What Is Litecoin?
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee, a former Google employee, in 2011. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin was released via an open-source client on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days later on Oct. 13, 2011.
Lee’s intention behind Litecoin was to create a “lite version of Bitcoin,” and its developers have always stated that Litecoin can be seen as the “silver” to Bitcoin’s “gold.” Litecoin differs from Bitcoin in its prioritization of transaction confirmation speed, which is about 2.5 minutes per block. However, Litecoin users may have to wait up to around 30 minutes for their transaction to be processed due to network congestion.
Litecoin is accepted at a variety of merchants, you can see an updated list on the Litecoin Foundation’s website.
Quoted data: coinmarketcap.com