Since the past decade, Cryptocurrency has taken the world by storm. It has paved the way for so much economic and financial development around the world. Bitcoin was the first Cryptocurrency invented back in 2009 by Satoshi Nakamoto. Although he has remained largely anonymous, his invention has done so much good for society. As such, many people now own billions of dollars’ worth of Bitcoin, as the public interest has increased. Since its invention, many other Cryptocurrencies have been invented, such as Ethereum and Litecoin.
However, when many people think of digital currencies, they most likely only think about Bitcoin, even though other exceptional Cryptocurrencies are now in the digital currency market. Litecoin is an equal to Bitcoin in many ways, but there are a few differences between the two. That said, here are some differences between the features of both Cryptocurrencies that would help you understand their strengths and weaknesses.
Difference in valuation
When you first try to compare these two Cryptocurrencies, the first thing you would notice is the difference in their monetary values. In this aspect, Bitcoin has the edge due to its higher period of circulation. Presently, Bitcoin‘s market cap is estimated to be over $1 trillion while Litecoin‘s market cap is worth $13.7 billion. To anyone, this seems like a very large difference. Even though Litecoin was only invented three years later by Charlie Lee, a former Google employee, it has not been able to reach the phenomenal heights that Bitcoin has attained.
This may be subject to change later, but this is one of the main differences between the two significant Cryptocurrencies at the moment.
Transaction speeds and versatility
In terms of transaction speeds and versatility, Litecoin takes the win. Many Cryptocurrency enthusiasts would understand that Bitcoin developers have announced that the digital currency will only release a certain amount of coins. When that amount has been reached, there would be no more room to make more coins as stated by them. In contrast, Litecoin is a fantastic Cryptocurrency that has no limit on the number of coins they can make.
Additionally, for several reasons, Litecoin seems to be faster in terms of transaction compared to Bitcoin, which is why so many people like this coin. However, it is essential to note that this does not affect the overall functionality or usability of both coins in any way.
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Despite their differences, Bitcoin and Litecoin are outstanding Cryptocurrencies used by hundreds of millions of people in different parts of the world. As the world shifts towards an increasingly technological age, usage of these digital currencies is soaring.
Given the rate at which they’re growing, it won’t be a surprise to see digital currencies being accepted as the world’s official currency in a few years to come.