Litecoin is a cryptocurrency similar to Bitcoin. It lets you send money to a friend over the internet or buy something from an online retailer that accepts this method of payment. Unlike fiat currencies like the dollar and euro, Litecoin is not managed by any authority like a central bank. It basically cuts out the middleman (banks and other financial institutions), which speeds up transactions, reduces fees, and offers anonymity. Like Bitcoin the cryptocurrency runs on a publicly disclosed blockchain that records each transaction.
One of the most fundamental and technical differences between the two is their mining procedure. Both use Proof-of-work consensus mechanism. Proof-of-work is pretty straightforward to understand.
The miners use their computational power to solve extremely hard cryptographic puzzles. The puzzle solving needs to be extremely hard, if it is simple then miners will keep mining blocks and drain out the entire bitcoin supply.
However, while the puzzle solving part is difficult, checking to see if the solution of the puzzle is correct or not should be simple.
The main difference is that litecoin can confirm transactions must faster than bitcoin. The implications of that are as follows:
Litecoin can handle a higher volume of transactions thanks to its faster block generation. If bitcoin were to try to match this, it would require significant updates to the code that everyone on the bitcoin network is currently running.
The disadvantage of this higher volume of blocks is that the litecoin blockchain will be proportionately larger than bitcoin's, with more orphaned blocks.
The faster block time of litecoin reduces the risk of double spending attacks - this is theoretical in the case of both networks having the same hashing power.
A merchant who waited for a minimum of two confirmations would only need to wait five minutes, whereas they would have to wait 10 minutes for just one confirmation with bitcoin.
Moreover, influencing your decision on the use of litecoin is predetermined by the availability of its merchant. In recent years the acceptance of Litecoin at stores, business centres and financial entities has 60% growth undeniably.
Making it one of the Top 4 cryptocurrency in the world.
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