Bitcoin vs. Litecoin
By Space Coast Daily // February 16, 2022
From the past few years, the interest in cryptocurrency has been increasing among the general public. Cryptocurrency is not just for business owners and investors, but also for normal people. The first cryptocurrency was Bitcoin and it was launched in the year 2009. In the beginning, people did not focus more on it.
But in recent times, last two to three years, the popularity increased a lot. After Bitcoin, several cryptocurrencies were launched but they did not gain as much popularity as Bitcoin. One cryptocurrency that was able to compete with Bitcoin is Litecoin.
Litecoin was also launched just two years after the launch of Bitcoin, in 2011. It was the early Altcoin and has gained good popularity in just no time. They both go hand in hand with a few similarities and differences. If you want to which is the best investment among these two, you should first understand their differences and similarity. Cryptocurrency investment is all about gaining good knowledge about them. So, here is some information about Bitcoin Vs Litecoin:
Similarities Between Litecoin and Bitcoin:
As we already discussed, there are many similarities between Litecoin and Bitcoin.
Proof Of Work: For Litecoin and Bitcoin, the proof of word is similar. It is a very popular method for block addition. When you consider these two, some critical math problems are solved with the help of a hash algorithm to reach a network of their own. After the problem is solved, their respective blocks get added to the blockchain. That is when the miners get the blocks as a reward.
Transactions and storage: Another similarity and major reason why many people show interest in Bitcoin and also Litecoin even when so many different cryptocurrencies are available in the present is their ease of transactions. You can buy them with ease, sell them and also exchange them without any worries. They have a very simple mining platform and hence the transactions can be completed in a very simple way.
Differences Between Litecoin and Bitcoin:
Transaction speed: One major difference most of you will be able to notice if you are well-versed with Bitcoin and Litecoin is their transaction speed. Litecoin is faster than Bitcoin. During any transaction, you will be able to complete the transaction faster and without any issues. If you look at the speed, Litecoin is 4X faster than Bitcoin. That means you will be able to finish more transactions in just no time.
Market Capital: Another difference that you will notice between Litecoin and Bitcoin is their Market Capital. The market capital of Bitcoin is quite high when compared to Litecoin. Not just Litecoin, none of the cryptocurrencies, including Ethereum are unable to beat the market capitalization of Bitcoin. It is very high and none of them will be able to beat it even in the future.
Distribution: One more major difference that you will be able to notice between Bitcoin and Litecoin is related to the production of coins. The number of coins each of them can produce will make a great difference. Litecoin is four times faster and that is known to everyone. The network of Bitcoin cannot exceed 21 million coins, but when it comes to Litecoin, it will be able to hold up to 84 million coins.
So, these were some of the major differences and similarities between Bitcoin and Litecoin. You can easily understand what makes them unique and different from other crypto coins. Know about the crypto hack if you are interested in crypto security.
Now coming to where to invest, it is a personal choice for every individual. But when it comes to real calculations, it is a known fact that none of the cryptocurrencies available at present will be able to beat Bitcoin.
Both Litecoin and Bitcoin have seen a lot of ups and downs in the market, but Bitcoin will be able to cope faster than the other coins. It is a highly volatile coin, and still, it can withstand the competition and give profits. Litecoin is also a trusted altcoin. So, when it comes to Litecoin or Bitcoin, there is no comparison of both. Both are good enough.