What is the difference between Bitcoin and Litecoin? - ProProfs Discuss
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What is the difference between Bitcoin and Litecoin?

Asked by G. GRAY, Last updated: Mar 31, 2020

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Barry Mclean

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Barry Mclean, Sales Manager, MBA, Ewa

Answered Mar 30, 2020

Bitcoin is a cryptocurrency that was created in 2009. The person who invented it wanted to develop a decentralized currency that would use superior encryption to deter transaction processing errors. Bitcoin was sold for less than $1 when it first came out, but it has successfully evolved, as it now costs more than $8000 for a bitcoin. Bitcoin uses a robust algorithm to confirm transactions.

It has significant parallel processing power. On the other hand, an engineer that previously worked at Google designed Litecoin in 2011, which was an early alternative to bitcoin. Litecoin is silver, while bitcoin is gold. The creation and transfer of coins is established on an open-source cryptographic protocol and is not controlled by any central authority. Litecoin will make eighty-four million coins available. Technically, Litecoin is almost identical to bitcoin.

 

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