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Created in 2011, Litecoin is an alternate cryptocurrency having many modifications over Bitcoin. No doubt that Litecoin is also based on a decentralized open-source payment network without involving an intermediary, just like Bitcoin; it still differs from Bitcoin in several aspects. Let’s explore.
Litecoin is an altcoin that leverages blockchain technology to provide secure and fast payments. The crypto was indeed created on the basis of Bitcoin protocol, but its hard cap, block transaction time and hashing algorithm differ entirely from that of Bitcoin.
Bitcoin is often termed as “digital gold” by investors. In a similar way, Litecoin is termed "digital silver". Bitcoin was the first cryptocurrency created by Satoshi Nakamoto. Many more altcoins were built after 2010, and Litecoin is one of them. Bitcoin is the oldest digital currency that has made it the top crypto in the market. But, BTC doesn't really receive many updates to make its protocol better compared to other new cryptocurrencies. Investors are running towards Bitcoin, but they often forget that Litecoin is better in many aspects.
Litecoin (LTC) is more easily accessible than Bitcoin (BTC) when it comes to transactions. Talking about the transaction speed, Litecoin is four times faster than Bitcoin, i.e., new blocks on the BTC network are generated every 10 minutes while these are developed every 2.5 minutes on the LTC network. So, if you are a person looking for a speedy transaction, Litecoin is better for you.
Secondly, the supply of Litecoin is also four times higher than that of Bitcoin, meaning that it can meet the more enormous demands without initially affecting the price.
Additionally, the mining algorithms of LTC and BTC differ significantly. Litecoin’s mining takes much less complicated mining operations, making it more environment-friendly crypto than BTC. In other words, LTC consumes less energy for mining than BTC.
The current market price of LTC is $216.21 (https://coinmarketcap.com/currencies/litecoin/) after a decrease of 6.95% in 24 hours.
As we can see in the graph, its price has been decreasing for almost a week and is still far lower than its all-time high. So, its prices are expected to go up in the coming months, making it excellent crypto to invest in. Also, crypto can be seen to have a bullish trend in the coming year. LTC can be a profitable investment if you are planning to go for a long term investment.
Disclaimer: It should not be considered as a piece of financial advice. Always make sure to carry out enough research and risk management studies before investing in any cryptocurrency.