To leave a comment, please Login or Register

While there are many similarities between bitcoin and litecoin, some of the subtle differences include:

TRANSACTION SPEED
While litecoin requires more sophisticated technology to mine than bitcoin, blocks are actually generated up to four times faster. Litecoin also processes financial transactions a lot quicker, and can also process a higher number of them over the same time period.

NUMBER OF COINS
Both bitcoin and litecoin have a finite number of coins in circulation. Bitcoin has 21 million coins available, while litecoin has 84 million available – four times more than bitcoin.

MARKET CAP
Litecoin has a much smaller market cap than bitcoin, but is still one of the most traded cryptocurrencies.

ALGORITHMS
Miners must successfully solve hash functions in order to add new blocks of a cryptocurrency to the blockchain. Litecoin and bitcoin use different mining algorithms, with Scrypt being the hash function used for litecoin, and SHA-256 the hash function used for bitcoin. Scrypt was initially chosen by the litecoin development team to avoid mining being dominated by ASIC-based miners. This would allow CPU and GPU-based miners to compete. The Scrypt mining algorithm is more memory intensive, and this was initially less suited to ASIC miners, giving other miners more opportunity. However, Scrypt-capable ASIC-based miners have developed over time. This means CPU and GPU-based miners no longer have valid mining tools due to the inferior computational powers, and ASICs are able to generate far more hashes per second.
15 days ago   0

Related Questions

1. What is a permalink in WordPress?

As you know that when we do a search on the Internet about any topic, the result or the page of the article related to it remains...

2. Akismet Spam Protection: WordPress Spam Protection Plugin

Akismet is a basic and default spam protection plugin provided on all WordPress sites irrespective of the theme and plan. With my...

3. SiteGround Hosting Review 2021: Details, Pricing, & Features

Here are the pros 1. Great reliability with solid uptime 2. Highly scalable plans 3. Excellent customer support via live chat 4...

4. Why is blogging so popular?

Blogging is popular for many things like - anyone can write anywhere - source of income - freelance - you are the boss - can...

5. 5 Effective ways to increase Google AdSense CPC

1. Blog's Content Should be Good and Highest CPC Keywords Friends, the most important thing to do CPC Increase is that the...