Litecoin vs Bitcoin (UPDATED 2018): A Beginners Guide| VKOOL

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Comparing Litecoin vs Bitcoin

Litecoin and Bitcoin are popular cryptocurrencies that are decentralized funds without the need for a 3rd party. Bitcoin is still the most popular form of cryptocurrency, but there still is a major market for Litecoin.

Learning about the key differences is important in determining which is right for you. This includes transaction tie, fees, user experiences, and availability. We’ll fully outline all the necessary information so you can make an informed decision.

Fundamentals of Litecoin vs Bitcoin

Litecoin is slightly newer than Bitcoin, having been released a full 2 years ahead in 2011. The time it takes for a block to be produced is roughly 2.5 minutes for Litecoin, compared to over 9 minutes for Bitcoin. There is a major difference in the market cap as Bitcoin shares $145 billion USD and Litecoin is capped of at $8 billion USD.

The difference in their market cap is major but this does not mean that Litecoin isn’t of use.

The similarities are that both offer online transaction of funds that are completely decentralized and not likely struck by major drops in value caused by political influence.

They are both widely distributed for making purchases as well, though with Bitcoin there are more locations to purchase from.

The transaction volume for Litecoin isn’t as high, though it is faster and less costly to initiate a transfer. Still, the fees for making a global transaction will be less when trading Litecoin.

Looking Deeper into Litecoin vs Bitcoin

There are many key differences between these 2 cryptocurrencies which we will help distinguish in the following chapters.

Bitcoin has an established base

Bitcoin is currently the king of cryptocurrency to the point people unexperienced with crypto believe it’s the only coin. This has a much higher market cap and it is the most traded cryptocurrency by a large margin. ATMs will often have “Bitcoin” on the front of them even though they offer other forms of cryptocurrency.

Litecoin is still widely used and distributed, but popular opinion has influenced Bitcoin to the point where it’s the most known.

Litecoin offers more coins

With Bitcoin there is a total 21 million coin limit; Litecoin can offer around 84 million coins. Litecoin has 55 million coins on circulation, while Bitcoin has 16 million so it won’t be too long when all the coins will be accounted for in Bitcoin.

There’s the speculation that perhaps after this is fully realized that it will help determine which true cryptocurrency or currencies will be most used. The market will then decide that the dominant coin is, and it’s also speculated that Litecoin may pick up new buyers when Bitcoin hits it cap.

Litecoin is processed faster

Bitcoin can take over 9 minutes to confirm a transaction while Litecoin is significantly less at around 2.5 minutes. For business owners and people who need to make fast transactions, it may be in their best interest to side with Litecoin.

There still is the possibility for merchants to accept this transfer to prevent additional charges to the byer however, liming the possibility for disputes.

Litecoin is centered more towards beginners

The algorithm used for Litecoin is much simpler. Litecoin uses Scrypt which is considered to be an easier way to mine. With Bitcoin mining can be much more difficult and less optimized for beginners. Since Bitcoin is also more popular and pricy, the amount of competition is much higher with rigs that are better suited to mine.

For people who are not well suited for mining either by a lack of tech or knowledge, it can be much more difficult to start accessing Bitcoin mining. Litecoin offers mining on less expensive hardwire without having to set up an elaborate rig.

Bitcoin has a comprehensive network

The overall sheer price tag for Bitcoin makes it a more popular coin for a reason. People want to access Bitcoin since it’s valued much higher than Litecoin, and even though Litecoin is faster, many still see the name and associate BTC with quality. Litecoin isn’t much different and because of this, it’s harder to see much of a difference in their network. Other coins have stepped up and made themselves much different than BTC which is likely why the cost of Litecoin is much less than BTC.

There are more popular coins which ae quickly making bigger waves than Litecoin like Ethereum, which uses a much more different approach than BTC as well. There is also an upcoming Litecoin fork which may affect its influence.

