Litecoin is a peer-to-peer cryptocurrency that was created to improve verification time for transactions. Litecoin is often seen as a complement to Bitcoin, as they share similar attributes. Like Bitcoin, Litecoin is designed to have a limited supply of LTC mined (84 million, versus Bitcoin’s 21 million). It also shares a common form of mining (proof-of-work) that allows anyone to mine Litecoin and add blocks to its blockchain. Unlike Bitcoin, Litecoin has a newer algorithm, and it has a faster transaction speed.