Things You Must Know About Bitcoins Vs Litecoins

In 2013, Charles Lee forked Bitcoin’s code to create Litecoin, the second cryptocurrency. The network can’t support more than 21,000,000 coins.

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However, if you have just stepped into the trade market at present and find yourself in a novice position where you do not know much about bitcoins or any other competitor cryptocurrency like Litecoin then you should not get worried in the first place. Instead, you can check the below content for adequate info and updates on Bitcoins and Litecoins which can help you determine the best one in between the two. 

1. The Typical Length of a Financial Transaction

The first is that although Bitcoin transactions often take 10 minutes (at the time of writing), Litecoin transactions typically only take 2.5 minutes (at the time of writing). Litecoin currently has a transaction speed advantage over Bitcoin.

2. Technology

What exactly is the technology underpins Bitcoin and Litecoin? Both rely on the blockchain, an immutable digital ledger of all transactions, as their technology. A distributed network of thousands of computers, or “nodes,” may gather and store data in this ledger.

The idea is to facilitate cross-border money transfers between users without the need for traditional banking services or the associated high costs and exchange rates. Mining is the process through which new blocks containing confirmed transactions are added to the network.

The Bitcoin blockchain will reward nodes that verify blocks with fresh cash equal to 12.5% of the transaction fees (BTC). Digging for gold has many parallels to the mining process. On the other hand, Bitcoin mining is now cumbersome, costly, and energy-intensive. Join Litecoin.

Charlie Lee wanted to change Bitcoin’s SHA-256 algorithm to script. Scrypt mining uses four times less power than SHA-256. In 2.5 minutes, you can add a new block of transactions to the Litecoin blockchain and earn 25 new coins. Bitcoin aficionados prefer SHA-256 over a crypt because it’s more secure.

However, Charlie Lee’s updates to the Litecoin protocol are popular among its supporters since they make Litecoin transactions cheaper and faster than Bitcoin’s.

3. Investing

It has been said that Bitcoin is a costly and dangerous investment, and the same might be said about Litecoin. If you believe that the first mover always wins, Bitcoin is the way to go. If you’re more interested in Litecoin’s advances then it might be a better option for you. It is a known risk that cryptocurrency investments can lose value. As a result, it is impossible to predict which coins will increase in value and which will lose weight.

4. Compensation 

Infrastructure and widespread use of cryptocurrencies is needed before they can buy goods and services locally. However, the number of places that accept them is growing. Nonetheless, Litecoin has a better chance of becoming a widely accepted payment option than Bitcoin. The reason is that Bitcoin transactions take too long, while Litecoin is four times faster and costs far less.

5. Price

How much are Bitcoins and Litecoins currently worth? On this date (03/09/2018), 1 Bitcoin is valued at AUD 10,043, and 1 Litecoin is worth AUD 89.96 (AUD). From a purely monetary viewpoint, then, 1 Bitcoin is equal to 111 Litecoins. Please keep checking back for the latest details since it is only natural for this to evolve. When this article was written, Bitcoin had a market valuation of $10,467,596,650.78, whereas Litecoin’s was $540,274,528.26.

6. Practicality

Litecoin’s increased utility is a significant factor in its rise to prominence as a serious competitor to Bitcoin. Innovative contract lifting is an example of a typical application of this tool in the blockchain space.

7. Litecoin Benefits Compared to Bitcoin

To complete a transaction using Litecoin takes only 2.5 minutes, while Bitcoin takes 10 minutes.

Due to its status as an open-source project, Litecoin can implement upgrades like Segwit and the Lighting network far more quickly than Bitcoin can.

The transaction fee is practically nonexistent compared to Bitcoin, making it a more wallet-friendly option.

Litecoin has a different Proof of work algorithm than Bitcoin, meaning the mining process may be more straightforward.

8. When comparing Bitcoin vs Litecoin, what are the advantages of each?

Bitcoin was the first decentralized digital money, and it remains the most resistant to censorship today. To ensure the security of your Bitcoins, you should keep your private keys offline and encoded.

9. Currently Available Supply

Litecoin’s proof-of-work method sets a cap of 84 million coins (LTC) that can ever be created. Four times the maximum Bitcoin supply of 21 million (BTC).

10. Origination

Bitcoin was first introduced on January 3, 2009, by its creator, Satoshi Nakamoto. While Bitcoin was developed in 2009, Charlie Lee launched Litecoin on November 7, 2011.

Conclusion:

In terms of market capitalization and profile, Bitcoin is the larger of the two cryptocurrencies. However, if you see the situation and details from an enthusiast’s point of view, you would get to understand the basic differences between the two at ease. Since Litecoin was developed from Bitcoin, the two have several commonalities.