Litecoin, which emerged as the successor of Bitcoin on October 7, 2011, has a different production structure than Bitcoin with its production algorithm. Litecoin decreases the time to create a new block and produces four times faster than Bitcoin and four times more maximum coins by using scrypt method instead of SHA-2.
Litecoin is actually a fork of Bitcoin. Therefore, the working methods of Bitcoin and Litecoin are quite similar.
Litecoin user can transfer his LTC to any location provided that he is within the network. It is not possible to change or cancel the transactions. It isn't possible to change or cancel the transactions. Processes take place in seconds; it is 2.5 minutes to be approved by the system. This period is 10 minutes for Bitcoin. Due to this feature of Litecoin, payment transactions are 4 times faster than Bitcoin.
Processes take place in seconds: it is 2.5 minutes to be approved by the system. This period is 10 minutes for Bitcoin. Due to this feature of Litecoin, payment transactions are 4 times faster than Bitcoin.
Wallet Encryption: In order to initiate any payment in Litecoin, wallet owners need to enter a special transaction password. Thus, it is more protective against malicious software.
More Coins: Litecoin has 4 times more production mills compared to Bitcoin. While these numbers are 21 million in Bitcoin, 84 million in Litecoin.
Security: Due to the block creation time, the risk of double spending attack is less in Litecon. At the same time, Litecoin is encrypted in the proof-of-work algorithm, making Bitcoin safer than the SHA-256 protocol.
One or more ASIC miners are required for Litecoin mining. The difficulty level may increase in line with the intensive demand or the level of difficulty may decrease as the demand decreases. For example; If 20 miners can earn an average of 10 LTC per day, when the number of miners increases to 40, they will be able to earn 5 LTC. However, we cannot mention a certain proportion here. The reason for this is ASIC miners.