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Tech Fact: Although Litecoin is a fork of Bitcoin there are differences in its functionality. Charlie Lee, the creator of Litecoin has described it as digital silver, while Bitcoin is digital gold. Litecoin has a different hashing algorithm than Bitcoin's SHA-256. The block time is also different. While a new Bitcoin block is created every 10 minutes, a new Litecoin block is created every 2.5 minutes.