Introduction To Bitcoin
If you haven’t heard about what cryptocurrency is, I urge you to please leave your cave and Unga Bunga here and there because the world has already gone too much ahead for you. As for those who have just heard that it is something online and is very costly and worth investing in, congratulations on being aware of your surroundings. When it comes to Bitcoin, it is one of the first blockchain digital currencies. The main reason for the hype here was that this currency is not under the rule of influence of any government. It is for the people and by the people. Thus, Bitcoin created huge havoc in the DeFi market; from being worth cents to now thousands of dollars, Bitcoin has grown almost 400 percent. So, just open an account and start trading.
Introduction To Litecoin
Just like Robin is to Batman and Sasuke is to Naruto, Litecoin was introduced as the younger brother to Bitcoin, and it was believed that it would solve all the issues that currently exist for Bitcoin. It is the same, but it has different values, and yet it remains best. It works on the same principle as being decentralized and having global payment networks. It has solved many issues that were with Sasuke (ahem, I mean Bitcoin) like having 100% more coin limit than Bitcoin, 3x faster invalidating each block to the blockchain, and has more block awards for auditors of Litecoin currently in the DeFi market. Litecoin is presently sitting on the 6th strongest Shinobi title (sorry, 6th largest cryptocurrency chain).
Difference Between Bitcoin vs. Litecoin
There are 3 major points in which Bitcoin differs with respect to Litecoin. These differences aren’t too big; it is just that since Litecoin was developed as being the silver and the better version, there exist some differences with respect to its blockchain and the number of users. While more depths are there surrounding both coins, here are their differences:
- Market capitalization: You can say the main character of this anime is called cryptocurrency, Bitcoin is still the main character, and it would be for longer. This is because the value of Bitcoin right now is over 1 Trillion US Dollar, whereas Litecoin is just 13.7 Billion. I think this sentence is enough to explain why it still dominates.
- Distribution: The classic example where “You may be worth more, but I will defeat you in sheer numbers” is Litecoin. The total number of coins that can be produced by Bitcoin would never succeed the 21 Million mark, although reaching its peak will gradually get difficult. Whereas Litecoin can go up to 84 Million in numbers.
- Transaction Speed: The average confirmation time of Bitcoin is almost 9 minutes, whereas Litecoin can finish the same job in under 2.5 minutes. This was one of the prime objectives of Litecoin developers is to eliminate the time taken for validation for each transaction. Litecoin is way faster and better when it comes to speed.
You must understand that no matter how old and slow Batman gets with respect to Robin, the show would always be called Batman and Robin rather than Robin and Batman. Likewise, Litecoin may seem as an efficient alternative to Bitcoin, but the sheer market dominance in DeFi and the honor of being the earliest crypto ever is what keeps Bitcoin higher. If you loved this article yet have some queries regarding this topic, please feel free to comment below.
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