What is Litecoin?
Litecoin is a cryptocurrency that was created by Charlie Lee and was released to the public in October 2011. Since then it has become one of the leading cryptocurrencies, remaining consistently in the top ten based on market capitalization.
Litecoin is a Proof of Work coin, but uses the Scrypt mining alogorithm and is much faster than Bitcoin, with lower transaction fees. Charlie Lee has said he created Litecoin as a compliment to Bitcoin, with Bitcoin remaining the store of value, while Litecoin becomes the transactional coin of choice.