Litecoin (LTC) is a decentralized cryptocurrency created in 2011 by Charlie Lee as a faster and lighter alternative to Bitcoin. It has a shorter block time (2.5 minutes vs. Bitcoin’s 10 minutes) and lower transaction fees, making it efficient for payments. Litecoin uses the Scrypt algorithm for mining and is widely accepted as a reliable digital currency for transactions and store of value.
Gas fees impact blockchain transactions by increasing costs, affecting transaction speed, and influencing user behavior. High fees can discourage small transactions, while low fees may lead to congestion. They also affect DeFi, NFTs, and overall blockchain adoption.