Since bitcoin was introduced, several new currencies have been forked into it or created, and Litecoin is one among them. It is the first Cryptocurrency that was created after Bitcoin. Everyone knows that Litecoin is the oldest competition of Bitcoin. Therefore people often think about what makes Litecoin different from bitcoin.
Both cryptocurrencies are used for exchanging currency and use the Proof-of-Work mechanism for verifying transactions. In these, both digital currencies are created through mining, using the GPU and CPU powers of high-end computers. But, apart from similarities, many factors differentiate these two oldest cryptocurrencies.
What is Litecoin?
Litecoin is an alternative Cryptocurrency launched in 2011. The main aim of this currency was to remove the limitations of Bitcoin, such as slow transaction speed and high fees. Nowadays, many people are investing their money in this particular coin because, according to the Litecoin forecast, it will give significant returns in the coming years.
Why was Litecoin Introduced?
Bitcoin started attracting investors in 2010, making it difficult for miners to mine this currency because of its rising computational power requirements during mining. The mining infrastructure known as ASIC used to mine bitcoin has become highly expensive, which a normal person cannot afford. This ultimately means fewer coins will be mined in the coming future. To overcome all these limitations, Litecoin was introduced into the world of Cryptocurrency.
Bitcoin Vs. Litecoin
Market capitalization is the total dollar value of the coins ever created; you can easily calculate this by multiplying the number of Litecoin circulating in the market by its price. Bitcoin has a huge market capitalization of $322 Billion because it has limited supply and great demand. In addition, it is mined by large farms and mining pools, which makes it more popular and demanding.
While on the other hand, Litecoin has a much smaller market capitalization as compared to Bitcoin. The total numbers of Litecoin coins in circulation are 71.8 million, with a price of $64.78 and a total market cap of $4.65B.
Another main difference between these is supply. The maximum number of Litecoin can be created upto 84 million, while bitcoin is limited to 21 million. It may sound like that Litecoin has a great advantage over Bitcoin, but as we already discussed, huge demand and less supply increase the price, which is why bitcoin is more considerable.
Both these coins take no time to make the technical transactions, but the real difference comes when the transactions need to be confirmed by the other network. Bitcoin takes approximately 10 minutes to complete a transaction, whereas Litecoin completes in 2.5 minutes. This is because this coin was created with the main goal of prioritizing transaction speed.
Which Coin Is Better Among Litecoin And Bitcoin?
Well, the answer to their question totally depends on demands and views. If you want to buy the currency for making transactions, then, of course, Litecoin is best. However, Litecoin can be mined faster than Bitcoin, but Bitcoin has more worth. In case you are finding a coin for trading, then making Litecoin trade will be beneficial................................................................................
If you want to know what the price of Litecoin will be within the next ten years, our Litecoin Forecast forecast can give you a really good idea of what to expect, you can check the link below or enter our chat rooms and talk with crypto enthusiasts and traders.