Litecoin is a peer-to-peer Internet currency similar to Bitcoin. It was created in 2011 by a Google engineer Charles Lee as an open source and fully decentralized digital money. Some call Litecoin as being the 'silver' to bitcoin's 'gold'. The key difference is the 2.5 minute time to generate a block, as opposed to bitcoin's 10 minutes. Charles Lee now works for Coinbase, one of the most popular online bitcoin wallets.