Glossary > Litecoin (LTC)

Litecoin (LTC)

What is Litecoin?

Litecoin (LTC) is a cryptocurrency focusing on prioritizing transaction speed on the network. It runs on the Litecoin blockchain.

Former Google engineer Charlie Lee created Litecoin in 2011. It has been a serious competitor to Bitcoin and was advertised a “the lite version of Bitcoin” on the internet. This is why Litecoin and Bitcoin are quite similar.

The main difference between Litecoin (LTC) and Bitcoin (BTC) is that they use different cryptographic algorithms. Also, the goal of Litecoin is to prioritize transaction speed. To do so, blocks are generating faster which allows the network to handle more transactions.