What is the difference between Bitcoin and Litecoin?
The main difference between Bitcoin and Litecoin is the way they are mined.
Bitcoin uses a proof-of-work (PoW) consensus algorithm, which requires miners to solve complex mathematical problems in order to add new blocks to the blockchain. This process is computationally intensive and requires a lot of energy. Litecoin, on the other hand, uses a proof-of-stake (PoS) consensus algorithm, which does not require miners to solve complex mathematical problems.
Instead, miners are rewarded for validating transactions on the network by receiving newly minted coins. Another difference between Bitcoin and Litecoin is their block times. Bitcoin has a block time of 10 minutes while Litecoin has a block time of 2.
5 minutes. This means that transactions on the Litecoin network are confirmed much faster than those on the Bitcoin network. Finally, there is also a difference in the total supply of coins between Bitcoin and Litecoin.
The total supply of Bitcoin is capped at 21 million coins while the total supply of Litecoin is capped at 84 million coins. This means that there will be more Litecoins available than Bitcoins in circulation over time.
