Guys! To those who arrived in the crypto space on an armored train, I say: Litecoin is a fork of Bitcoin. The ease of its network allows transactions to be confirmed 4 times faster than in the Bitcoin blockchain. Both systems use the Proof-of-Work (PoW) consensus algorithm, but Bitcoin uses the SHA-256 hashing algorithm, while Litecoin uses Scrypt, which requires more RAM but is easier to set up.

The emission limit of Bitcoin is 21 million coins, while Litecoin's limit is 84 million coins. Each Bitcoin address has 26-35 characters starting with the digits 1 or 3, while a Litecoin address consists of 33 characters, formed based on a public key using SHA-256 hashing and starts with the letter L or the digit 3 (after the activation of SegWit in 2017, this second type of address began with the letter M).