Bitcoins and Litecoins were both created separately and almost 2 years apart. If we look at it like that, that would be the primary difference between the two. However, there are more principal differences between the two. Though both serve as major cryptocurrencies in the market, where Bitcoin was developed to launch the cryptocurrency world, litecoin was developed to ease the difficulties with Bitcoins.
Let us take a look at some of the major differences between these two major cryptocurrencies.
Bitcoin blockchains use the SHA-256 algorithm to release bitcoins. These are highly complex hash algorithms that increase in complexity everytime bitcoins are unlocked. Since bitcoins have been around for longer, the algorithms governing their release have become really tough to unravel.
Litecoins, on the other hand, use Scrypt algorithms that are relatively easy to undo. This resulted in an increase in Litecoin mining. Hence the number of Litecoins in circulation is more than that of Bitcoins.
Easy to mine
Bitcoins are very difficult to mine. The mean block time of Bitcoins is 10 minutes. Litecoins, on the other hand, have a mean block time of only 2.5 minutes and can be unlocked more readily. This ease has also made them popular.
It is hard to believe that Bitcoins started out with no value. Today one bitcoin roughly equals 10,465 US Dollars.
Litecoin, on the other hand, holds a value of around 189 US Dollars.
It is because of this difference that Bitcoins are usually tagged as ‘Gold’ while Litecoins as it’s ‘Silver’
Litecoins take a shorter time to generate a block when compared to Bitcoins. The block generation of Litecoins is 2.5 minutes and this ensures faster and more secure transactions. Bitcoins, on the other hand, have a block generation rate of about 10 minutes. That is a long time in comparison.
When compared to Bitcoins, Litecoin mining is easier. As discussed earlier, the algorithms are easier and the time usage is less when it comes to litecoins. Bitcoin algorithms are on a different scale. You can mine Litecoins with greater success than Bitcoins. Hence those into mining, whether solo or pool, first try the Litecoin front.