Cryptocurrency is the future currency, which is making quite a noise even in the current times. People are showing their interest in buying and selling the entities. The folks who realised the potential a few years ago are making the most of the benefits and drawing millions of dollars. Bitcoin and litecoin game made them influential.

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Bitcoin v/s Litecoin
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Cryptocurrency is the future currency, which is making quite a noise even in the
current times. People are showing their interest in buying and selling the entities. The
folks who realised the potential a few years ago are making the most of the benefits and
drawing millions of dollars. Bitcoin and litecoin game made them influential.
Even experts of the field are wondering about the performance, which is
unprecedented and never observed before.
Bitcoin and Litecoin: Reaction of people
In the last few years, people are getting inclined towards transacting digital currencies
than ever before. They realise the safety features and compatibility with the market. The
investment has seen tremendous growth. The awareness among traders has grown by
leaps and bounds.
Now, people know how the transaction of different internet currencies like bitcoin,
litecoin, ethereum, ripple and others can script change in their lives and elevate their
living standards.

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Foundation
Officially, bitcoin was the first successful Cryptocurrency that poured its magic on
investors. After its launch in 2009, it cleared the way for other crypto makers. But it
remains the most dominant digital currency force among all the existing internet
currencies.
Likewise, litecoin was the spinoff of bitcoin that saw the day of the light in 2011 and, ever
since, never looked back. The considerate faith and investment flowing in the market
ensured that the currency stays afloat in every thick and thin.
Interestingly, the market cap of litecoin in April 2020 was USD 2.6 billion, but now, in
January 2021, it rose to five times to 10.775B, which is humongous. Similarly, bitcoin too
had a shot in the arm. The total market for bitcoin in April 2020 was around USD 128
billion, which crossed USD 6000 billion on 17 January 2021 (as per Statista).
Litecoin has the capacity of producing a larger number of crypto coins compared to
Bitcoins. They are quicker in the transaction. So, a trader would always prefer a
technology that can ease their work and save time simultaneously. And the
cryptocurrency falls under the category which many people can trust and accumulate
their wealth.
Some differences between bitcoin and litecoin
One might wonder that in July 2010, the total market cap of bitcoin was merely USD
42,000. Interestingly, today, the cost of one bitcoin is touching that threshold already. So,
it has come a long way in those years. The staggering figures and fluctuation in the market
with demand and supply growing each day are proliferating.
Also, its overall market capitalisation is more than the sum of several other
cryptocurrencies. It is the domination of bitcoin which dwarfs others easily.
The network is getting bigger by the day, and so are the gains of people who invested in
bitcoins. Hence, its closest competitor is Ethereum, which stands at a remote distance
from it.
All in all, there is a bar on bitcoin on the number of coins it can produce, which is 21
million at max. However, litecoin can do that four times that of the competitor, i.e. 84
million.
However, people may think that both are distinct from each other. Yet, they must know
that these can be divided into an infinite amount. So, that’s the technology that supports
them.
The transferable bitcoin can be divided into 0.00000001 Bitcoins, which is one hundred
millionths. Isn’t that amazing for buyers and sellers? So, even if all bitcoins are extracted
through mining, there wouldn’t be any dearth in the market.

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Investors and traders would manage through different means. Also, for buying a low
price product, it should not pose any difficulty to traders. They can easily transact it
through a fraction of bitcoins. Colloquially, the ability of division is called one Satoshi.
Speed of transaction for bitcoin and litecoin
That is not wondering that technology that cryptocurrencies provide are the best when it
comes to the transaction. Everything happens in quick succession. However, among them,
there’s a special but healthy competition that goes on.
It benefits the buyers in every way. The networks of both bitcoin and litecoin support the
instant transfer of money. However, the time to confirm and verify the transaction is
where both differ, and what matters.
The main aim of the litecoin to bring it into the transaction’s main framework was to
reduce the time taken for a transaction and expedite the pace of confirmation. And digital
currency seems to be achieving the goal quite comfortably.
Thus, the ability to kick in some swiftness has led to the popularity of litecoin among the
masses lately. No one wants to wait for long. So, litecoin emerges as a clear winner here.
The disadvantage of bitcoin is due to the heavy load that it bears daily. Also, with perks of
faith comes such weightage. Efforts are being made for mitigating the time, but it won’t an
easy task because flocks of people are investing in the cryptocurrency, knowing about its
potential. But when you see the most viable option from a trader or merchant’s
perspective, litecoin rises as a clear winner.
Different algorithms at a display
The cryptographic algorithms make the biggest difference in creating the identity change
for a digital coin. Both bitcoin and litecoin have distinct algorithms that they deploy. That
exhibits and defines the ways of mining happening for extracting the cryptocurrencies.
Litecoin employs a Scrypt algorithm, which is relatively new; whereas, bitcoins use the
SHA256 algorithm for their works.
Interestingly, mining is a strenuous process, which takes time and additional skills from a
miner for extraction. Also, computing power is essential to sustain the load that it
requires to get through the procedure.
Sometimes, the computer networking community members lend their robust systems to
miners for confirming the transactions carried by traders.
In rewards, the miners receive the units of currency they mined through their
mathematical and logical brilliance.

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Notably, the Scrypt algorithm is comparatively easy than what bitcoin uses (SHA-256) for
making amends and digging the currencies out. However, the processing is in parallel
with other algorithms in the business.
It is noticeable that as the demand for bitcoin is increasing, miners are realising it and
using more complex ways to extract the units of the cryptocurrencies. They are largely
successful and using it to add to their fortunes.
ASICs play an important role in bitcoin mining these days to mitigate hazardous task and
make it more straightforward than it seems. The technology may be sophisticated but
effective in many ways. More importantly, it saves times for people.
Application-Specific Integrated Circuits can be moulded in a specific tailor-made design
to suit a miner’s requirement. The biggest reason to incorporate is to ensure that the time
taken for extracting bitcoins get reduced, and people can receive an uninterrupted supply
of the digital currency.
Litecoin has more of a centralised mining system compared to bitcoin. It happened during
the process when Charlie Lee was looking forward to a quicker transaction time.
While initiating some improvements, he ended up pushing it towards centralised mining.
So, it has five mining pools that mean Hash Rates of 71 per cent.
However, when we talk about bitcoin, the case of mining is much more decentralised and
independent. There are three pools in bitcoin, which make for 48 per cent of the total
mining.
Litecoin support
Litecoin has fundamental support from reputed e-wallets that are using the service
relentlessly. They include Jaxx, Exodus, Trezor, and LoafWallet. These are only a few of
them on the list. There are plenty more to surprise you.