Both Bitcoin and Litecoin are among the oldest currencies in the cryptocurrency market; Bitcoin is the first cryptocurrency and Litecoin is almost the second currency that survive in this market. Bitcoin is known as crypto gold and litecoin is known as crypto silver.
Many people think that as Litecoin is the silver of the cryptocurrency market, so it ranks third in the market, while this is not true and the reason for naming Litecoin is that it has similarities to Bitcoin and its system is slightly more advanced than Bitcoin and because it is so old alongside bitcoin, it is called litecoin.
The number of Bitcoin currencies being mined is 21 million and the difference with Litecoin is that this number is 84 million for Liitecoin. Another difference between these two currencies is the length of time each block is mined on their network. In the Bitcoin network, this interval is 10 minutes but in the Litecoin network, this time interval is about 2 and a half minutes. Another difference is the transaction fee that we pay on average; In Litecoin network, this fee is currently $5, but in Bitcoin network, it is $22, which is a significant number. Another difference is related to the total block chain size of these networks and because the bitcoin network is more popular, it is being used more. The total size of the Bitcoin network blockchain is about 3,600 GB, while in Litecoin it is 52 GB. Their similarity is that both use the mining but the number of units within the network is different.