A major difference between the two cryptocurrencies is the transaction fee structure. In cryptocurrencies, miners prioritize validating the most lucrative transactions. At the time of writing, the average transaction fee for Litecoin is $0.04. This is significantly higher than the average transaction fee for Bitcoin, which is $26.89. From the beginning, Litecoin was intended to be a faster, cheaper, and more fair alternative to Bitcoin.
It was easier to mine Litecoin utilizing CPUs for a longer period of time than it was to mine Bitcoin since Litecoin uses a different proof-of-work algorithm. Eventually, it became evident that more complex computers could mine the money. Similar to Bitcoin, the bulk of Litecoin is now mined using ASIC-based specialized computer systems.

Litecoin, a peer-to-peer cryptocurrency created by Charlie Lee in 2011, is renowned for its lower transaction fees compared to Bitcoin. This is largely due to differences in their underlying technologies. Litecoin's network utilizes a different hashing algorithm called Scrypt, which allows for faster block generation times (approximately 2.5 minutes compared to Bitcoin's 10 minutes). As a result, transactions on the Litecoin blockchain are processed more quickly and efficiently, leading to lower fees. This makes Litecoin an attractive option for users seeking to conduct transactions with lower costs and faster confirmation times, especially for smaller value transfers or day-to-day transactions. However, it's essential to note that transaction fees can fluctuate based on network demand and other factors.