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What is cryptocurrencies?
Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability. The most important feature of a cryptocurrency is that it is not controlled by any central authority: the decentralized nature of the blockchain makes cryptocurrencies theoretically immune to the old ways of government control and interference. Cryptocurrencies can be sent directly between two parties via the use of private and public keys. These transfers can be done with minimal processing fees, allowing users to avoid the steep fees charged by traditional financial institutions.
What is Litecoin?
Litecoin is a cryptocurrency that was founded in 2011, two years after bitcoin, by a former Google engineer named Charlie Lee. Measured by market capitalization, Litecoin is the ninth-largest cryptocurrency. Initially, it was a strong competitor to bitcoin. However, as the cryptocurrency market has become more saturated in recent years with new offerings, Litecoin's popularity has waned. Litecoin has always been viewed as a reaction to bitcoin. In fact, when Lee announced the debut of Litecoin on a popular bitcoin forum, he called it the "lite version of Bitcoin." For this reason, Litecoin has many of the same features as bitcoin, while also adapting and changing some other aspects that the development team felt could be improved.