Launched in 2011, Litecoin (LTC) is one of the oldest cryptocurrencies on the market. It is often referred to as the 'silver' to Bitcoin’s 'gold'. This is because Litecoin uses much of the same code as Bitcoin and therefore shares many similarities, but it is currently faster and cheaper. While Litecoin shares the same protocol as Bitcoin, it operates on its own separate blockchain.
Like Bitcoin, Litecoin is a peer-to-peer cryptocurrency which aims to serve as a global digital payment system. Also similar to Bitcoin, it’s an open-source fully decentralised network with no central authority.
Although Litecoin shares many similarities to Bitcoin, it has a number of differences in terms of the mining algorithm it uses, fees, supply and speed at which transactions are confirmed.