In 2009, a man bought Bitcoin currency worth $27, but later forgot about it and found it now worth $980,000. A story like this has sparked interest in cryptocurrencies and a heat of investment in cryptocurrencies.
In fact, there are now more than 3,000 cryptocurrencies, of which more cryptocurrencies have been appearing. Among them, Litecoin is one of the mainstream cryptocurrencies. A few years after the birth of Bitcoin, Litecoin was born. Litecoin is a blockchain-like technology, but how is it different from Bitcoin and other cryptocurrencies?
1) Public acceptance — Bitcoin is more popular
The popularity and acceptance of the Bitcoin market is significantly higher than the Litecoin currency.
The market cap is much higher than Litecoin, and the overwhelming advantage of Bitcoin makes it a clear choice for the encryption investment community.
Since passwords are considered to be inherently risky, Bitcoin has a very high market value and therefore appears to be relatively stable.
2) Litecoin LTC can accommodate more total coins, coin amount
The key difference between Bitcoin and Litecoin is the total number of coins that each cryptocurrency can produce. The Bitcoin network cannot exceed 21 million coins, but Litecoin can reach up to 84 million coins. Although this seems to be beneficial to Litecoin market, the value of their currency and Bitcoin can be divided into very small amounts. But for some users who like to complete transactions in the entire unit rather than in the unit, Litecoin may be a more attractive option.
Both Litecoin and Bitcoin have a specific coin limit and the amount of the block found during the mining process will be rewarded. The upper limit of Bitcoin is 21 million, and the upper limit of Litecoin is 84 million. Once the cryptocurrency reaches the limit of these coins, no new currency will be released into the system.
3) Litecoin has faster transaction processing speed
Trading difference
The main difference is that Litecoin ‘s transaction must be faster than Bitcoin.
Due to faster block generation, Litecoin can handle more transactions. If Bitcoin tries to match this, you need to make a major update to the code that is currently running on everyone on the Bitcoin network.
The disadvantage of this higher number of blocks is that the Litecoin blockchain will have a larger ratio than Bitcoin currency and have more isolated blocks.
Litecoin’s faster blocking time reduces the risk of double cost attacks — this is theoretical in the case where both networks have the same hashing capabilities.
Merchants waiting for at least two confirmations only need to wait five minutes, and they will have to wait 10 minutes for a Bitcoin confirmation.
On the whole, the difference between the two cryptocurrencies may be large, but it is a space that is undergoing major innovations in a short period of time. One can prove that the technology based on the technology that has not been introduced is more successful, or that other factors may be the reason for making the single currency the ‘encryption option’ for the largest number of users.