Litecoin Cryptocurrency: History and Characterization Comparison with the Powerful Bitcoin
The diversification of the financial market from analog to digital hasn’t left the cryptocurrency space lagging. While analog technologies functioned somehow more efficiently than digital, one can draw that ‘the old births the new.’ Bitcoin, for instance, is one of the oldest crypto coins.
Other sharp currency alternatives subsequently came on board as the market grew over the years. The 1500+ coins fork their growth from Bitcoin’s source code. Litecoin is one of the many coins marking its ground in the crypto space. Here is more delving insight into its history and how its features compare with Bitcoin.
Litecoin Origin History
Charles Lee discovered and developed Litecoin (LTC) in 2011. As one of BTC’s forks, Lee primarily considered the top coin’s strengths and features to shape Litecoin to what it is today. One would say LTC shares almost similar Bitcoin’s advantages, except it has fewer errors. Its free open-source MIT/X11 license algorithm circles it with Bitcoin, although it has its share of differences. Two years since its existence, Litecoin has trended up the cryptocurrency list to reserve its rights as one of the top-performing coins. It is the second most valuable crypto coin compared to Ripple and Dogecoin, among other altcoins.
LTC/BTC Contrast and Comparison
While Litecoin resembles Bitcoin majorly, several aspects distinguish the two coins apart. For a start, both coins:
- Operate on user anonymity.
- Have a significant transparency degree.
- Are decentralized.
- Can buy and sell crypto assets reliably.
Some differential factors present Litecoin and Bitcoin as two independent cryptocurrencies:
Crypto Addresses- Bitcoin’s specific email address might start with 27-34 character digits, i.e., 1,3 unique to that particular coin. Litecoin has a 33 character different address starting with ‘L’ for crypto transactions.
Coin Circulation Volume- While releases for Bitcoin and Litecoin are limited, the volume of circulating coins is different. Bitcoin’s emission limit is 21 million and 84 million for Litecoin.
Mining Speed– LTC mining is 4X faster than BTC. Users can generate massive data and profitable information on a block of 25 Litecoins in about 2.5 minutes, while the same approach on one Bitcoin block takes about 7.5 more minutes to complete.
Popularity- Litecoin is less popular than Bitcoin. Perhaps that is an advantage because cyber attackers prioritize the top coins to benefit more.
Security and Safety- Litecoin is on edge in user security and safety. People are attracted to a cryptocurrency that protects them from hacking, and LTC has proven its capacity to fulfill those interests. While hackers require efficient time to access accounts illegally, LTC denies them the opportunity because it generates new blocks and processes information faster. Simply put, hackers find it hard to keep up with the 4X speed to attack. Bitcoin’s network, on the other hand, plays poorly against fraudsters.
Market Cost– Litecoin is cheaper than Bitcoin. One can pay for LTC assets using universal financial solutions. The expensive Bitcoin may limit you to a few payment options like PayPal.
Different features affect how people decide on the best coins and adopt their functionalities. From the above insight, Litecoin https://www.bitvalve.