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Definition: Litecoin

A digital currency and electronic payment system created in 2011 by former Google engineer Charles Lee. A pioneer in the crypto world and like Bitcoin, Litecoin is a decentralized system based on a blockchain-based distributed ledger; however, Litecoin generates a block much faster than Bitcoin. Litecoin's fixed maximum is 84 million coins rather than Bitcoin's 21 million. LTC is Litecoin's native crypto. See blockchain, Bitcoin and Ethereum.