Thursday, 28 December 2017

BITCOIN vs LITECOIN

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BITCOIN VS LITECOIN

The people intrest in crypto currency has increased drastically.
The main cryptocurrency is bitcoin which was released in 2009 has became dominant in cryptocurrency.
Many cryptocurrencies have entered into the market, Among these the cryptocurrency which has gathered intrest is litecoin.
The similarities and differences between the bitcoin and litecoin are common and the main common similarity is they are both cryptocurrencies.

~POPULARITY AND MARKET CAPITAL

Bitcoin is the most popular cryptocurrency its market capitalization was barely $42,000 in July 2010.
Other cryptocurrencies like ethereum, litecoin and ripple are catching up.

~NUMBER OF COINS(TOTAL)

The main difference is the total number of coins produced by each cryptocurrency.
The bitcoin has maximum limit of 21 million coins and litecoin has maximum limit of 84 million coins.
Due to the low cost of single unit or coin of litecoin it has some advantage over bitcoin.
But some bitcoin wallets like Electrum and multi bit offers users the display option of value of their bitcoins in currency of the country like US dollars.

~PROCESSING SPEED OF TRANSACTION

Although the technical transaction take place fast by both cryptocurrencies but sometime is required for the transaction.
For bitcoin it takes 2 to 3 minutes for transaction but for bitcoin it takes up to 9 minutes.
In the basis of the time litecoin has more advantage, If a person wants to do a transaction fastly he can do it by litecoin but litecoin is less secure than bitcoin because litecoin does not need receiver's confirmation for the transaction.

Bitcoin uses SHA-256 algorithm whereas litecoin uses a new algorithm SCRYPT.
SHA-256 is more complex algorithm than SCRYPT.

~CONCLUSTION

Bitcoin and litecoin are the gold and silver of cryptocurrency market today.
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