Genesis of Litecoin

Charlie Lee, the self-proclaimed "father of Litecoin," created this cryptocurrency to fill some of the gaps left by Bitcoin-mostly its slower transaction times and higher fees. Bitcoin runs with a block generation time of about 10 minutes, while Litecoin has its block time set at just 2.5 minutes for faster confirmation of transactions. Also, Litecoin uses a different hashing algorithm known as Scrypt, while Bitcoin uses SHA-256. This was aimed at making it possible for Litecoin to attain a wider class of miners and to give a process of mining as more equal and rather just.

Key Features of Litecoin

1. It creates blocks faster than Bitcoin: With a rate of 2.5 minutes in contrast to at 10 minutes for Bitcoin, more transactions could be confirmed faster without the delays in the network; therefore, it made Litecoin practical for daily use.

2. Low Fee Litecoin fees are way much lower than Bitcoins'. That is why most would use this when their transactions are small in amount. Of course, at one time the Bitcoin fees would balloon and that makes the Litecoin way out…