Litecoin vs altcoin

This could also be true in the case of Bitcoin and Litecoin. By Jeffrey Strain. A blockchain is a huge digital record of trades.

First, it was Coke vs Pepsi, then it was Batman litecoin vs altcoin Superman, and now the main event! Litecoin vs Bitcoin! Ten years ago, no one knew what a cryptocurrency. Liteclin superstars of the cryptocurrency world are Bitcoin and Litecoin. The two are closely linked, but which is better? This Litecoin vs Bitcoin guide is going to teach you everything you need to know about this famous pair.

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Over the past several years, public interest in cryptocurrencies has increased dramatically. The main focus of this interest has been Bitcoin , which, following the release of its first public client in , has become the dominant name in cryptocurrency. Since then, however, many other cryptocurrencies have entered the scene , with at least 20 tracked by major financial news sites each day. Among these, one name which has garnered increasing interest is Litecoin. On the surface, Bitcoin and Litecoin have a lot in common. At the most basic level, they are both cryptocurrencies.

1. Democratizing mining

First, it was Coke vs Pepsi, then it was Batman vs Superman, and now the main event! Litecoin vs Bitcoin! Ten years ago, no one knew what a cryptocurrency. Two superstars of the cryptocurrency world are Bitcoin and Litecoin.

The two are closely linked, but which is better? This Litecoin vs Bitcoin guide is going to teach you everything you need to know about this famous pair. Go to the fridge and grab a can of Coke or Pepsi, either is fine! In Novembera paper was written by a mysterious coder called Satoshi Nakamoto. Just like that, cryptocurrency was born. Bitcoin was the first real digital currency.

It promised a future without banks. It offered a future where people could send money to each other, all around the world, quickly and safely. Over the next few years, Bitcoin would become more and more popular. However, not everyone was happy with the way it worked. Charlie Lee thought that Bitcoin could work better. He wanted to make Bitcoin faster and cheaper. His ideas caused a disagreement between Bitcoin users.

In crypto, a disagreement between users over the rules of a currency is called a fork. If a disagreement is big enough, the currency can be split in two. This is called a hard fork. On November 7,Bitcoin split in two. The hard fork created a new coin called Litecoin. Both coins are now very popular. Which one is the best, you ask? Is it possible to have both, or will one replace the other?

These are tough questions to answer. In order to answer these questions, you need to compare Bitcoin and Litecoin in a number of ways.

Below is a table of the main differences between the two coins. The special thing about the technology of Bitcoin is its blockchain. A blockchain is a huge digital record of trades. The record is stored across a network of thousands of computers called nodes. Users can send each other money all over the world. Transactions are put together into groups called blocks before being added to the blockchain.

The nodes that verify blocks get a reward for the work they have. The reward is a new currency. Mining for Bitcoin is expensive. You need a powerful computer to do it and the process uses a lot of electricity. It is also quite slow. Each new block takes about ten minutes to get added to the blockchain. This is where Charlie Lee and Litecoin come in. The rules for deciding how Bitcoin mining works are called SHA It was these rules that Charlie Lee wanted to change.

The new rules he created are called scrypt. Mining with scrypt is 4 four times faster than SHA and requires a lot less electricity. Each new block of transactions only takes 2. The reward for each verified block is 25 new Litecoin LTC. Bitcoin fans say that SHA is safer than scrypt. They say this because SHA takes longer and is, therefore, more likely to spot errors.

They think that scrypt rushes the process of verification. However, Litecoin fans think that the changes Charlie Lee made to the rules of Bitcoin are much better. As it makes Litecoin a cheaper and faster platform. Neither blockchain has ever been hacked. Investors are very excited about cryptocurrency.

Some are making a lot of money trading with cryptocurrencies. The table below shows the price changes of Litecoin vs Bitcoin over the last five years:. As you can see, both coins reached their highest value so far, in late Some critics think investing in cryptocurrencies now is a bad idea. They think that the popularity of Bitcoin and Litecoin is part of an investment bubble. Note: In an investment bubble, the price of a product goes up a lot higher than its real-world value.

Crypto fans think the coins will continue to be popular because of the real-world uses they. Remember, all this blockchain tech is still new, no-one knows how important it could.

Buying Bitcoin now is expensive and a bit risky. As an investment, it might be too late to start buying Bitcoin. The price has gone down a lot this year. However, Litecoin is newer and could still become as popular as Bitcoin. Its growth has been slow but steady.

The future is uncertain for all cryptocurrencies. No-one knows which coins will be valuable and which ones will be worthless. So, which do you think will be more valuable in the future, Bitcoin or Litecoin? If something is valuable it can be traded for goods and services. A store of value is something that is not only valuable but stays valuable.

The most well-known store of value in the world is gold. Currencies can also be stores of value. The currencies of powerful countries, like the USA, are better stores of value than weaker, less stable countries like Syria.

What about cryptocurrencies? Cryptocurrencies are still new. None are stores of value like gold. However, they do have the potential to become stores of value. Gold is a great store of value because it is precious and there is only a limited amount of it in the world. Gold is inflation proof. Its value is predictable and reliable. This could also be true in the case of Bitcoin and Litecoin. They both have limited supplies.

There will only ever be 21 million Bitcoin and there will only ever be 84 million Litecoin. This means they could both become good stores of value. Bitcoin is the oldest and most trusted cryptocurrency. It will also reach its supply limit. Three-quarters of all Bitcoin has already been mined.

This means that its value litecoin vs altcoin become predictable and reliable in the near future, just like gold! I think that Bitcoin will become a long-term store of value before Litecoin. Bitcoin wins the round! You might be able to one day soon though…. There are quite a lot of well-known companies that take Bitcoin as payment.

What more could you need! There are fewer companies that accept Litecoin as payment. Although, Uber has taken Litecoin as payment as a part of trials in the Czech Republic.

So, Bitcoin wins? Maybe not. Businesses and customers might like this idea and start using Litecoin instead of Bitcoin.

Litecoin: An Overview Over the past several years, public interest in cryptocurrencies has increased dramatically. Just like other cryptocurrencies, Litecoin altoin a global, digital payment method that uses blockchain technology to transfer and trade «coins. Litecoim are halved everyblocks, while litecoins are halved everyblocks. This is where Charlie Lee and Litecoin come in. Neither litecoij has ever been hacked. Bitcointo many, is the original cryptocurrency that has thus far maintained its status as the most popular. What Is Genesis Mining? Yet even assuming this is altcokn, the problem may be solved through simple software changes introduced in the digital wallets through which Bitcoin transactions are. Related Articles. And this litecoin vs altcoin how those numbers have changed as of September 12, It is because of this dramatic difference in speed that has made Litecoin an appealing option for businesses using altcoins because they don’t have to wait as long for their transactions to process. Mutual Funds. These are tough questions to answer. The algorithm rewards people when their mining hardware solves complicated puzzles that validate transactions and release new coins into the. Categories. Bitcoin There are litecoin vs altcoin exchanges and wallets where you can buy or trade Litecoin and Bitcoin.