Litecoin, often hailed as the silver counterpart to Bitcoin’s gold, shares numerous similarities with its predecessor but was purposely designed to tackle the challenges of expensive and slow transactions.

As a peer-to-peer cryptocurrency, Litecoin enables users to buy and sell digital assets directly without any intermediary involvement. This decentralized approach, coupled with its open-source nature under the MIT/X11 license, has contributed to its popularity and utility in crypto.

One of Litecoin’s key strengths is its ability to address transaction scale, speed, and commission fees more effectively than Bitcoin. Its faster block time of 2.5 minutes compared to Bitcoin’s 10 minutes allows for quicker transaction confirmations, enhancing overall network efficiency.