Litecoin founder Charlie Lee spoke on CNBC, explaining the differences between Litecoin and Bitcoin. He reiterated past comments on it being cheaper and faster. But, what’s interesting is that CNBC rarely gives much coverage to LTC, yet Lee had the opportunity to promote his project to a mainstream audience.
Litecoin is One of a Few Long-Standing Projects Still Prominent Today
Charlie Lee launched Litecoin in October 2011 with the intention of it being a “lite” version of Bitcoin. As a clone, it shares many similarities, but the fundamental difference comes from Litecoin employing the newer Scrypt Proof-of-Work (PoW) algorithm over Bitcoin’s SHA-256.
Mining cryptocurrencies can occur using a CPU, GPU, or ASIC miner. ASIC miners are able to generate more hashes (tries) per second to match the target data string and “win” the block. Therefore ASIC miners have a distinct advantage over other mining means.
Under these circumstances, Bitcoin mining has turned into an ASIC “arms