How Is Litecoin Different From Bitcoin? – Analytics Insight

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Litecoin Different From Bitcoin
Bitcoin might be the most popular, but there is more to cryptocurrencies than Bitcoin. Many other options, i.e., altcoins, are available today.
One of the newer altcoins that has attracted investor attention is Litecoin. The LTC price has been of particular interest to traders and investors alike, because it is said to be similar to Bitcoin.
Well, while that is true, there are some differences as well. In this article, let us find out how Litecoin is similar and different!
The first cryptocurrency was Bitcoin, which came out in 2009. Since then, it has changed a lot, and now it is a hot topic. Bitcoin is a digital currency managed by a decentralized network, so banks do not control it. The network is safe and secure because people worldwide work together. This makes Bitcoin an exciting financial development.
Former Google engineer Charlie Lee introduced the “lite version of Bitcoin” in 2011 via a forum post. From the start, Litecoin was created to counter Bitcoin’s tendency towards centralization.
In the early days of Bitcoin, Lee and other developers thought Litecoin had some good features. Other things could be improved about Litecoin, according to the developers. 
Even though Bitcoin and Litecoin are not the same currency, they share many similarities. Neither cryptocurrency relies on central banks to provide value or control circulation, so they are decentralized. Instead, they use cryptography to keep the network safe. It is a cool alternative to traditional fiat currencies.
Litecoin was designed to be lighter and more accessible than Bitcoin. Charlie Lee, a former Google engineer and the man behind Litecoin, launched it. His first post was on a popular Bitcoin forum; the rest is history! Litecoin developers said they want to create a silver version of Bitcoin, which is cool.
The following are some similarities between Litecoin and Bitcoin:
Bitcoin and Litecoin transactions are often considered very similar by investors. The easiest way to get them is by mining or trading on an exchange. You should store them in a “wallet” between transactions to keep them safe. Their prices also get a little more volatile over time.
One thing both cryptocurrencies have in common: they are proof of work systems. It is the same mining process for both currencies since they can be mined similarly.
Even though Bitcoin and Litecoin share a few similarities, they are still different cryptocurrencies with unique features.
Bitcoin and Litecoin transactions usually happen instantly. The transactions will be confirmed once the other network participants confirm them. Bitcoin transactions typically take less than 9 minutes to confirm, but they can take longer when there is a lot of traffic. Meanwhile, Litecoin was made to make transactions faster so people would be attracted to it. The speed of Litecoin’s transactions has made it so popular.
Their market capitalization is one of their distinctive features. Litecoin had a total value of $13.7 billion in March 2021, while Bitcoin had a value of $1 trillion! That is because Bitcoin has a bigger network and is more popular. The company has come a long way since its market capitalization was $42,000 in July 2010. Ethereum has the closest market cap to Bitcoin, with $212 billion. As you can see, Bitcoin still has a bigger market cap than Litecoin.
Bitcoin and Litecoin use different algorithms to confirm transactions. Bitcoin uses SHA-256, while Litecoin uses Scrypt. But what does that mean for miners? SHA-256 and Scrypt each require a lot of computing power, but SHA-256 is usually more complicated to implement. Thus, Bitcoin miners have had to use ASICs, specialized hardware systems designed to mine Bitcoins. Meanwhile, Litecoin’s Scrypt algorithm is less susceptible to ASIC-based mining custom hardware solutions, so it is more accessible. This is why Litecoin has become so popular.
Bitcoin and Litecoin have different coin limits; did you know that? Bitcoin has a limit of 21 million, while Litecoin has a limit of 84 million. This may seem a big difference, but both currencies are highly divisible, so their practical uses are relatively unaffected. So, you do not need to worry about the number of coins in circulation when choosing between Bitcoin and Litecoin.
Bitcoin and Litecoin are both great investments, although they are quite different. If you are considering investing in cryptocurrency, compare their features and pick what is best for you. Also, make sure to choose a crypto exchange or app that is reliable and easy to navigate.
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Analytics Insight® is an influential platform dedicated to insights, trends, and opinion from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.
Disclaimer: Any financial and crypto market information given on Analytics Insight is written for informational purpose only and is not an investment advice. Conduct your own research by contacting financial experts before making any investment decisions, more information here.

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