Litecoin is said to be silver to Bitcoin’s gold ever since it came into existence. Explain.
Litecoin is a usual counterpart to Bitcoin just the way silver is to gold. Litecoin is faster than Bitcoin and it is based on a corporate governance structure that allows Litecoin to try new things and experiment more efficiently. It acts as a minor league farm team for the Bitcoin blockchain where new ideas and tech improvements can be tested before implementing them on the Bitcoins.
Litecoin is known as the silver to Bitcoin’s gold. Litecoin’s faster block processing time of two and a half minutes was intended as a benefit to merchants who would see their transactions confirmed much more quickly that’s why.