Those of you taking interest an earning and/or investing on cryptocurrencies must have heard already about the famous and popular currency names Bitcoin and Litecoin Dice Gambling. Both have taken the world of digital currencies by their storms and are much in discussion these days. People who know about these have already started investing or earning. And people who still have confusion about how they are similar and different are learning fast. Hence here is a quick guide on litecoin versus bitcoin.
Bitcoin was formulated earlier and hence have already formed a market of its own and thus more popular for being among the first cryptocurrencies. Litecoin came later, but interestingly it is giving a nice healthy competition to the Bitcoin, and catching up the market fast enough as compared to other cryptocurrencies. While comparing litecoin versus bitcoin you will see that the market value of both will fluctuate with time.
Some straight comparisons between Bitcoin and Litecoin
Both the coins can be divided into minutest fractions which can be transacted.
The limit of Litecoins is higher than Bitcoins. The largest number of litecoins that can exist in the world is 84 million whereas for bitcoins the figure is 21 million.
There is a difference in maximum waiting time for confirmation for transaction between the two currencies. Litecoin has the least waiting period with maximum confirmation duration of 2.5 mins compared to the 10 mins of bitcoin.
The algorithm behind the working and transaction of the two currencies differ. The algorithm of bitcoin is SHA-256, and the algorithm for litecoin is Scrypt. The complexity of SHA-256 is higher which raises the execution time in parallel processing of the program components.
Due to easy mining techniques, the mining of Litecoin is easier and more feasible for new users as well as miners as you compare litecoin versus bitcoin.
Psychological impact of Litecoin over Bitcoin
Because of the developing market value of Litecoin, and the really small fractions that Litecoin can be divided into in comparison to Bitcoin, the value spent on acquiring the smallest unit of a litecoin would have a psychologically comforting effect on the buyer.
While comparing litecoin versus bitcoin, you would gradually understand that technically both are types of digital currencies with different market rates while capitalizing, with different algorithms, different block processing times and transaction confirmation timings. But overall acquiring any currency would be helping you make wealth.