Creating Litecoin. Charlie Lee explains Litecoin. Open source fork of Bitcoin, 4 times the total coins – 84 million litecoins, ¼ the block confirmation time – 2.5 minutes, Scrypt proof of work, “Silver to Bitcoin’s Gold”, Launched on October 13, 2011. $3 per ltc, $130 million market cap. Why create Litecoin. An excuse to learn the Bitcoin code, Create an altcoin better than the rest, It was just fun! Why did Litecoin succeed? Easy to remember name, Good marketing with silver, Self-fulfilling prophecy, Arbitrage coin with Bitcoin, Reuse of old Bitcoin mining hardware, Fair launch.