Difference Between Bitcoin vs Litecoin
Bitcoin vs Litecoin is a type of digital currency used to record all the transactions and generate new units of currency. Satoshi Nakamoto creates Bitcoin on 3rd January 2009. Then updated version of bitcoin is formed, which is known as the lite coin, and it created by Charles lee on 7th October 2011. Bitcoin is gold in color, and the lite coin is silver. Bitcoin is secure to make financial transactions record, and it doesn’t require any trusted intermediaries; and this record is known as a blockchain and the lite coin is younger than the bitcoin. Lite coin wants to work with bitcoin to make more secure future transactions, but the whole world accepts bitcoin for storing value.
Bitcoin: It is a type of digital currency used to record all the transactions and generate new currency units for making new currency. Bitcoin is nothing but a small file, and it can be stored in a digital wallet app on a smartphone or on computers. Some of the people can send part of one to your digital wallet, and then after you send it to another person’s wallet then all these transactions are recorded in a public list; this list is known as “Blockchain.” this currency is also known; as “Cryptocurrency.”
Litecoin: It is an alternative cryptocurrency, and it was actually a fork of bitcoin. Lite coin is a system for transferring cash at very high-speed. The Lite coin network is used to verify transactions, and it is used to create new coins. Lite coin is much faster than the bitcoin, lite coin requires only 2.5 minutes to confirm each block, but bitcoin requires 10 minutes to confirm each block. Lite coin first invented in 2011, and it is created as same as the model of bitcoin, but some updates are there in lite coin.
Head-to-Head Comparison Between Bitcoin and Litecoin (infographics)
Below Are the Top 13 Differences Between Bitcoin vs Litecoin:
Key Differences Between Bitcoin vs Litecoin
The key differences between Bitcoin vs Litecoin are discussed below:
- Lite coin is used an algorithm script four times faster than the SHA-256, which uses bitcoin.
- Lite coin requires a lot less electricity as compared to bitcoin. Every new transaction will add to the lite coin blockchain, which requires only 2.5 minutes.
- If anyone wants to buy bitcoin with low risk, buy bitcoin by giving cash very low risk.
- As compared to bitcoin, the lite coin supply limit is four times which is around eighty-four million LTC. And bitcoin has twenty-one million BTC.
- The initial reward of bitcoin is 50 BTC, and now the current block reward is 25 BTC. And the initial reward of the lite coin is 50 LTC, and now the current block reward is also 50 LTC.
- A segregated witness of bitcoin is 39.60% of transactions. And a segregated witness of the lite coin is 99.80% of transactions. For bitcoin average block per hour is 6. And for lite coin average block per hour is 24.
- Bitcoin and lite coin survey on February 1st, 2018, is average transaction per hour in bitcoin cash is 1008. And average transaction per hour in a lite coin is 2415. The average transaction fee for bitcoin is a dollar 0.16, and the average transaction fee for the lite coin is a dollar 0.23. The average block per hour in bitcoin cash is 5, and in lite coin average block per hour is 23.
- The block size limit for Bitcoin is 8 MB, and for the lite coin, the block size limit is 1 MB.
Bitcoin vs Litecoin Comparison Table
Let’s discuss the top comparison between Bitcoin vs Litecoin:
|Basis of Comparison||Bitcoin||Litecoin|
|Definition||It is a type of digital currency used to record all the transactions and used to generate new units of currency; for making new currency units, they used mathematical problems.||Lite coin is a system for transferring cash with a very high speed. The Lite coin network is used to verify transactions, and it is used to create new coins.|
|Algorithm||Bitcoin works on a traditional algorithm SHA-256.||Lite coin works on an algorithm called script.|
|Color||Bitcoins are “gold” in color.||Lite coins are “silver” in color.|
|Speed||As compared to the lite coin, bitcoin has a slower transaction version.||As compared to bitcoin, the lite coin has the faster transaction version.|
|Time Required to Mine||In the case of bitcoin, 10 minutes requires to confirm each block.||In the case of the lite coin, 2.5 minutes requires to confirm each block.|
|Founder||Satoshi Nakamoto is the founder of bitcoin.||Charles Lee is the owner of the lite coin, and he is a computer scientist.|
|Created In||Bitcoin was first created on 3rd January 2009.||Lite coin is first created on 7th October 2011.|
|Market Capitalization||Bitcoin market cap is nearly one hundred and nine dollars a billion as of late 2018.||Lite coin market cap is nearly three billion as of late 2018.|
|Ticker Symbol||BTC is the ticker symbol of bitcoin.||LTC is the ticker symbol of the lite coin.|
|Hash Function||Bitcoin’s hash function is SHA-256.||Lite coin’s hash function is the script.|
|Supply Limit||The supply limit of bitcoin is around 21 million BTC.||The supply limit of the lite coin is around 84 million LTC, which is four times the limit of BTC.|
|Mining||The mining of bitcoin is processor intensive.||The mining of lite coin is memory intensive.|
We have gone through the major difference between bitcoin and lite coin. So what is much better, bitcoin or lite coin? As compared to the lite coin, bitcoin is more expensive. Bitcoin was invented first, and a lite coin is the updated version of it. As we see the difference above, the lite coin is much better because it is four times faster than bitcoin, and the main thing is it requires less electricity.
It requires 2.5 minutes of time for every new block transaction. The supply limit of the lite coin is four times more than the bitcoin. Lite coin is mostly the same as bitcoin; only a few more updates are done: time requirement is less, and the supply limit is more, etc. And average blocks per hour in bitcoin is only 5, but in the lite coin, it is 23. So from the above discussion, we can say that the lite coin is a more affordable and updated version than the bitcoin.
This is a guide to Bitcoin vs Litecoin. Here we discuss the Bitcoin vs Litecoin key differences with infographics and comparison table. You can also go through our other suggested articles to learn more –