Cryptocurrency rivalry: Bitcoin vs Litecoin
Bitcoin is the world's first and most popular form of virtual currency that allowed people to buy products and services in exchange of money without really involving banks. Not just Bitcoin, other cryptocurrency platforms which followed the trend provide similar add-ons if not more.
Litecoin started its journey in October 2011, two years after the rolling out of Bitcoin. The basics of virtual currency remain the same with Litecoin to the extent that they are both open source platforms.
Mining holds the key for generating cryptocurrency for both. Litecoin has the extra yard in terms of generation time for a block. While Litecoin takes 2.5 minutes for creating, bitcoin makes the user wait four times longer. The quicker operation of Litecoin can be attributed to the simpler Scrypt algorithm as opposed to Bitcoin's SHA-256 algorithm. Scrypt favours huge volume of high speed RAM, thus giving Litecoin the edge.