Litecoin vs Bitcoin: Top 4 Common Differences You Need to Know

Anisa Batabyal
| 06 September, 2019 | 2 min

Bitcoin and Litecoin are one of the top-performing cryptocurrencies, and the latter is a fork of the former. Despite being like Bitcoin, Litecoin has come up with its own identity and the crypto community now no longer call it Bitcoin’s look alike. Litecoin was created a couple of years after Bitcoin was formed, with a similar blockchain but an ample number of technological differences. Litecoin was founded by former Google engineer Charlie Lee, who has successfully given Litecoin its own value proposition. The basic fact is that Bitcoin is the first cryptocurrency ever created by the pseudonym Satoshi Nakamoto, whose identity has never been revealed.

When it comes to investment, you should always decide based on thorough research, the community behind them, past trends, etc. (Litecoin Vs Bitcoin investment). Litecoin might reach around $230 by 2019 while Bitcoin might reach $23,500. (Bitcoin Vs Litecoin price prediction)

Let us point out the major differences between Bitcoin and Litecoin:

#1 Purpose

Bitcoin was created with the aim of being one of the best payment networks in the world. After the introduction of the lightning network, it could process thousands of transactions per second, leaving behind the Visa and Master Card. Bitcoin is even being looked like a store of value and compared to gold and called “digital gold”.

Litecoin, also known as the digital silver was created for daily commerce and ordinary transactions. Just there are some of the differences that lie between them- hashing algorithm, overall coins, and more frequently mined blocks.

#2 Price, Market Capitalization, Circulating Supply and Ranking

Bitcoin is the largest cryptocurrency in the world with a valuation of $10,061.99, currently and a market capitalization of $180,013,365,983. The total coins in circulation are around 21 million, out of which 17 million has already been used.

Litecoin is the fifth-largest cryptocurrency in the world, trading at a rate of $73.88 with a market capitalization of $11,624,040,793 and a total circulating supply of around 84 million, of which 63 million has been used.

#3 Mining 

Bitcoin takes 10 minutes to create a block or confirm a transaction while Litecoin takes 2.5 minutes to confirm a transaction. Bitcoin uses an SHA-256 Proof of Work (PoW) mining algorithm, that has caused the difficulty in the mining process while Litecoin uses a scrypt algorithm, whose calculations are much more serialized. The total hashing rate for Bitcoin is 82.5 trillion hashes per second, and for Litecoin, it is 318.9966 transactions/ second. The current block reward for Bitcoin is 12.5 BTC, which will become 6.25 BTC next year in the third halving process, whereas for Litecoin it became 12.5 LTC very recently after the second halving process.

#4 Community And Adoption Rate

In terms of driving its community, Litecoin is not that vocal as Bitcoin. If you check Reddit, Twitter, etc., you might see more engagement from the Bitcoin community as opposed to that of Litecoin. The adoption rate is more in case of Bitcoin for several reasons- the first being its inception in 2009 and its advancements. Litecoin is also gaining momentum but way to go till it can compete with Bitcoin.

Frequently Asked Questions (FAQ)

      1. Is Bitcoin better than Litecoin?

Bitcoin is one of the most popular cryptocurrencies which gave rise to Litecoin, which is a hard fork of Bitcoin. Both have their uniqueness. You can buy Bitcoin from Litecoin here.

  1. How is Litecoin different from Bitcoin?

Please refer to the above comparison stated.

  1. Is Litecoin a fork of Bitcoin?

Yes, Litecoin is a fork of Bitcoin.

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