As noted, Litecoin uses code very similar to Bitcoin’s. But unlike Bitcoin’s proof-of-work consensus – where participants known as “miners” compete against each other using specialized computer equipment to be the first to discover new blocks – LTC incorporates the Scrypt proof-of-work algorithm, which makes it possible to mine the cryptocurrency with consumer-grade hardware. Litecoin vs bitcoin cash Litecoin is one of the many cryptocurrencies that came after Bitcoin. As mentioned, it was released in October 2011 as a fork of Bitcoin and operates like it.

2. Created in 2011, Litecoin is available for both the public and multinational organizations. Instead of limiting the use to a particular group of users, everyone can use it. The functions and possible uses of Litecoin are far more than that of XRP. It can be used for transferring currency in daily life. Related Articles On the weekly chart, a bull flag formed and now it seems to be at its breakout stage. A target is given by adding the height of the flagpole, which is around 52 percent, to the top of the flag sitting around $290. At the time of writing, bitcoin cash is trading at $352, which is very close to the ultimate target given by this pattern.