The difference between Bitcoin and Litecoin.

The difference between Bitcoin and Litecoin

More than 8 years ago Satoshi Nakamoto created bitcoin. This was the first crypto currency in the world. The main element of this payment system is open source code, which can be freely changed.

Therefore, the payment tool was actively used by numerous projects. A huge number of crypto-currencies were based on modified versions of this code and had a different degree of success.

The release of Litecoin was announced 6 years ago. This kind of 'silver' in the universe kriptovalyut, but bitkoyny became 'gold.' At the same time, the capitalization of light-tails has the most abundant value among freely convertible currencies, second only to bikkoynam. What are the obvious differences between these crypto-currencies exist?

First of all it is necessary to allocate the use of computing power. Litecoin is about 4 times less demanding. Today, the advanced mining-rigs for this crypto-currency have the appearance of simple personal computers that are equipped with several video cards. These are the devices that perform the calculations required for scrypt. They have quick access to RAM.

There were times when users could use video cards to extract bitcoins, but the release of ASIC processors made this method not particularly effective.

Transaction Differences

The main difference is that operations with lightcodes occur much faster than with bitcoins. There are several reasons for this.

Litecoin differs quite a fast generation of blocks. If bitcoins tried to catch up with the opponent on this indicator, then it would be necessary to change the source code globally, which is now used in the Bitcoin network.

The downside of this larger number of blocks is that the chains of Litecoin blocks will become proportionally larger. More rapid generation of blocks of 'silver' from the world of crypto currency reduces the risk of double spending. A trader who expects at least a couple of confirmations of transactions with Litecoin must wait about 5 minutes. At the same time, it takes about 10 minutes for bitcoin. Today all transactions are instantaneous. The mentioned time period is simply the time of registration of the transaction in the system. So this advantage can not be considered so global when choosing a crypto currency.

Source: author