In understanding ‘what is Litecoin’, one must know that the cryptocurrency was created in 2011 by former Google and Coinbase engineer Charlie Lee as a faster alternative to Bitcoin. By decreasing the amount of time it takes to create a block, Litecoin is able to process transactions much more quickly. In May 2017, Litecoin transferred 0.00000001 LTC from Zürich to San Francisco in under one second.
Not designed to replace Bitcoin, Litecoin was created to complement the OG cryptocurrency. Considered to be a “lite version” of Bitcoin, the altcoin is affectionately known as digital silver, compared to digital gold (what Bitcoin is often referred to as).
Litecoin operates off of blockchain technology, ensuring that it is transparent, immutable, and community-driven. Using a slightly different method to Bitcoin, the altcoin is still mined by active members of the network, with all transactions being verified in the same manner. With no central authority in control, Litecoin is a powerful decentralized currency.