Litecoin and Bitcoin – these are two different cryptocurrencies. Moreover, Litecoin is considered to be one of Bitcoin’s main competitors. Is there any connection between them? Are they similar and why have those similarities appear? Let us have a closer look at two major cryptocurrencies and check whether it is worth exchanging LTC to BTC right now or if it is worth waiting for a better moment.
Similarities Between Two Coins
Bitcoin is called the father of all cryptocurrencies, and for a reason. It is the first successful cryptocurrency, the oldest and the most expensive one. Litecoin also belongs to the strongest and the most demanded cryptocurrencies. It is a fork from Bitcoin. Litecoin founders have never tried to compete with the major cryptocurrency. They claimed Litecoin is cryptocurrency silver in comparison to Bitcoin gold. So, the coins share a lot of similar things. Or rather they have more similarities than differences.
Differences Between Bitcoin and Litecoin
However, Litecoin was launched later as a hard fork from Bitcoin. It means that there shall be some significant differences between the two assets. Here, we aren’t going to discuss those differences that change or might change over time. It is clear that the coins’ market capitalization or price differ significantly. So, let us concentrate on those differences that are crucial indeed and relate to the coins’ functioning.
1. Transaction Speed
Litecoin was created to solve the major problems Bitcoin started facing. Transaction speed was one of them. Litecoin increased the block size to facilitate the transaction confirmation and therefore, to speed up the transaction processing in the network.
2. Algorithms
One of the main technical differences between the two coins is the transaction speed. Bitcoin uses the good old SHA-256 algorithm. Litecoin uses the more advanced Script. The difference in algorithms greatly influences the coin mining processes. While Bitcoin is very demanding to be mined, Litecoin is less expensive and its mining is more affordable in the regard that it still can be mined with GPU.
3. Other Details You Might Need to Know
Other than that, LTC and BTC are pretty similar. They both are among the main cryptocurrencies. While BTC is still more widely used, LTC is already catching up with the main coin. You can buy, sell, and exchange the main coins on the majority of exchanges. So, you can choose a proper platform, compare the LTC, BTC, EOSDT price, and start trading.
And if you want to save time and effort (and ok, a lot of money, too, depending on the exchange rates and commissions the selected platform charges), your best choice is a cryptocurrency aggregator. It compares the conditions on the multiple major exchanges and arranges the deals in a list. You have to just click on it to complete the deal. The service doesn’t require mandatory registration or KYC, doesn’t charge fees for the service, and is very easy to use.
Salman is a prolific environmental writer, and has authored more than 500 articles in reputed journals, magazines and websites. He is proactively engaged in creating mass awareness on renewable energy, waste management, sustainability and conservation all over the world.
Salman can be reached on salman@cleantechloops.com
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