$LTC Litecoin was designed to be used in lower value transactions and to be more efficient in everyday life. In comparative terms, bitcoin was being used more as a long-term store of value in the cryptocurrency market. The unit limit of litecoin is much higher than that of bitcoin, and the process of mining litecoin is much faster. This means that transactions are quicker and cheaper, although they tend to be smaller in size and the value of litecoin is lower.

Like bitcoin, litecoin is a digital currency. Litecoin also relies on blockchain technology and can be used to transfer funds directly between individuals or businesses. This ensures that all transactions are recorded in an accounting ledger and facilitates the currency to operate as a decentralized payment system without controls or government censorship.