Being one of the more veteran peer-to-peer payment systems, Litecoin resembles Bitcoin more so than any other cryptocurrency. However, the main difference between the two is the speed and efficiency of Litecoin. Litecoin offers nearly four times faster transaction speed than Bitcoin.
Created in May 2017, the first Litecoin transaction was confirmed within under a second, new blocks formed 4 times quicker than Bitcoin. However, for now, lack of additional development has stinted its proliferation.
The Litecoin blockchain has the potential to provide higher transaction volumes, due to merchants’ being paid more efficiently – increasing the popularity and thus demand for the coin. The circulating supply of Litecoin is roughly four times greater than Bitcoin. In addition, Litecoin is considered more secure and stable.