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Litecoin is a peer-to-peer cryptocurrency created in 2011 that aims to be a faster and more scalable alternative to Bitcoin, often referred to as "digital silver" to Bitcoin's "digital gold." It features faster block generation times (2.5 minutes versus Bitcoin's 10 minutes), lower transaction fees, and uses a different mining algorithm called Scrypt that was originally designed to be more resistant to ASIC mining. Litecoin maintains a maximum supply of 84 million coins and serves primarily as a medium of exchange, with strong emphasis on transaction speed and accessibility.