Bitcoin vs Litecoin : How Do They Compare?

Bitcoin vs Litecoin

If you check the list of some famous and older coins, then Bitcoin vs Litecoin remain on the top. These are regarded as the most popular and recognized ones.

Bitcoin came way back in 2008, while Litecoin came into the market in 2011, three years after BTC. LTC also works on the same source code, like in Bitcoin. We see the two having no common history for Blockchain. However, Litecoin has some basic features that make the coin unique and other valuable features.

If you are keen on checking the difference between the two, you have reached the right place.

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Bitcoin vs Litecoin – Knowing the difference 

Both the digital coins – LTC and BTC work on the same code of the digital coin. LTC was developed seeking the help of Charlie Lee, who calls it a silver spoon, while Bitcoin was developed Satoshi, which we call a digital gold. Lee came up with Litecoin only to improve the day-to-day transactions seen in Bitcoin, making LTC a better option for frequent transactions. There are many more differences seen in the two coins. Let’s check the difference between the two:

  • The block time for BTC is 10 minutes, while for LTC, it is 2.5 minutes
  • The total number of BTC mined so far is 18.9 M while LTC is around 79.4 M
  • The maximum Coin supply for BTC is 21 M while for LTC is 84 M 
  • The price per coin for BTC is around 45 K USD while for LTC is 140.42 USD 
  • The market cap till Jan 22 midis around 834.2 B USD, while for LTC, it is 9.7 B USD

Now, let us check the difference between the key features like Block Time and Maximum Coin supply.

Block Time 

The first thing that comes to mind is the block time for BTC transactions that takes four times longer compared with the LTC block. The BTC based Blockchain further adds a new block in around 10 minutes, while for LTC, it is pretty less than around 2.5 minutes.

Thus for your day to day use of digital coins, you would prefer something that is fast and is a critical one that further helps in employing digital coins and LTC making it more convenient. The software of Bitcoin is seen limiting the size of any new block to go around 1MB, and it means that the Bitcoin transactions remains processed within ten minutes.

 If you find the Bitcoin network among the congested ones, you can certainly take around 90 minutes to verify the transaction. The LTC network can act like something less busy, and you do not have any experience of carrying out the network congestion issues.

Several digital coin based miners process only New Bitcoin and LTC transactions to earn lesser digital currency rewards. These can help in paying a diminutive form of transaction fees. In this way, you can understand the difference between block times.

Maximum Coin Supply 

The BTC supply for the coin is limited to around 21 M coins, and the LTC maximum supply comes to around 84 M coins. Like any other LTC network known to process additional digital currency transactions, one can find them going higher than Bitcoin. The LTC designer consistently uses multiple ones reaching to differentiate the two coins.

As a result, the number of LTC issues is more, and one can have more liquidity when it comes to Bitcoin. However, if you consider the scarcity of Bitcoin, it can make some more value in it. The cost of Bitcoin and the LTC seemed too volatile. However, the price of Bitcoin is consistently seen adding up the order of greater magnitude that seems to be going higher than the LTC price. 

Which one is the best for you?

Buying some BTC is often a common starting place for novices in digital currency investment. All thanks to the current stats of the BTC status as a digital coin. You have the choice of buying BTC at any exchange or through any broker that can help in supporting digital currency based shopping.

Many more investors are seen buying LTC that can help choose to do something exciting, and one can see the potential usefulness of the coin coming like routine transactions like BTC. These are available via digital currency based exchanges. 

You have the choice of buying any of the coins or both since they have their pros and cons. Many digital currency-based investors hold a blend of currencies like LTC or BTC along with other altcoins. The transaction with digital coins is often irreversible.

Hence it is essential to check the scams and frauds that can take place in this domain. Both BTC and LTC transaction is no different. So before you plan to invest in any of the coins, you need to check the benefits and risks involved.

Bitcoin vs Litecoin article and permission to publish here provided by Jean Nichols. Originally written for Supply Chain Game Changer and published on January 25, 2022.