Cryptocurrencies have matured with the passing of years and they have now finally come of age. Though you can say this maturing has been fraught with ups and downs, Tbut ultimately they are here now. And that is the most important thing. Every good or bad thing has its share of ups and downs so do trading bitcoin.
hey still will face a lot more as it is an ongoing process. But today it has garnered the interest of many people all over the globe and this interest is growing with each passing minute and day.
But in all this melee the main attention was grabbed by Bitcoins although after Bitcoins emerged many other cryptocurrencies made their way into the market. But they somehow lost attention and the focus of people on them along the way barring for a few main cryptocurrencies.
But today, in this detailed, informative article, we will mention and focus on two of the important cryptocurrencies that have managed to remain in the limelight. The much-talked-about cryptocurrencies Bitcoin and Litecoin are set to be discussed here.
But before we proceed any further it is worthwhile mentioning that you can trade with both coins on a user-friendly platform. The platform in focus here is Bitcoin Prime. As a person who has just set foot in this industry, you use this platform. Read on to know more in detail to have an overall better understanding.
Table of Contents
Cryptocurrency Twins: A Side By Side Comparison Of Bitcoin And Litecoin
They are two different cryptocurrencies existing side by side n the market but they are also marked with many similarities. They have many common chords that are similar to each other. Both are decentralized systems depending on their cryptographic cohesion.
Its founder and creator, Charlie Lee, a former engineer with Google, described Litecoin as a lighter version of Bitcoin. They had intended it to be the silver version of the golden version of Bitcoin. Their other similarities are their transaction and storage methods. Both are easily available by mining them. They both can be exchanged and bought from exchanges. Both are stored in wallets that are safety devices for storing the assets. And both are highly volatile by nature.
Both ecosystems are dependent on proof-of-work for their authentication. Thus their mining procedures are also similar.
Decrypting The Differences: Litecoin Vs. Bitcoin
The prime difference between the two is in their market shares and values. Bitcoin is the more popular of the two and enjoys a better market than Litecoin. And Bitcoin is by far the more better and popular of coins because of its better ability to be mined in mining farms and pools. So it is more easily available whereas Litecoin has a gap in its demand-supply chain.
In this respect, it has to be mentioned that Bitcoin is stuck at 21 million coins while Litecoin can go up to 84 million coins. Thus the distribution of Bitcoin is better than Litecoin.
The speed at which Bitcoins can be transacted is much more than Litecoin. Bitcoin takes nine minutes approximately to get added to the blockchain while Litecoin does it in less time which is almost two and a half minutes.
Bitcoin And Litecoin- 2 Peas In A Crypto-Currency Pod- Benefits Explained
The advantages of both are many. Bitcoin gives a higher return on investment. None of the transactions can be tracked by anyone. It is extremely transparent because everyone in the block can see through them. The money involved in it is more controlled and enjoys a lot of freedom.
When you look at Litecoin, it too enjoys certain advantages. Its transaction fees are much lower and transactions take place much faster, even faster than Bitcoin. It enjoys a huge supply of coins that far exceeds even Bitcoins. It can easily be liquidated.
Conclusion
Now after reading the entire thing you want an answer as to which is the better of the two that will still be open. That is because each has a different goal and purpose to serve. So which is the better of the two is for you to decide after calculating your own needs and purposes.