Wondering how do Litecoin and Bitcoin differ from each other? Well, no fuss, you have landed in the right place. In this blog post, we have gathered some important piece of information that is sure to be of big help to you in understanding Bitcoin and Litecoin. Without further ado, let’s get started.
Difference Between Bitcoin and Litecoin
Although the majority of people consider Litecoin to be same like Bitcoin, Litecoin was created as a spinoff of the Bitcoin. Mostly people who don’t know much about the crypto underlying technology consider digital currencies to be obscure and complex. Litecoin was introduced to solve this problem. Charlie Lee, the founder of Litecoin (LTC), wanted to create a spinoff of Bitcoin (BTC), which can serve as the sliver to BTC’s gold. Lee Launched Litecoin in 2011 with lots of similarities to bitcoin but with some twists.
While there’s no comparison between BTC and LTC when it comes to their value, there are a lot of areas where LTC seems to be a clear winner. For example, bitcoin usually takes around 10-minute to perform a transaction, while LTC performs transactions in little to no time.
Bitcoin often described as a virtual currency, a digital currency or a cryptocurrency, is virtual money that is completely different from the currency you use in the regular life. Think of it as the online version of cash. You can use it to purchase product and services. However, not every shop accepts BTC yet. It has come a long way since its inception in 2009.
How do you look at our comparision between Litecoin and Bitcoin? Is it useful for you? Please feel free to share your valuable feedback in the comment section below.
As a writer, Ruben is an advocate of blockchain technology and cryptocurrency in general. He writes about all things from cryptography to economics, with a focus on how it applies to cryptocurrencies. He is also passionate about writing about topics such as decentralization, open-sourced software development, and copyright law.