Litecoin and Bitcoin are both one of the largest cryptocurrencies in the world. Litecoin is often called the silver to Bitcoin’s gold. Though both coins are inherently similar and have similar objectives, there are few differences between the two.
Bitcoin and Litecoin Origin
The concept of Bitcoin originated as a “peer-to-peer electronic cash system” which was pioneered by an unknown developer or group of developers using the pseudonym Satoshi Nakamoto. At first, a whitepaper authored by Nakamoto surfaced, and soon after, the Bitcoin blockchain came into being. Some of the earliest BTC coins were mined by its creator.
Litecoin, on the other hand, is a fork of the Bitcoin blockchain. Charlie Lee, a former Google employee and former Engineering Director at US-based crypto exchange Coinbase is credited for the release of Litecoin which went live in October of 2011. Technically, Bitcoin and Litecoin are the same as they originate from the same source code, but Litecoin comes with a few modifications.
Bitcoin generates a new block every 10 minutes which means that transactions can only be verified after 10 minutes of completion. This makes Bitcoin one of the slowest payment processing blockchain networks in the world.
Litecoin aims to make the block time go down to 2.5 minutes, a 4x improvement in speed compared to the Bitcoin network. This means that transactions can be verified more quickly, allowing users to make payments without worrying about slow speed on the Bitcoin network. It also makes Litecoin a very attractive option for merchants who…
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