Litecoin is frequently referred to as the little brother of bitcoin. Like Bitcoin, litecoin is a peer-to-peer cryptocurrency that has gained a ton of use since its creation in 2011. Litecoin as a currency utilizes blockchain technology (a form of peer-to-peer) to maintain a public ledger of all litecoin transactions. It can be used to transfer funds between individuals or businesses without the need for a bank or payment processing service.
What Makes Litecoin Different From Bitcoin?
Three main features make litecoin different:
- Number of Coins
- Market Cap
Litecoin is founded on the exact same open source code that bitcoin uses, however it has some upgrades. Litecoin was created by ex-google engineer Charlie Lee, and one of the main differences between the two cryptos comes in transaction speeds.
Litecoin generates blocks nearly four times faster than bitcoin, and thus litecoin can confirm the legitimacy of transactions a lot faster and process a much greater number of them in the same amount of time.
Number of Coins:
A big reason that some cryptocurrencies hold intrinsic value is due to their limited supply. Once a certain number of bitcoin (btc) or litecoin (ltc) are mined, that’s all there will ever be — no government can simply print more.
While bitcoin is limited to 21 million coins, litecoin will have 84 million.
Eve though the litecoin market cap pales in comparison to bitcoin, litecoin still ranks among the top 5 cryptocurrencies in the world to date.