Litecoin and Bitcoin are both decentralised, open-source cryptocurrencies that use a proof-of-work consensus mechanism to secure their respective blockchains. However, there are several key differences between the two: 1. Algorithm: Litecoin uses a different cryptographic algorithm than Bitcoin. This makes Litecoin mining more memory-intensive than Bitcoin mining, which requires more specialised hardware to be competitive. 2. Block time: Litecoin has a shorter block time than Bitcoin, which means that transactions on the Litecoin network are confirmed more quickly. 3. Supply: Litecoin has a maximum supply of 84 million coins, which is four times the maximum supply of Bitcoin. 4. Use cases: While both Litecoin and Bitcoin can be used as a store of value and a medium of exchange, Litecoin is often referred to as the "silver" to Bitcoin's "gold" due to its lower price and market capitalisation.