Bitcoin versus Litecoin: The origin of 'Bitcoin’s Silver'
No doubt, Bitcoin takes the mantle in liquidity and valuation. It was the first, and this will be the case for a long time—unless a token more superior sprouts up along the way.
Bitcoin is open-source and runs as a transactional layer where the community is in charge.
As a public project, others are free to fork (of course) and improve—nothing wrong with that.
Because of this avenue, we have Litecoin.
The creator is Charlie Lee—a former Coinbase Director.
He forked Bitcoin's code to create Litecoin, clear that he didn't intend to reinvent the wheel but instead wanted to supplement the world's most valuable network by building on what was already present.
If Bitcoin was gold, Litecoin is silver—just like in legacy systems.
How is this possible?
Litecoin, unlike Bitcoin, uses Scrypt for hashing. Again, it has 84 million LTC as total supply and a faster block generation time. For this, Litecoin serves better as a medium of exchange—that is, cash.
Accordingly, when using Litecoin, transactions are approved faster, making it suitable for payment. Bitcoin's 10-minute block generation time handicaps it, explaining why holders prefer it as a store-of-value--gold.
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