Bitcoin vs Litecoin: how do they differ?

If you check the list of some famous and older coins, Bitcoin vs Litecoin stay on top. These are considered to be the most popular and recognized.

Bitcoin launched back in 2008, while Litecoin launched in 2011, three years after BTC. LTC also works with the same source code as Bitcoin. We see that the two have no common history for blockchain. However, Litecoin has some basic characteristics that make the coin unique and other valuable characteristics.

If you want to check out the difference between the two, you’ve come to the right place.

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Bitcoin vs. Litecoin – Know the difference

Both the digital coins – LTC and BTC – work on the same digital coin code. LTC was developed seeking the help of Charlie Lee, who calls it a silver spoon, while Bitcoin Satoshi was developed, which we call digital gold. Lee only developed Litecoin to improve day-to-day transactions in Bitcoin, making LTC a better option for frequent transactions. There are many more differences between the two coins. Let’s check the difference between the two:

  • The block time for BTC is 10 minutes while for LTC it is 2.5 minutes
  • The total number of BTC mined so far is 18.9 million, while LTC is around 79.4 million
  • The maximum coin supply for BTC is 21 million while for LTC it is 84 million
  • The price per coin for BTC is around $45,000 while for LTC it is $140.42
  • The market cap as of Jan. 22 stands at around $834.2 billion, while for LTC it stands at $9.7 billion

Now let’s check the difference between the key features like block time and max coin supply.

block time

The first thing that comes to mind is the block time for BTC transactions, which takes 4 times longer compared to the LTC block. The BTC-based blockchain also adds a new block in around 10 minutes, while LTC is quite under around 2.5 minutes.

Therefore, for your daily use of digital coins, you would prefer something that is fast and decisive, which further contributes to using digital coins and LTC, making it more convenient. Bitcoin’s software limits the size of each new block to around 1MB, which means Bitcoin transactions are processed within ten minutes.

If you find the Bitcoin network among the most congested, you can certainly take about 90 minutes to verify the transaction. The LTC network can behave like something less congested and you have no experience in performing network congestion problems.

Several digital coin-based miners only process new bitcoin and LTC transactions to earn lower digital currency rewards. These can help pay a small form of transaction fee. This way you can understand the difference between block times.

Maximum coin supply

The BTC supply for the coin is capped at around 21 million coins, and the LTC max supply is around 84 million coins. As with any other LTC network known to handle additional digital currency transactions, they can be seen to outperform Bitcoin. The LTC designer consistently uses multiple ones to distinguish the two coins.

As a result, the number of LTC issuances is larger and one can have more liquidity when it comes to bitcoin. However, if you consider Bitcoin’s scarcity, it may get a little more value out of it. Bitcoin and LTC costs seemed too volatile. However, the price of bitcoin keeps being seen and adding up to an order of magnitude that seems higher than the LTC price.

Which one is best for you?

Buying BTC is often a common starting point for beginners in digital currency investing. All thanks to the current statistics of BTC status as a digital coin. You have the choice to buy BTC on any exchange or through any broker that can help you support digital currency shopping.

Many more investors are buying LTC which can help to decide something exciting and one can see the potential utility of the coin like routine transactions like BTC. These are available through digital currency-based exchanges.

You have the choice to buy either coin or both as they have their pros and cons. Many digital currency based investors hold a mix of currencies like LTC or BTC along with other altcoins. The transaction with digital coins is often irreversible.

Therefore, it is important to check the scams and scams that can take place in this domain. Both BTC and LTC transaction are no different. So, before you plan to invest in any of the coins, you need to examine the benefits and risks involved.

Bitcoin vs. Litecoin article and permission to publish here provided by Jean Nichols. Originally written for Supply Chain Game Changer and published on January 25, 2022.

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