Litecoin is created from a fork in the Bitcoin blockchain in 2011. It was formed by a former Google engineer named Charlie Lee.
The main purpuse of Litecoin is being a medium for daily transactions. Nowadays there are many options to choose, but back in 2011 Bitcoin became too centrally controller and Litecoin wanted to discourage enterprise-sized miners from gaining control of the mining process by using a different encryption method. Similar to Bitcoin, you can mine Litecoin. Finishing blocks goes 4 times faster with Litecoin. There is not much use of Litecoin except the transaction part mentioned before, but if you mine, it's a lot easier/quicker and still profitable in 2023. Most software programs for mining also tell you if it is profitable for you. Having an powerful, yet efficient graphics card, is the best way to mine. An ASIC miner can be put to work if your computer is not powerful enough. You can do it alone or in a pool, but I advise you to read up a mining blog if you want to know more about it.
Conclusion With the halving coming in August this year (2023) and signs of profitable mining, Litecoin still serves a purpose, but there are many other projects offering much more in technology. I am positive about Litecoin in general, because I see Litecoin as one of the early ones that will always have a big group backing them up, like Bitcoin is the gold of crypto. But I must be honest, Litecoin has no purpose. Show Less
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