Comparing Bitcoin and Litecoin
Overview
Bitcoin is a form of digital currency that is becoming increasingly popular across the world. The cryptocurrency allows users to trade anonymously and avoid the hassles that may come with sharing credit card information. No single entity owns the Bitcoin network and it has a public ledger called “the blockchain”. Transactions typically take 30 minutes to an hour to be confirmed.
Bitcoin is the next level in the evolution of finance. It’s a form of digital currency that is becoming increasingly popular as a payment method. What makes it a preferred method of payment is that it allows direct payments between two individuals without a middleman such as a bank, credit card company or PayPal.
So the system isn’t controlled by any government or banking institutions. Bitcoin is controlled by a vast network of computers set up by users around the world.
Founded in 2008, Bitcoin uses consensus in a massive peer-to-peer network to verify transactions.
Since it was founded, Bitcoin has become a dominant name in cryptocurrencies. The network will never exceed 21 million coins – which has led to an increase in the demand for bitcoin.
When exchanging bitcoin, long-term average transaction confirmation time is just over 9 minutes per transaction.
In comparison with Litecoin, Bitcoin uses a more complex algorithm (SHA-256). The process for mining both forms of cryptocurrencies requires substantial computing power.
Comparing Bitcoin and Litecoin:
Litecoin is one of the major competitors to Bitcoin. Launched in October 2011, Litecoin can accommodate up to 84 million coins.
Its developers have long stated that their intention is to create the “silver” to Bitcoin’s “gold.”
The confirmation time for Litecoin is an estimated 2.5 minutes, while it uses a new algorithm known as Scrypt, which is more accessible.
Litecoin functions in one sense as an online payment system.
To obtain Litecoins, you need to start with a Bitcoin account, then trade your Bitcoins for Bitcoins at the going rate.
Litecoin can handle more transactions and also has a barely perceptible transaction fee.
Bitcoin and Litecoin are offering consumers alternative ways of transacting, giving them convenience and simplicity.
