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Litecoin is one of the early followers that tried to replicate the success of Bitcoin. This digital asset came into existence in 2011 and similar to bitcoin seems like one of the alternatives to real-world currencies. There is no doubt that bitcoin paved the way for all other digital currencies that came ever after. It is vital to note that when we talk about Litecoin it is one of the most established digital assets ever existed. If you are interested in bitcoin trading visit bitcoinsystem app .
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Now you know a little bit about Litecoin, Let’s have a look at its creators as well…
Although, Satoshi Nakamoto is known as the real founder of Bitcoin. There are still speculations that he is not the real creator of this digital asset. But that’s not the case with Litecoin. An MIT graduate named Charlie Lee is known as the real father of this digital asset. He came up with the idea to create this digital asset when he was working with Google. During his interview, he cleared that currently, he doesn’t have any assets of this digital coin. Although it is known that he holds the position of the Managing Director of Litecoin Foundation. This Singapore-based organization is associated with handling all the future developments related to Litecoin.
Litecoin Vs Bitcoin
Every tech enthusiast is enlightened when they read about any digital currency like Litecoin. The first thing that comes to their mind while reading about any other digital asset is how this asset holds itself when compared to Bitcoin.
Curious to know about the same. Keep scrolling further…
There is nothing to hide other than the fact that both blockchain technology works on the same. So, if you are looking for a winner in this category, they both are similar to one another.
One big advantage with this is if you know how bitcoin works, getting to know about Litecoin is just a piece of cake for you. Everyone is well versed with the mining activities happening around the world associated with bitcoin.
Although, everything is not the same when you compare Litecoin with Bitcoin. One notable difference between the two is the algorithm they operate on. Bitcoin works on the SHA-256 algorithm and Litecoin works on the script algorithm. So what’s the real difference between both these algorithms is that while it makes mining a bit easy for Litecoin. For a simpler understanding, it is 4 times easier to mine a Litecoin than a Bitcoin. On further classification, Litecoin adds a new block every 2.5 minutes which means faster transactions while trading on a Litecoin network.
What’s the purpose of creating Litecoin?
One logical thing one might ask about if bitcoin was already solving the purpose is why there is a need to create another digital asset like Litecoin. And there are various logical answers for the same. Take the first one for instance, faster confirmations as compared to Bitcoin. However, the lower reduction of the blockchain kept on purpose to incentivize merchants to use Litecoin. Not only this, the name was purposely chosen to express the digital coins are of expertise such as the ‘lite’ means the fast and efficient. Hence used to name this digital asset Litecoin.
Since there was not much difference between the two, this digital asset became the faster method to do transactions over the crypto exchange. There is also a narrative going around this digital asset that termed it as Bitcoin’s little brother. The popular comparison between the two popular metals like Gold and Silver is perfect to paint a clear picture about Litecoin and bitcoin in the crypto world.
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