5 Important Differences Between Bitcoin and Litecoin – Star of Mysore
Bitcoin is the most well-known cryptocurrency, and apart from bitcoin, there are many other types of coin. I am sure if you are reading this article, then you must have heard of Litecoin.
Bitcoin, amongst the cryptocurrencies, was invented first, but now there are many other cryptocurrencies. Litecoin was invented after bitcoin, and it was invented in a manner that it could be a better coin than bitcoin. You can invest in bitcoins via this link
Today in this article, I will discuss the difference between Litecoin and Bitcoin, and I hope it will help you.
Bitcoin Vs Litecoin
As we all know that both bitcoin and the Litecoin’s are different types of cryptocurrency, there are some similarities between both that you must know. The crowd over bitcoin is enormous, and day by day, it has been increasing. Hence it would be a great idea to invest in Litecoin rather than in Bitcoin.
Let’s check what has actually happened.
Bitcoin Vs Litecoin – In Transaction Speed
The inventor of Litecoin has tried to break through the drawbacks of Bitcoin. So the inventor Charlie Lee focuses on removing each one of the drawbacks of the Bitcoins from Litecoin.
Lee tried to make the transaction speed faster in Litecoin than in bitcoin. One Litecoin transaction is almost 4 times faster than any bitcoin transaction. Transaction of Litecoin is especially for the ones who are in haste. People who are looking for quick transactions are possible just by Litecoin.
Bitcoin Vs Bitcoin – In Fees
The next thing we can not forget to compare is the transaction fees of Bitcoin and Litecoin. As we know that the transaction fees of the digital currencies are lower, hence the transaction fees for bitcoin and Litecoin is low.
But if we compare both of them then we would see that Litecoin is much cheaper if we compare the transaction fees. Hence we can say that the transaction fees of the bitcoin are slightly higher than that of Litecoin.
Over time, more and more people have become aware of bitcoin, and now they are willing to use bitcoin even more. Bitcoin has been struggling with scalability, or in other words, if we say that it’s the ability to make many transactions at the same time. As a result, bitcoin had to increase the transaction fees automatically so that the rush is a little less in bitcoin.
While by now, you must be thinking that Litecoin is comparatively easier because the transaction fee is less, and I would say that it is really unfair to judge it like that because that is not a characteristic of any coin.
Litecoin Vs Bitcoin – In Mining
While Charlie Lee was focusing on the faster transaction of Litecoin, one more he focused on was the extraction of more Litecoin’s. On the verge of making some improvements in Litecoin, it has eventually become a centralized mining system unlike that of Bitcoin. With 5 mining pools, it accounts for 71% of Hash rates.
While in the case of bitcoin, the Hash rate and the mining are much decentralized in manner. Bitcoin some pools out of which the top 3 pools make up to 48% of the mining. In contrast, the top 6 pools do up to 60.4% of the mining of the Hash rate. Bitcoin and Litecoin both have almost a centralized process of mining. But compared to Litecoin, bitcoin is slightly less centralized in manner.
Although Bitcoin was invented after bitcoin and it was planned to make it to be invented better than Bitcoin. I have given the details, comparing who is better than the other, and in what respect. I have never used Litecoin, and I would like it if you comment below and let me know if anything is different. In my next article, I would like to address your question.