Litecoin is an economically powerful digital currency tool that has a maximum supply limit of 84 million LTC. A successor of Bitcoin, Litecoin was created by former Google & Coinbase engineer Charlie Lee in 2011. Sometimes referred to as “Bitcoin Lite,” Litecoin came into existence due to the hard fork and was devised to eliminate certain shortcomings of Bitcoin. Hence, it copied its codebase and increased the total supply of coins and also the speed of adding newer blocks to the blockchain ledger.
Litecoin is a decentralized, blockchain-secured, uncensored, new-age digital currency with a current market cap of $13.74 billion. Currently valued at $204.14, the future of Litecoin looks promising as per the LTC coin price prediction. By 2022 & 2023, as per this source link, it is expected to reach the $900 mark, making it a good crypto investment option.
Litecoin is a scrypt based network, while Bitcoin utilizes the SHA-256 mining technology, which is less efficient than Litecoin. Charlie Lee designed scrypt to make the mining process faster, cheaper, safer, and less power-consuming.
Litecoin pioneers technologies like the Lightning Network and Atomic Swaps. While the former is for facilitating instant global fund transfers, the latter is for cross-blockchain trustless trading.
The proof-of-work concept used for bitcoin mining requires miners to use high-powered processors. This makes bitcoin mining more expensive, complex and requires special machines with fully integrated circuit computers with high processing power. In contrast, Litecoin mining requires cheaper systems with less-intensive GPUs (graphics processing units). Thus, Bitcoin mining is more processor-intensive, while Litecoin mining is more memory-intensive, making Litecoin a more decentralized network.
As per Blockchain.com, the average block processing time of Litecoin is 2.5 minutes, and Bitcoin is 9 minutes. This is due to the quicker block processing rate of Litecoin.
Only 21 million BTC can be mined during the mining period; however, Litecoin’s total supply limit is set to a quadruple value of Bitcoins, equal to 84 million LTC.
The key takeaway would be that Litecoin is faster and cheaper than Bitcoins. Litecoin was developed to be a more functional and scalable medium of exchange and is an ever-evolving borderless payment method that enables anyone to transact money globally.
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