LiteCoin is a different version of BTC. For an example; BTC decided to be a wealth storage. LiteCoin will be the token that you can use for day-to-day exchanges such as buying a cup of coffee. In speed comparison, LiteCoin is 4times faster in transactions. LiteCoin will be very relavent for daily transaction, where Bitcoin will not. I'm a newbie to cryptos. I hope my attempt at explanation helps.