Litecoin (LTC) is a cryptocurrency that was created in 2011 by Charlie Lee. It is an open-source, decentralized global payment network used to securely transfer funds between individuals and businesses without the need for a middleman or financial institution. Litecoin is based on Bitcoin’s codebase but differs from it in many ways including its faster transaction speeds and lower fees.
Litecoin works similarly to Bitcoin with miners using specialized hardware to validate transactions over the blockchain, though Litecoin has different algorithms than Bitcoin which allow it to process more transactions per second at a much lower cost. Transactions are then confirmed by the network of nodes which make up Litecoin’s distributed ledger system known as “The Litening Network”.
Unlike fiat currency such as US Dollars, LTC does not require trust from third parties or government intervention since all transactions are stored on an immutable public ledger that can never be changed or deleted – making it one of the most secure digital currencies available today. Additionally, because mining rewards are halved every 4 years like Bitcoin, there will never be an inflationary surge in supply caused by additional coins being printed out of thin air like traditional money systems have experienced throughout history.
There are currently no physical versions of LTC as they exist only digitally through exchanges and wallets where users can buy and sell them for other cryptocurrencies or fiat currencies such as USD or EURO depending on what their preferred exchange supports. Currently popular methods for buying LTC include bank transfers via SEPA/ACH payments, credit cards & PayPal purchases directly from exchanges such as Coinbase Pro & Gemini; however fees will vary depending on where you decide to purchase your coins from so shop around before committing to any particular vendor!