Litecoin is a proof-of-work cryptocurrency launched in 2011, with LTC as its native unit. The network uses the Scrypt mining algorithm and targets a block roughly every 2.5 minutes. Its maximum supply is set at 84 million LTC, four times Bitcoin's 21 million limit, reflecting Litecoin's deliberately different issuance and block parameters.
An LTC payment is sent to a Litecoin address and becomes more secure as additional blocks confirm it. The network fee belongs to the blockchain transaction, while a receiving service may impose separate minimums, withdrawal charges or confirmation requirements. Litecoin also supports features such as Segregated Witness and MimbleWimble Extension Blocks, but not every wallet or service exposes every feature. If an account remains denominated in LTC, its fiat value can rise or fall between deposit and withdrawal; if the service converts on receipt, the relevant exchange rate is the one used at that conversion point.
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