BITCOIN AND LITECOIN CRYPTO CURRENCIES
Litecoin and Bitcoin are two types of cryptocurrency, but they do not function in a similar way. Bitcoin is perceived as a store of value and takes longer to generate blocks at a rate of 10 minutes per block as opposed to Litecoin which has lower fees and a quicker transaction time of 2.5 minutes. **Background of Litecoin** - Charlie Lee created Litecoin in 2011 as a response to Bitcoin’s weaknesses particularly its incapacity to efficiently process transactions. - Litecoin was designed to work alongside Bitcoin, so it would serve as a faster and more accessible option without rivaling it. **Transaction Speed and Scalability** - Litecoin is capable of generating blocks every 2.5 minutes, making it four times faster than Bitcoin, which has a 10 minute block generation time. - The increase in block generation time enhances the number of transactions that can be processed, making Litecoin more optimal for daily transactions. **Mining Differenc...
