Litecoin vs Bitcoin: What is the Key Difference?

In the cryptocurrency world, Bitcoin strives to be the world’s largest cryptocurrency, which recently passed the $9,000 mark. However, Litecoin doesn’t trail behind it and has also grown significantly. Today, Bitcoin is also called a golden cryptocurrency, while Litecoin is considered a silver.

Both digital currencies undoubtedly have their own charm. That’s why this type of investment is now much more widespread than a few years ago. Interested investors should take a look at the characteristics of both coins as well as compare their pros & cons.

Ordinary users as well as investors usually wonder ‘How is litecoin different from bitcoin?’. Today, we are going to figure it out!

How is Litecoin Different from Bitcoin, Chart: A Brief Comparison & Similarities

A little more than ten years ago, cryptocurrencies were in the eyes of many people an invention from science fiction novels. It was hard to believe that anyone could seriously imagine cryptocurrency as a serious form of payment. 

However, the bitcoins developed by Satoshi Nakamoto clearly showed what you can expect from digital currencies. People quickly found out about this alternative currency. This fact also generated the interest of investors. 

At the same time, this innovation also evoked many critics who either see a serious threat to the classic banking system or only classify cryptocurrencies as a short-term fad.

Bitcoins aren’t only desirable for investors, because everyone has the opportunity to create bitcoins and thus participate in the story of success. The process called mining is behind this. 

However, this implies the presence of appropriate technology. If it is not so, interested parties can buy bitcoins or litecoins on special platforms and compare bitcoin vs litecoin chart & graph there to be sure. Especially in bitcoin’s case, the high level of interest ensures a constant increase in prices, which resulted in a rapid value increase in a chart of the previous year.

As a result, investors can expect huge profits from the very beginning. That is, you hear again and again about people who became millionaires with bitcoins. Even today, it is not too late to benefit from the success of bitcoins. Although now investors have to invest significantly more than just a few years ago. 

Today, a Bitcoin price chart shows an apparent increase, but some experts expect the bubble to burst for some time. That is, anyone looking for an alternative will find it in Litecoins.

How is Litecoin Mining Different from Bitcoin Mining: How to Get BTC & LTC?

If you are still wondering what crypto is about to win litecoin vs bitcoin battle, then it’s worth taking a detailed look at the two digital currencies. 

You will soon find out that these two don’t differ significantly in their basic properties. Both Litecoins and Bitcoins are digital currencies that were created as an alternative to traditional currencies. 

Litecoins are also produced with the help of a mining process, using a cryptological hash function. ‘How is litecoin mining different from bitcoin mining’ is a rather popular question nowadays. Let’s try to figure it out! 

Basically, the main idea seems like that — the use of computing power means that problems based on a geometric series have to be solved. Those who validate such an encrypted block will receive a certain amount of BTC or LTC as a reward. That is,  the result of litecoin mining vs bitcoin mining battle is a draw since the two currencies hardly differ from a technical point of view.

However, still, there is some difference in a view of duration of the coin’s creation. How was mentioned before, the process of mining includes PC’s computing power. As a result, the block’s validation and thus the mining of litecoins or bitcoins takes a certain amount of time. This process takes a different amount of time for the currencies. In Bitcoin’s case, this process takes 10 minutes, Litecoin is significantly faster in this regard and can boast of only 2.5 minutes.

How does mining work? At first glance, mining works in a similar way for both currencies. But there are significant differences here as well. While the PC’s graphics processor is the best option for Litecoin mining, Bitcoin has other requirements. This is due to the extremely complicated Bitcoin algorithm.

Litecoin vs Bitcoin Price: The Difference in Transaction Fees

We have already figured out how is litecoin different from bitcoin in the mining and chart area. Let’s continue & find out the winner of litecoin vs bitcoin price battle. 

How was mentioned before, despite all the similarities, there are some differences between the currencies. The issue of fees, as well as profitability, are really important ones. That is one of the main issues that investors should keep in mind when buying bitcoins or litecoins & investing their cash. Let’s compare litecoin vs bitcoin fees and value!

Transaction Costs

Of course, the companies behind Bitcoins and Litecoins also want to benefit from the use of their cryptocurrencies for payment transactions. This is done at the expense of costs incurred with every transaction. Litecoin is still in the cent range and thus its transaction fee is significantly lower than Bitcoin’s one. Anyone who conducts a Bitcoin transaction is about to expect amounts over one dollar.

Number of Transactions per Second

In terms of speed, Litecoin has a priority over Bitcoin, as was already mentioned before. As a result, there is not only a bigger amount of Litecoins in circulation but also more transactions.

That is, prospective buyers should check which of the two currencies suits their personal preferences best. At first sight the differences seem rather small, however, they can have a decisive impact on litecoin vs bitcoin value.

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