What are the differences between Bitcoin and Litecoin, the father of the crypto currencies? A brief summary of this frequently asked question: A person who is called by his nickname, Satoshi Nakamoto, and kept his mystery invented Bitcoin, the world’s first crypto currency, in 2009. Bitcoin …
What are the differences between Bitcoin and Litecoin, the father of the crypto currencies? A brief summary of this frequently asked question:
A person who was nicknamed Satoshi Nakamoto and protected his mystery invented Bitcoin, the world’s first crypto currency, in 2009. Bitcoin’s code is open source, which can be modified by anyone and used freely for other projects.
Many crypto currencies have been successfully marketed at various levels with modified versions of this code.
Litecoin: Bitcoin’s “gold” silver “silver”
Litecoin was removed in 2011 to be “silver” for Bitcoin’s “gold”.
There are many differences between Bitcoin and Litecoin. If the item needs to be listed as:
1) The production of Bitcoin was limited to 21 million pieces. At Litecoin this limit is 84 million units.
2) Bitcoin is built on the SHA-256 algorithm. Litecoin is Scrypt.
3) A block in Bitcoin is created in 10 minutes. 2.5 minutes in Litecoin.
4) The block award in Bitcoin is reduced to 210 thousand blots per half. In Litecoin, 840 thousand blots are being cut in half.
5) The first prize in Bitcoin was 50 BTC. It was 50 LTC in Litecoin.
7) Bitcoin was created by Satoshi Nakamoto. The creator of Litecoin is Charles Lee.
8) Bitcoin was released on 3 January 2009. Litecoin is on October 7, 2011.
9) Bitcoin’s market value is now around $ 40 billion. Litecoin’s approach to $ 3 billion.
10) Litecoin can process higher volumes than Bitcoin thanks to faster block generation.