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If Bitcoin is considered as a gold cryptocurrency then Litecoin is regarded as “silver” to Bitcoin’s “gold.”
One of the main differences between Bitcoin and Litecoin concerns the total number of coins that each cryptocurrency can produce.
The Bitcoin network can never exceed 21 million coins, whereas Litecoin can accommodate up to 84 million coins.
Secondly, Bitcoin's market cap is over $67 billion, while Litecoin's is under $3 billion.
Moreover, Bitcoin and Litecoin use fundamentally different cryptographic algorithms: Bitcoin uses the longstanding SHA-256 algorithm, and Litecoin uses a newer algorithm called Scrypt which allows more easily accessible mining.
But deciding to use a cryptocurrency is just the beginning.
If you’re planning on mining, Litecoin mining is easy to get started with because the proof of algorithm is easier, and the setup is less expensive.
This currency is also good for people conducting many transactions, because transaction fees are simple and confirmation times are fast.
But as with all new endeavours, it’s important to test, review your experience and results, and iterate as needed.