How Litecoin Differentiate from Bitcoin

What is Litecoin? The Litecoin is inspired by Bitcoin and technically has the same implementation principle with Bitcoin. The creation and transfer of Litecoin is based on an open source encryption protocol that is not managed by any central authority. Litecoin aims to improve Bitcoin, compared to the Bitcoin, which has four significant differences.

1. Difference in the Amount of Currency
   The Litecoin network is expected to produce 84 million ltc coins, which is four times the amount of currency issued by the Bitcoin network.

2. Difference in Mining
   Like Bitcoin currency, Litecoin is a low-cost currency that is generated through mining. The Litecoin network can process one block every 2.5 minutes (instead of 10 minutes of bitcoin), thus providing faster transaction confirmation.

3. Diffenrence in Algorithm
   Litecoin used the scrypt encryption algorithm first proposed by Colin Percival in its workload proof algorithm, which makes it easier to mine Litecoin on a regular computer compared to Bitcoin.

4. Difference in Trading
   Litecoin can exchange fiat currency and bitcoin currently (you can check the real-time litecoin to bitcoin exchange rate if you are interested in it), mostly through online trading platforms. Revocable transactions (such as transactions made with credit cards) are generally not used to purchase Litecoin, as the Litecoin transactions are irreversible and therefore pose a refund risk.

Litecoin is the most promising altcoin after Bitcoin The Litecoin has soared 1700 in half a year. The current price is $56.59, and the market value is ranked seventh in the cryptocurrency community!

We can see from the litecoin chart that three years ago, Litecoin had reached a high price of almost $50, but it was followed by an instant fall to the bottom. Soon, the price of Litecoin fell to the price of a cabbage and lasted for two and a half years.

Start from 2017, many currencies began to recover, and the digital asset market began to break out. First, Bitcoin bottomed out and broke through the 10,000 yuan mark,. After that, the ETH relay broke out and touched nearly 3,000 yuan ($438).

Litecoin, which has been quiet for a few years, has also exploded, rising from 20 yuan to nearly 500 yuan (73 US dollars). The current price is $67.66.

Really powerful cryptocurrency can stand the test of time and withstand the impact of market volatility. Just like Litecoin, even if it has been quiet for more than two years for various reasons, it can still stand up and regain its glory. If Bitcoin is gold, then the Litecoin, which designed to improve Bitcoin is silver. Although its value is not comparable to Bitcoin, it should not be underestimated.