Litecoin is a Bitcoin fork. A Bitcoin fork can simply be explained as a change and/or upgrade to the Bitcoin software that makes it significantly different from Bitcoin. Litecoin is one of the oldest cryptocurrencies, present on the market since 2011 and developed by Charlie Lee. The average block mining speed for Litecoin is 2,5 minutes, compared to Bitcoin that takes approximately 10 minutes. It also has a lower transaction fee than bitcoin.
You can use Litecoin to pay for products and services or to play at digital casinos or at Steem. The value and popularity of Litecoin is growing continuously due to it adopting new technological features allowing the network to process more transactions.