Litecoin (LTC) 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" due to its similarities to Bitcoin, but with some key differences. One of the main differences is that Litecoin has a faster block generation time, which allows for faster transaction confirmations. This makes it a more practical option for everyday transactions, such as buying goods and services. Additionally, Litecoin uses a different mining algorithm than Bitcoin, which makes it more accessible to individual miners and less susceptible to centralization.

Like other cryptocurrencies, Litecoin operates on a decentralized network, meaning that it is not controlled by any central authority or government. Transactions are recorded on a public ledger called the blockchain, which is maintained by a network of nodes around the world. This makes Litecoin a secure and transparent way to transfer value without the need for intermediaries like banks. Overall, Litecoin has gained a strong following in the cryptocurrency community due to its fast transaction times, low fees, and strong development team.