Although Litecoin wasn’t exactly created to replace Bitcoin, it aims to solve its biggest issues: transaction speed and ease of mining.
Created as an alternative to Bitcoin, Litecoin aims to solve its biggest issues: transaction speed and ease of mining. Let’s take a look at these coins and find out which one could be more interesting for crypto investors.
What’s in common
Both Bitcoin and Litecoin are generated by mining and both have their own supply limitations which makes them a perfect investment objective as their value will only grow in time.
This is what lies on the surface. However, if you dig a little deeper you will see that between these two, there are many technical differences that are not recognised at a glance.
Differences between Bitcoin and Litecoin
While the question who exactly created BTC is up for debate. LTC was created in October 2011 by a former Google engineer, Charlie Lee. The motivation behind this innovation was to improve on Bitcoin’s performance.
Mining algorithm
The main idea that Charlie Lee had was to give ordinary people possibility to mine digital currency.
The hashing algorithm that is used for mining Bitcoin (SHA-256) makes it very difficult to create a new block and thus to get profits on mining Bitcoin you have to use professional expensive hardware. Litecoin, on the contrary, uses the algorithm that simplifies the mining process (Scrypt) and makes it possible to create new coins on usual PCs.
Transaction speed
It takes 2.5 minutes on the average for a transaction to be processed in the Litecoin network, while Bitcoin requires 10 minutes. It allows Litecoin to process much more transactions in a unit of time and makes it much more preferable for merchants.
Why invest in Litecoin
The advantages of Litecoin that we’ve mentioned above give it much more chances to get integrated into real world and take its niche in the financial market. And if it ever replaces even a small part of fiat money, its value will be much higher than it is today and your investments will pay back a hundredfold.
Also, keep in mind that Litecoin’s price is much lower than Bitcoin’s and it still has room to grow. A coin that is worth $100 can show 10x growth much easier than one that is worth $10,000.
Buy Litecoin with Cryptopay
Cryptopay offers its users an easy and secure way to buy and store litecoins. If you are a verified user of Cryptopay, all you need to buy Litecoin is a working debit or credit card.
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