Just like that cryptocurrency was born. A peer to peer electronic cash system. The paper was called bitcoin.
A short history of litecoin vs bitcoin in november 2008 a paper was written by a mysterious coder called satoshi nakamoto. Litecoin seeks to be a lighter and faster version of bitcoin. However this cryptocurrency was not a result of a disagreement among developers.
One can argue that litecoin ltc is also a fork of bitcoin btc as it shares the same codebase. 21 million which can make litecoin s price seem relatively low despite the fact that it s consistently one of the top 5 10 crypto assets by market cap assets in circulation multiplied by asset price. However keep in mind that the maximum limit for litecoin s total supply of ltc is 4 times greater than that of bitcoin s 84 million vs.
In comparison litecoin s block time is a quarter of that with an average of 2 5 minutes. Bitcoin s block confirmation time is 10 minutes. It s all about speed.
This makes litecoin s transactions roughly four times faster than bitcoin s offering an attractive advantage for users who frequently conduct transactions such as merchants. Bitcoin s average transaction confirmation time is a little over 9 minutes per transaction whereas litecoin s is roughly 2 5 minutes per transaction. 3 4 similarities.
Bitcoin uses the longstanding sha 256 algorithm and litecoin uses a newer algorithm called scrypt. Bitcoin and litecoin use fundamentally different cryptographic algorithms.
