Bitcoin (BTC) has a lot of respect in the crypto space because it started the digital currency journey. Charlie Lee was and is still a big fan of Bitcoin since 2011 when he was still working with Google as a software engineer. He was so enthusiastic about the digital currency that he decided to have his own Bitcoin, with a little modification – and this led to the creation of Litecoin (LTC).
Litecoin (LTC) is almost the same thing as Bitcoin in a whole lot of ways, and it is forked from the blockchain of Bitcoin. So they work with the same blockchain tech, but some of the steps in the process were modified to make the speed of transactions faster than that of Bitcoin.
The Competitive Advantages of Litecoin (LTC) Over Bitcoin (BTC)
At the time of writing, Litecoin (LTC) is the 7th largest digital currency in the world by market cap. Litecoin is very popular, and the blockchain project is considered to be one of the vigorous in the world. The crypto is mined by the community, just like BTC, but the mining time is much shorter than that of Bitcoin because of the modifications made by Charlie Lee on the source code and process of the blockchain.
Lee was able to achieve what he planned. In LTC, transfer of tokens from one user to another is settled almost instantly, and the transaction costs are also very low. Another difference between the two digital currencies is the total number of tokens to be mined. Litecoin is designed to min 84 million tokens in total while Bitcoin is designed to only mine 21 million tokens.
The infrastructure of Litecoin is also more flexible than Bitcoin, and it is easier to implement changes on the platform than Bitcoin. Another edge Litecoin (LTC) has over Bitcoin is that it creates a new block every 2.5 minutes while it takes ten minutes for Bitcoin to create a block.