BITCOIN AND LITECOIN CRYPTO CURRENCIES

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 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 Differences**  


- Litecoin utilizes the Scrypt algorithm for mining while Bitcoin opts for the SHA-256 hashing algorithm which is more complex and allows for mining on GPU.


- Although mining Litecoin initially could be done using CPUs, now the standard for mining Litecoin is Scrypt-capable ASICs.


  


**Supply and Halving Events**  


- Litecoin has a maximum supply of 84 million coins in contrast with Bitcoin’s 21 million coins. 


- Litecoin’s supply also gets halved.


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