Litecoin (LTC) is a peer-to-peer cryptocurrency created by Charlie Lee in 2011. Designed as a “lighter” version of Bitcoin, it aims to provide faster transaction times and lower costs. The main difference between Litecoin and Bitcoin is the block generation time; Litecoin processes a block every 2.5 minutes, while Bitcoin takes around 10 minutes.Litecoin uses a different hashing algorithm called Scrypt, which makes it more accessible for mining using consumer-grade hardware. This was intended to lower the barrier to entry for miners, promoting decentralization.The total supply of Litecoin is capped at 84 million coins, four times the limit set for Bitcoin. This scarce supply, combined with its usability for everyday transactions, helps maintain its value over time.LTC is traded on various exchanges and is often used for online payments and remittances. Its community is active, and it has been involved in continuous development and improvements, including payment channels and privacy features. As one of the earliest altcoins, Litecoin remains a staple in the cryptocurrency landscape.