Developed in 2011 as a fork of the Bitcoin network, Litecoin (LTC) aimed to improve upon Bitcoin's shortcomings. It was the first altcoin, and its goal was to offer a decentralized peer-to-peer (P2P) currency with faster transaction processing times and lower fees than Bitcoin.
Built with payments in mind, Litecoin outperforms Bitcoin in terms of transaction and confirmation speed. While Bitcoin can process approximately five transactions per second, Litecoin has a capacity of 56 transactions per second. The network's confirmation time is also significantly shorter, taking approximately two minutes and 20 seconds compared to Bitcoin's nearly 10 minutes per block.
Even after over a decade, Litecoin remains committed to offering users low-cost, private, secure, and borderless payment solutions. Its vision is to enable individuals to make payments anywhere in the world at any time, making it a practical and accessible digital currency for everyday transactions. Litecoin's adoption as a payment method has grown over the years, widely accepted by various merchants and organizations, including the American Red Cross, Newegg, and Twitch.
