It was not too long ago when the notion of cryptocurrency was thought of as a novelty and Bitcoin was the only example.
Those days are well and truly over. Cryptos have definitely moved out of the novelty/fantasy world and now hold a serious place in the financial world.
And while Bitcoin is still the best known and most widely used crypto, there are now dozens of cryptos available and more on the way.
One of the most common tools for evaluating cryptos is to compare them to Bitcoin.
Litecoin was launched in 2011 by Charlie Lee, who previously worked for Google. Litecoin ranks in the top five of cryptocurrencies. The coin was originally designed as “the silver to Bitcoin’s gold” which means that it works alongside Bitcoin as a compliment rather than the competition. This same philosophy has caused some to take Litecoin less seriously than some of the other cryptos.
Speed of Transaction
Bitcoin has a relatively slow transaction time, especially when compared to the newer cryptos. The average Bitcoin transaction is slightly over 9 minutes. Litecoin’s transaction time is about 4 times faster with an average time of 2.5 minutes.
Who’s behind the coin?
Bitcoin’s developer remains anonymous and is backed by the community of miners and users.
Litecoin was developed by Charles Lee. The Litecoin project includes the Litecoin Foundation as well as the core development team.
The most common and popular method for comparing cryptos is to look at their market capitalisation. Bitcoin is the topped ranked crypto with a market cap of over $144 billion.
Litecoin has a market cap of just over $8.5 billion.
The maximum number of Bitcoins that can be mined is 21 million coins; the maximum for Litecoin is 84 million coins.
Both cryptos were launched as a peer-to-peer method to allow users to buy and sell goods without regard for middlemen or geographic concerns such as foreign exchange rates.
Bitcoin was established to protect the users’ privacy and to create a virtually un-hackable account. Litecoin shares the vision of privacy and security, but the Litecoin does not appear to be as vocally vehement about privacy as the Bitcoin community.
There is a transaction fee associated with using either coin. Bitcoin transaction fees have fluctuated widely over the past couple of years. The fees are currently low. Due to the transaction speed, Litecoin fees are lower. The transaction fees for both coins are over 5 times less than charged by the typical credit card.
The TransferGo Blog regularly publishes articles on cryptos and other currencies. TransferGo now offers an easy method for customers to buy and sell Bitcoin, Litecoin, and other cryptos. To be a part of the newest crypto feature, simply download the TransferGo app.