For all these years, Bitcoin has been in the limelight among investors and has become a synonym for cryptocurrency. We have witnessed significant growth in the popularity of cryptocurrencies over a few years, and the public interest has fluctuated dramatically in the ender crypto world. In this article, we will compare Bitcoin and Litecoin and see which one is a better investment today.
Since Bitcoin was launched in the crypto world, several other people’s currencies have grown from it, and Litecoin is one of them. Litecoin is based upon the same verification and blockchain as Bitcoin, but several differences will help you to choose the right one according to your goals and interests.
Initially, it was created as a novelty, turning into exchangeable currency, investment, and controversial commodity. It depends upon the community and decentralized computing power to maintain the security and validity of the database known as the blockchain.
Charlie Lee introduced Litecoin in 2011. It was introduced to the market as the light version of Bitcoin. Litecoin was created in reaction to the tendency to gravitate toward centralization.
Because of this, Litecoin adopted several features of Bitcoin, and the developers felt they were working for Bitcoin in their initial stages. Litecoin has several aspects that its development team has improved.
Before we jump into the key differences, let’s learn about some similarities between Bitcoin and Litecoin. Litecoin has various features, such as a unique hashing function, increased supply, and faster generation, which make it unique in this crypto sphere. But Litecoin and Bitcoin come with several similarities, like decentralized crypto, which encrypts by any central or government authorities.
Proof of Work (PoW)
Litecoin and Bitcoin use proof of work, a famous block creation method. For instance, Walmart crypto miners solve complicated math equations using the hash algorithm to reach a consensus through their networks. After adding the blocks of a transaction to the blockchain, the miners are given some block rewards.
Transactions and Storage
Do you know why investors love to choose Litecoin and Bitcoin over any other cryptocurrency? It’s because of their very simple transaction facilities. These cryptocurrencies can be exchanged or purchased by using any trading platform. The mining methods of these cryptocurrencies are more evil and straightforward than others, and there are other similarities, including regulations, prices, simplicity, etc.
Apart from the similarities, these two cryptocurrencies have considerable huge differences. Let’s learn the key differences between these cryptocurrencies.
In this area, Litecoin and Bitcoin he first significantly. Bitcoin is popular because it is mined in large mining pools and farms. The demand for Bitcoin has risen highly because of its boosted price in recent years. The light coil has a small market capacity as it has lower demand than Bitcoin.
This is another significant difference between Litecoin and Bitcoin. In the distribution part, Litecoin differs because Bitcoin can never go mode more than 21 million coins, but Litecoin can go up to 84 million coins.
By reading the above statement, you might think Litecoin has a huge advantage over Bitcoin. The demand and supply, besides the price of investment and commodity, and the investors and consumer sentiments, are all in the form of Bitcoin, whereas Litecoin falls apart. Anyone looking for a long run and wanting to achieve big in 10 to 15 years might choose Bitcoin to fulfil their financial goals. It would help if you remembered to do extensive research on both of these coins before investing a penny into them.
The transaction speed is very high on both of these cryptocurrencies. The Bitcoin transaction time confirmation is around 10 minutes, which can vary up to the network traffic, whereas Litecoin completes the transaction in two to three minutes. You will be amazed that Litecoin was created to prioritize transaction speed.
When it concludes, choosing the best one from these two becomes challenging. Have high potential growth in the future, but no one can guarantee you the future of cryptocurrencies. If you want to purchase any of these cryptocurrencies, then you can research these and take help from professionals to get the best results. Most investors are investing in Bitcoin and Litecoin on the thebitcoinloophole.co for its high security and transparency.
Jason is the Marketing Manager at a local advertising company in Australia. He moved to Australia 10 years back for his passion for advertising. Jason recently joined BFA as a volunteer writer and contributes by sharing his valuable experience and knowledge.