The success of Bitcoin and Cryptocurrency software as a decentralized digital currency has inspired the creation of a variety of other cryptocurrencies, collectively referred to as altcoins. Not only that, but the Bitcoin system has also become a reference of all standards that underlie each of these altcoins. Of the approximately 200 altcoins currently in circulation, we will discuss the most popular and even predicted to be potential competitors of Bitcoin, Litecoin.
Litecoin has the same characteristics as Bitcoin as a cryptocurrency; decentralized and the circulation is not regulated by the authority. In addition, Litecoin can only be obtained in the same way by obtaining a new Bitcoin, namely through the mining process. However, Litecoin mining does not require super tools as Bitcoin mining does. The algorithm is easier to solve and Litecoin blocks are created in a duration of 2.5 minutes, much faster than the Bitcoin block which takes 10 minutes. The ease of mining that can support more transactions in a short amount of time is what makes Litecoin more powerful.