Bitcoin vs. Litecoin: What’s The Difference?

Investments into various cryptocurrencies are in trend nowadays, and Bitcoin’s leadership position is well-deserved. It was designed by Satoshi Nakamoto in 2008 as the first digital money ever. To put it briefly, it is a digital payment method that allows people from different corners of the globe to transfer the funds, buy products and pay services by means if digital currency. It is not under the governmental supervision and is totally decentralized which ensures anonymity, privacy protection, and secure transactions. It is done in the peer-to-peer method meaning that people don’t use any mediators, for instance, banks as their financial transaction anymore. Also, the code is open source and can be altered by anyone. The investments into Bitcoin were considered to be more fruitful than into gold. It was a pioneer in this field – later the invention of a blockchain technology, the main engine of all cryptocurrencies, gave birth to numerous digital currencies that claim the king’s place.
Three years after Bitcoin was launched, Litecoin (LTC) was invented in 2011 by former Google engineer Charles Lee. So what is Litecoin? Having a very ambitious goal to become the second best after Bitcoin, the main aim of the founder of this advanced digital currency was to find a way to improve Bitcoin. It is an open source software that possesses pretty much the same characteristics as its predecessor. It can boast the secure process of money it manged totransaction, the fast transfer rate, a shared digital storage platform, and support of privacy. The position of Litecoin on the financial market is quite impressive – it managed to fulfill its task of becoming the second best. What about the enhancement which makes it a more efficient version of the previous currency? It is time to find out, who will be the winner in Bitcoin vs. Litecoin match. The divergences of these two cruptocurrencies are not very dramatic yet if to work with both systems; they become quite noticeable.

One of the principal differences between these two currencies deals with the maximun number of coins that can be obtained through mining. Bitcoins limit is 21 million of coins – all of them will be issued, some experts claim that will happen in 2035, the price will get even bigger already existing coins. On the contrary, Litecoin can release 84 millions of coins, which are a significant advantage in favor of this currency. There is a great difference in price – Bitcoin remains one of the most expensive digital currencies with thousands of dollars per unit, Litecoinhas much more democratic price – up to 50 dollars per unit. The market capital differs – 10,467,596,650.78 dollars Bitcoin and 540,274,528.26 Litecoin.
Litecoin transactions are processed four times quicker than Bitcoin. By default, the transactions of both networks are happening immediately. The response time when other participants need to confirm the operation can vary. In case of Bitcoin, the time of typical confirmation is somewhere over 9 minutes a transaction. Litecoin, it takes only 2.5 minutes. The delay in the transaction can force back the clients who can conduct the same transaction four times faster with Litecoin. This is possible due to Litecoin faster block generation, which allows handeling of a greater number of transactions. Most clients choose zero-confirmation transactions that need no confirmation at all. The same problem arises with block time. Bitcoin has 10 minutes block and his rival 2.5 minutes.
Mining divergencies. Both these currencies are generated by mining. This is an important difference all those miners hunting coins as they influence the process of mining. The most frequently used method of mining Bitcoins is ASICs – Application-Specific Integrated Circuits. These are hardware systems that have been specifically created with the purpose to mine coins. It works with the SHA-256 hashing algorithm which means that the work can speed up during parallel processing. This increases the level of difficulty miners. Litecoin uses the scrypt algorithm or s-crypt which is considered to be much easier. It was created to oppose the custom hardware used in ASIC mining. It is generally considered to be more understandable an average user.
Last but not least factor concerns the environment. Tremendous level of energy consumption by Bitcoin mining has already become the legend. The popular joke has it that its mining takes as much energy as the population of the whole Ireland. Litecoin is not so destructive to the environment, and its energy efficiency is a good example.

The match Litecoin versus Bitcoin does not have an unambiguous winner, as both these digital currencies possess a set of characteristic features, which are a necessary part of proper money transfer. But the financial world has a volatile nature. The situation can change dramatically just within a week’s time. Only time can decide whose approach to digital transactions has been more appropriate. Nowadays, Bitcoin and Litecoin move together on parallel roads proving to be the king and the queen of digital currency world.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyhomeworkGeeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Social Work and Human Services
Although it took 2 revisions I am satisfied but I did receive it late because of that.
Customer 452603, March 25th, 2021
Humanities
Thank youuuu
Customer 452729, May 30th, 2021
Human Resources Management (HRM)
excellent job
Customer 452773, June 25th, 2023
FIN571
excellent
Customer 452773, March 15th, 2024
Business and administrative studies
excellent job thank you Your Score 166.25/ 175- A 1. Current Culture 15% of total grade 18.37 Criterion "1. Current Culture" has textual feedback Criterion Feedback I see interesting points, though, in general they are not about the culture.
Customer 452773, June 4th, 2023
English 101
great summery in terms of the time given. it lacks a bit of clarity but otherwise perfect.
Customer 452747, June 9th, 2021
Business and administrative studies
Excellent job
Customer 452773, March 17th, 2023
Business and administrative studies
Thanks
Customer 452773, March 3rd, 2023
10th grade English
very good
Customer 452773, March 26th, 2023
Leadership Studies
awesome work as always
Customer 452773, August 19th, 2023
Business Studies
Thank you very much for a good job done and a quick turn around time.
Customer 452615, March 31st, 2021
Business and administrative studies
excellent job!
Customer 452773, May 25th, 2023
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Close

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp