Bitcoin vs. Litecoin:
Cryptocurrency has spiked in popularity in recent years, and it’s difficult to pinpoint how those market trends impacted public interest. Public interest both peaks and drops, constantly fluctuating with each new announcement. The focus of cryptocurrency is largely on Bitcoin. Which has become synonymous with digital wealth and increasing people’s cryptocurrency.
Since Bitcoin was found, many cryptocurrencies have been created. Litecoin can be thought of as one of these altcoins that are not Bitcoin. The term for cryptocurrencies that are not Bitcoin is called “altcoins.” Litecoin is similar to Bitcoin in terms of its underlying blockchain, but it has a few key differences you might want to consider.
Bitcoin
Bitcoin was the first decentralized cryptocurrency and was introduced in 2009. It is a physical entity that can be used to purchase goods and services as well as a digital currency, an investment, and also exchangeable on certain online exchanges. It relies on decentralized and community computing power to maintain the validity, security, and efficiency of a centralized database called a blockchain.
Some notable Bitcoin properties that make it unique are:
Proof-of-work: From a high level, consensus mechanisms are the processes that verify transactions or blocks and make sure all of them are valid. GPUs are linear processors with an enormous amount of computational power onboard and can be used to allow fast validation.
It uses SHA-256: The blockchain encryption function converts input to an output of a fixed length to encrypt it. It’s a cryptographic algorithm that hashes input data. Then compares the hash value to a unique number. That is stored in both the sender’s and receiver’s blockchain ledger.
Litecoin
After Bitcoin’s launch in 2009, Litecoin was launched by former Google engineer Charlie Lee to compete with popular cryptocurrency. Lee announced it on the same forum post created for Bitcoin. From its beginning, Litecoin continued as a “lite” version of Bitcoin, competing in gaining popularity and use among crypto traders.
Litecoin is like Bitcoin in many ways, with efforts to improve features that some people saw in its early stages. For this reason, Litecoin adopts many of the features of Bitcoin that Lee and other developers feel are working well for Bitcoin. Some of Litecoin’s notable properties are:
Proof-of-work: LTC uses proof-of-work, but it allows users to access large amounts of memory. Whereas this is not reliant on processing power by CPU or GPU alone.
Uses Scrypt: Litcoin uses Scrypt as its hashing function. This hashing function is cryptographically implemented. With the use of SHA-256 but has much higher memory requirements for proof-of-work. This lowers the dependability of ASIC mining machines. However, Scrypt ASIC computers have been created in 2021. Litecoin may be looking for a different solution
Important distinctions
The most significant difference between Litecoin and Bitcoin is its hashing function. As mentioned earlier, Litecoin uses an algorithm called Scrypt. Which is processed much faster on the CPUs of the consumer market.
Capitalization of the market
BTC’s and LTC’s market caps are different because BTC has more coins available and the most hashes overseen for miners to use. Bitcoin is becoming more popular because of its large mining farms and mining pools. Thousands of miners all over the world are seeking it, which has led to significant price hikes. Litecoin, on the other hand, has a smaller market cap due to its lower demand and modest price increase.
Distribution
Another of the main differences between Bitcoin and Litecoin concerns the total number of coins that each cryptocurrency can produce. There are 21 million Bitcoins, but there will never be more than 84 million LTC.
In theory, this sounds like a significant advantage for Litecoin; however, supply and demand generally dictate prices for commodities and investments, along with consumer and investor sentiments. Bitcoin’s price reflects that both seem to believe that it aligns with their interests, values, and financial goals.
Quickness of Transaction
The team at Litecoin prioritized the speed of transactions and made that one of their key principles. Although transactions happen incredibly fast on the Bitcoin and Litecoin networks. It takes time for them to be confirmed by other participants in the network.
The average time it takes for a transaction to be verified is around nine minutes per transaction, but this can vary widely depending on network traffic. This can also change in terms of speed over time, so check the current statistics before sending. The equivalent figure for Litecoin is 25 minutes.
Is Litecoin Better Than Bitcoin?
Litecoin has been around for a while and is often referred to as “silver” to Bitcoin’s “gold.” Litecoin has a much higher maximum limit of 84 million coins, but also quicker transactions, and cheaper fees.
Money is a source of value, so you need to decide which coin is better for you: Litecoin or Bitcoin. If your goal is to accumulate as many coins as possible. Then it might make sense to choose Litecoin. Because they’re generated faster than Bitcoin while being worthless. If you want the best chance at making money in cryptocurrency, Bitcoin has a total supply of 21 million, while Litecoin has a total supply of 84 million.
How many Litecoins are still available?
As of December 18th, 2021, there were 69.2 million coins of Litecoin in circulation. Since that day, there has not been a coin given away for charity.
Is there a Future for Litecoin?
Litecoin is designed to be more efficient and cheaper than Bitcoin. It was created by Charlie Lee, the former Director of Engineering at Coinbase. Litecoin has been around for about 7 years and has seen a lot of ups and downs in its history.
Litecoin has value because it is recognized and accepted by most people in society. It will be hard to get rid of cryptocurrencies. But this will depend on a lot of other factors such as government regulations, economic conditions, and company-sponsored cryptocurrencies that could have an impact on LTC’s value.
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What Is the Reason for Litecoin’s Low Price?
Litecoin has a lower LTC/USD exchange rate and less purchasing power due to the number of coins in circulation and the limited use case for the currency. The coin’s popularity is also low compared to other cryptocurrencies in the market because of consumer and investor perspectives. More people are paying more money for a coin or a piece of land. Because cryptocurrency is perceived as providing so much value.
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