to be even lower while also allowing for faster transaction speeds by making small technological changes to the original Bitcoin source code. Litecoin, one of the earliest and most popular derivatives of Bitcoin, has risen to become the fifth-largest network in terms of market capitalization in the ecosystem of digital currencies, complementing and strengthening Bitcoin in terms of use, utility, and purpose while challenging our conventional ideas of money.