Litecoin (LTC) was created in 2011 by a former Google engineer and MIT graduate, Charlie Lee. He created the network to provide a “lite” version of Bitcoin, essentially with similar properties only lighter. The cryptocurrency was designed to complement the Bitcoin network and provide a faster and cheaper means of transacting cryptocurrency and has become known as digital silver, next to Bitcoin’s digital gold. Through leveraging the unique functionalities of blockchain technology, the Litecoin network hard forked the Bitcoin network and incorporated several features of its own.
Most notably the Litecoin blockchain has a block creation time of 2.5 minutes, a quarter of Bitcoin’s, and offers significantly lower transaction fees. The team behind the network also increased the maximum supply, ensuring that a total of 84 million coins would ever enter circulation, and chose to use a different hashing algorithm.
Since launching, LTC has regularly featured in the top 10 cryptocurrencies according to market capitalization and has been accepted around the world as a viable option for fast, cheap and secure digital payments. See the chart above depicting the LTC price data and use the Buy button to start trading.