Litecoin was launched in 2011 by Google engineer, Charlie Lee, who sought to create a cryptocurrency that complements Bitcoin rather than competing with it. Litecoin has often been regarded as the “silver” to Bitcoin’s “gold.”
Litecoin’s currency limit is 4 times the size of Bitcoins, that is, there are a total of 84 million Litecoin that will ever be circulated, in comparison to Bitcoin’s 21 million. Like Bitcoin, Litecoin currency is added to circulation by mining.
However, Litecoin operates with two signature algorithms that are not part of big-brother Bitcoin’s software. It uses a program called SegWit to hasten data-processing technology for transactions, and is backed by a memory-intensive algorithm called Scrypt, which protects the currency from hardware attacks.
Like Bitcoin, Litecoin is decentralized, meaning it is not controlled or influenced by a single authority. Similarly, it is a cryptocurrency that promises complete independence from banks or government regulation. Litecoin is an alternative to the banking system, and gives you as the investor complete control over your funds.