LiteBitcoin (LBTC) is a cryptocurrency designed to function as a decentralised digital currency, similar to Bitcoin but with certain modifications intended to facilitate faster transactions and a more lightweight network. LBTC is developed on the foundation of the Bitcoin codebase, aiming to provide a peer-to-peer electronic cash system with reduced transaction times and lower fees. It is distinct from the Bitcoin Lightning Network or any Bitcoin sidechain projects, instead existing as its independent blockchain.

The LBTC network operates with a Proof-of-Work (PoW) consensus algorithm, and its supply model follows a capped issuance of 1 billion coins. This is a significant departure from Bitcoin’s 21 million supply limit, designed to make LBTC accessible to a broader audience.

LiteBitcoin is primarily positioned as a medium of exchange, allowing users to conduct digital transactions with reduced costs and processing times. Its intended use cases include everyday peer-to-peer payments, online purchases, and as a remittance currency due to its claimed efficiency in transaction processing. Additionally, LBTC can be traded on various cryptocurrency exchanges, where it may serve speculative and investment purposes.

By offering lower fees and faster confirmations compared to Bitcoin, LiteBitcoin aims to attract users interested in conducting small-scale transactions or those who are deterred by Bitcoin’s higher transaction fees during network congestion.

Although 'LBTC' was the ticker assigned at the deployment of the LiteBitcoin Token's smart contract, it is already in use by another asset that has a larger market presence and higher trading volume on major exchanges. Due to this pre-existing association and to avoid confusion in the marketplace, the alternative ticker 'LITEBTC' has been adopted for this token. This designation is specifically used to ensure that assets are distinctly identified.