Within 2 years of Bitcoins creation in 2009, the value of a Bitcoin had reached $30 USD from mere fractions of pennies. In addition to this, mining power had started to become centralised , moving away from individuals mining using GPU power to specialised hardware called ASICs (application-specific integrated circuits). This lead many to think they had missed the boat on Bitcoin.
In 2011, Charlie Lee, a former google engineer, announced the debut of the “lite version of Bitcoin” which was hyped as being silver to Bitcoins Gold. Litecoin forked directly from Bitcoin source code, meaning it was essentially copied from Bitcoin, hence making it very similar and with a view “not change what’s working (from Bitcoin) unless there was a good reason to”. This meant it was just as secure as Bitcoin. There were a number of changes made however in order to offer an improved alternative to Bitcoin without competing directly.