What is Litecoin? #
Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011. In technical details, Litecoin is nearly identical to Bitcoin. Meaning everything with Litecoin can still be tracked on the blockchain.
Why use Litecoin? #
Recently the fees with Bitcoin have gone up more and more. Litecoin is a cryptocurrency that you can buy on most exchanges, and has low fees. It works the same way bitcoin does, Elude and Kilos also offer and option to convert Litecoin to XMR that we will cover in the Converting chapter.
Note Litecoin is not a privacy coin. You should still convert your coins to XMR or start with XMR!