Ever since the Bitcoin and Litecoin hit the market, it was nothing short of a revolution. It certainly changed the way we see digital currency today. Apart from the bitcoin, there are a host of other cryptocurrencies as well who act as direct competition to the Bitcoin. Despite the vast potential the Bitcoin already holds, it still lacks certain features which other cryptos in the market have solved. A notable one is the Litecoin which is regarded as one of the most promising cryptocurrencies in the market now. In this article, we shall be comparing the two cryptocurrencies in much detail.
Litecoin and Bitcoin? What is it?
Bitcoin is nothing but a cryptocurrency which uses cryptography for the generation and regulation of mined Bitcoin tokens which have been produced using blockchain technology. It was the Bitcoin which started the cryptocurrency race and is now the most valuable cryptocurrencies in the market. It’s best known for its decentralized nature, meaning that mo central government can authorize its sale or distribution. It came into existence in 2009 and its creator goes by the name Satoshi Nakamoto
How does it work and how to buy bitcoin?
Bitcoins are nothing but digital currency units which are designed to be self-contained to hold particular monetary value. There is no particular need for any bank to store or buy a bitcoin unit. Once you buy a bitcoin unit on a crypto exchange, you will hold its monetary value and have the utmost power to keep hold of it or sell it. Bitcoin can further be used to buy goods and services both online and offline. In order to purchase bitcoin online, you will have to first purchase a digital wallet to store your purchased bitcoin units and then in order to purchase it, you will have to head over to a crypto exchange where you can easily purchase as many units of bitcoin as you like. It’s that simple!
What is the Litecoin?
Just like the Bitcoin, the Litecoin too is another exciting crypt currency in the market. The Lіtесоіn is denoted as LTC and is nothing but a simple p2p type of cryptocurrency which was is a software project which has been released under the MIT/X11 lісеnѕеѕ. The mining and further distribution of the LTC is based on a cryptographic protocol and is completely decentralized. In comparison to the Bitcoin, it is considered by many to be very similar to the latter. However, it is easier to buy a LTC unit as it is much cheaper and faster.
How can one buy a Litecoin?
The process of buying a litecoin unit is very much similar to that of any other cryptocurrency. All you have to do is get hold of a digital wallet and head over to a crypto exchange where you can easily purchase and store LTC units in your digital wallet.
How is the Litecoin different from the Bitcoin?
Though the LTC has been considered technically similar to the BTC, it still holds a number of key differences which will be discussed in this section.
Popularity and Litecoin price
Bitcoin holds the highest market cap of any cryptocurrency as it’s been around for a very long time. However, the Litecoin too has been playing catch up in recent years and is seen by many as a direct rival to the bitcoin due to cheap token price in comparison to the Bitcoin. It’s only a matter of time the litecoin overtakes the Bitcoin as the most sought-after cryptocurrency in the market.
The processing speed is nothing but the time taken to process one transaction. The Bitcoin holds a transaction speed of about 10 minutes which is rather slow. However, the litecoin holds a transaction value of just 2.5 minutes which makes it way faster than the bitcoin. The most notable technical difference between the litecoin and the bitcoin is their cryptographic algorithms. The bitcoin uses the sophisticated SHA-265 algorithm while the litecoin makes use of the newest type of cryptographic algorithm called as the script. Different algorithms pose different impacts on their respective mining processes.
Bottom line – Should I sell Litecoin?
Overall, both the bitcoin and the litecoin are great cryptocurrencies with some great potential. However, owing to the rather expensive price of the bitcoin, you can easily buy litecoin while at the same time sell as well owing to its lower token price. Investing in the litecoin today will surely bear you a tidy profit in the near future!