Bitcoin is the most well-known cryptocurrency, however, there are many more kinds of coins available, in addition to bitcoin. If you are reading this post, I am certain that you are familiar with the cryptocurrency Litecoin.
Even though Bitcoin, the first cryptocurrency, was created initially, there are now many more cryptocurrencies available to use. Litecoin was created after bitcoin, and it was created in such a way that it has the potential to be a superior currency to bitcoin.
Bitcoin vs. Litecoin- Which Is Better?
Even though both bitcoin and Litecoin are distinct kinds of cryptocurrencies, there are certain similarities between the two that you should be aware of before you invest in either. The amount of interest in bitcoin is tremendous, and it is growing on a day-to-day basis. Because of this, investing in Litecoin rather than Bitcoin would be an excellent decision.
- In terms of transaction speed
The creator of Litecoin has attempted to overcome some of the shortcomings of the Bitcoin cryptocurrency. As a result, the creator Charlie Lee is concentrating on eliminating every one of the disadvantages of Bitcoins from Litecoin.
Lee attempted to make the transaction speed in Litecoin quicker than the speed in bitcoin. The speed of a single Litecoin transaction is almost four times that of a single bitcoin transaction. The transaction of Litecoin is designed specifically for those who are in a hurry. Litecoin makes it feasible for those who are seeking fast transactions to complete them.
- In terms of fees
The second item we must consider when comparing Bitcoin vs Litecoin is the transaction fees charged by each cryptocurrency. As we all know, digital currencies have lower transaction costs than traditional currencies, which is why the transaction fees for bitcoin and Litecoin are so cheap.
However, if we compare the transaction costs for both currencies, we will find that Litecoin is much less expensive than Bitcoin. As a result, we may conclude that the transaction costs associated with bitcoin are marginally greater than those associated with Litecoin.
- In terms of scalability
Throughout time, more and more people have been aware of bitcoin, and as a result, they are increasingly ready to utilize bitcoin in their daily lives. When it comes to scalability, or to put it another way, the capacity to process many transactions at the same time, Bitcoin has had some difficulties in the past. As a consequence, bitcoin was forced to automatically raise transaction fees to reduce the amount of traffic in the cryptocurrency.
While you may be thinking that Litecoin is simpler to use than other cryptocurrencies since the transaction fee is lower, this is an unfair way to compare them because this is not a feature of any cryptocurrency.
- In terms of mining
While Charlie Lee was concentrating on making Litecoin transactions quicker, he was also concentrating on increasing the amount of Litecoin that could be extracted. In the process of adding certain changes to Litecoin, it has ultimately evolved into a centralized mining system, as opposed to the decentralized mining method used by Bitcoin.
In the case of bitcoin, on the other hand, the hash rate and the mining process are both highly decentralized. Bitcoin mining pools exist, with the top three pools accounting for up to 48 percent of total mining. Bitcoin and Litecoin both have mining processes that are nearly entirely centralized. However, as compared to Litecoin, bitcoin is a little less centralized in its operation.