Litecoin vs Bitcoin Cash

Bitcoin Cash came after a fork in Bitcoin resulted, and it is a form of electronic cash that is faster and operates with low fees. This is made on a more dynamic blockchain than regular Bitcoin, as it retains more storage capacity. BCH is also completely decentralized and is also a very popular form of cryptocurrency.

Litecoin vs Ripple

Ripple is a coin offered for making quick and safe transactions. This is currently the 3rd largest market cap coin. It is available on many different marketplaces, and is quickly becoming a very popular coin. Bankers, financial services, and those dealing with the need for global payment can take advantage of it.

Litecoin vs Dash

With Dash people can make instant transactions that are completely private. This is also decentralized and operated on a blockchain. It is trading around a volume of $100 million USD daily, and it is in the billions when it comes to their market cap. This is a form of digital cash that is completely global.

Bitcoin vs Ethereum

Ethereum is a major cryptocurrency that is run on the Ethereum platform. This is fully decentralized and able to provide smart contacts which are more streamlined for easier use. It allows for the spread of data without any kind of censorship or 3rd party.  They also offer a free wallet to store ETH.

Bitcoin vs USD

Comparing a fiat currency to Bitcoin is difficult since it’s not decentralized and backed by a government. USD is of course a major fiat currency that is at this time less volatile than BTC. Both are offered widely, but with USD you have the ability to use it in more locations as its long been used as a staple currency.

Litecoin vs Bitcoin FAQ

  1. What is the current Litecoin value?
    $158 USD, but this price can change drastically in even a few seconds.
  2. Where can I buy Litecoin?
    Many major marketplaces including GDAX, Bitfinex, Binance, Bittrex, Poloniex, Kraken, and many others.
  3. Where can I trade Litecoin to Bitcoin?
    A lot of trade markets offer trading such as GDAX, Bitfinex, Binance, Poloniex, and several others.
  4. Where can I find a Litecoin chart?
    Coinmarketcap.com is a good resource or any site that has updated market evaluations.
  5. Is there a Litecoin Reddit page?
    Yes, their Reddit page is: https://www.reddit.com/r/litecoin/
  6. What are some solid Litecoin predictions?
    We don’t know for certain due to the many changes that occur on cryptocurrency.
  7. What is the current Bitcoin value?
    $8,653.30 USD per BTC.
  8. What is Bitcoin?
    A fully decentralized form of currency that works without the need for a 3rd party.
  9. Can I buy Bitcoin at Walgreens?
    Some Walgreens do have ATMs that offer Bitcoin but they are not owned by Walgreens.
  10. What are some places that accept Bitcoin?
    There are many retailers which now accept Bitcoin including Newegg.com, Microsoft, Expedia, Subway, and Overstock. You can find others by doing a quick Google search.
  11. How much is 1 Bitcoin?
    It is valued at $8,653.30 USD, though this can change drastically.
  12. What is the current Bitcoin value in USD?
    The total price is $8,653.30 in USD.
  13. What is the easiest way to buy Bitcoin?
    Many marketplaces offer it as well as local ATMs. It just depends on what your limit is for fees and how much you’re looking to get.
  14. What are some companies that take Bitcoin?
    This includes a long list which can be read on Steemit. It includes Microsoft, OkCupid, Namecheap, Wikipedia, Square, Subway, and several other companies.
  15. Where can I find information about the Bitcoin market?
    Any cryptocurrency market website has a lot of information on Bitcoin since it’s the most popular coin right now.

Summary

Litecoin and Bitcoin are popular forms of cryptocurrency for a reason. Though Bitcoin is more popular, both are found as staple cryptocurrencies on many different marketplaces. Their fully decentralized use prevents the need for a 3rd party and it ensures that there is less interference and possible interruption. Bitcoin is currently the most popular cryptocurrency but it’s impossible to know what the market will look like in the future.

With Litecoin there’s the ability to make faster transactions and it currently costs less to own it. The average block time for Litecoin is around 2.5 minute, and with Bitcoin it is over 9 minutes. Picking a coin that best suits your needs depends on numerous factors and what your goal is for owning cryptocurrency.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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