This gave Litecoin the ability to grow its own mining ecosystem without having to compete with Bitcoin miners, reducing the risk of a 51% attack. Due to this faster block production, transactions have the ability to be included in a block at a faster rate compared to Bitcoin, increasing its transaction throughput.Īnother significant change was Litecoin’s use of the Scrypt algorithm for mining rather than Bitcoin’s Sha-256.
While some may say that Litecoin is Bitcoin’s near-identical twin, there are a few differentiating factors between the two.įor instance, Litecoin’s block times currently average out at around 2.5 minutes, making it 4x faster than Bitcoin’s at around 10 minutes. The years following its launch, LTC became a popular alternative to Bitcoin due to its cheaper fees and faster block times. Litecoin (LTC) is a peer-to-peer cryptocurrency that was released in October 2011, making it one of the longest-withstanding cryptocurrencies.
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