Is Litecoin Different Than Bitcoin?
Satoshi Nakamoto launched bitcoin in 2009 as the world’s first cyrptocurrency. Bitcoin was built on open source code, which means it can be adapted by anyone and freely used for additional projects. There have been a high number of cryptocurrencies surfacing as of late, all developers have to do is just modify the code.
Following bitcoin, Litecoin was launched in 2011 with the objective of being the ‘silver’ to bitcoin’s ‘gold’. We have provided a guide below that shows you the difference between bitcoin and litecoin.
Both, bitcoin and litecoin are cyrptocurrencies that are generated by a mining process. Litecoin launched in October 2011 by Charles Lee, a former engineer that worked for Google. Litecoin was created to enhance bitcoin. For the end-user the main difference is; it takes litecoin approximately 2 and a half minutes to generate a block, while bitcoin takes 10 minutes.
Another difference between the two is the different proof of work algorithm. Bitcoin uses the SHA-256 hashing algorithm, while litecoin uses scrypt algorithm. This algorithm uses the SHA-256 algorithm but significantly more sequential than bitcoin.
Next, the two have separate transaction processes. One big difference is litecoin can approve transactions much quicker than bitcoin. Litecoin can also manage a higher volume of transactions due to its fast block generation. Bitcoin’s issue is that it would take significant updates to the code that could affect its current network. The quicker blocks also cut the risk of double spending attacks.
The speed of transactions and confirmation speed are usually highlighted as the key differences by many in bitcoin. It’s important to mention that a transaction happens instantly, it is just approved by the network as it spreads.