Litecoin is a peer-to-peer cryptocurrency created in 2011 by Charlie Lee, a former Google engineer. Often described as the "silver to Bitcoin's gold," it is one of the oldest and most established digital currencies, operating on a decentralized, open-source global payment network.
It is designed for faster and cheaper everyday transactions compared to Bitcoin. Litecoin uses a different hashing algorithm (Scrypt) and produces blocks approximately four times faster, allowing for quicker transaction confirmations and a higher maximum coin supply.
Most people buy Litecoin on a major exchange. Binance has the lowest fees and the widest selection — here's the quick version:
The primary differences are technical: Litecoin uses the Scrypt algorithm and has a 2.5-minute block time, whereas Bitcoin uses SHA-256 and has a 10-minute block time, leading to faster transaction speeds for Litecoin.
Transactions are processed and secured by a global network of computers using blockchain technology. Miners validate transactions and add them to blocks in the chain, which is secured through cryptographic proof-of-work.
Yes, the Litecoin blockchain is secured by a decentralized network of miners, making it highly resistant to censorship and fraud. Its security model is similar to Bitcoin's and has operated reliably since its launch in 2011.