Digital Currency and Cryptocurrency are traded online. Each with its own appearance and features. In this article, we will identify the difference between the most famous Litecoin vs Bitcoin.
Litecoin Vs Bitcoin
Where two differ in the fact that the currencies of bitcoin and bitcoin are the most prominent in the market of digital currency and cryptocurrency.
Difference in Incorporation
Bitcoin is the first virtual currency in the world. It was launched in 2009 by Satoshi Nakamoto via open-source code. This code has been updated by Charles Lee for some additions to release in 2011 the currency of the Litecoin. which came as an alternative currency to Bitcoin. making some people call it the silver coin.
Difference in Production
In general, the method of production of Bitcoin is similar to that of the production of Litecoin to a large extent. Both currencies are produced by the process of mining. Specifically through the use of graphics cards for computers.
However, the difference in the algorithm used in production. Litecoin is characterized by the use of the Scrypt algorithm, which many consider to be integrated into the algorithm for the production of bitcoin, called SHA-256
The difference in Quantity and Value of Trading
In addition to the technical differences between the two currencies, there is also a difference in the price and value of trading. Always bitcoin is the most expensive among the cryptocurrencies. For example, while the value of the bitcoin currency today is equivalent to 6000 dollars, the price of the bitcoin is almost $ 65. This may be due to the fact that the quantity of bitcoin is limited to 21 million units, unlike the Lait Quinn, which amounts to 84 million units.
Mining Litecoin vs Bitcoin
Another big difference between LiteCoin is the hashing algorithm that you use for each Block solution. as well as how to distribute many cryptocurrencies. Each time a solution is found. When the transaction is made. It is grouped with other previous transactions within a single encrypted block. Computers known as mining tools rely on the GPU or the CPU to solve the complex mathematical problems of the block, by the metallers (notaries). At this point, all transactions within the whole mass are fully verified and stamped as legitimate transactions (based on “LiteCoin”).
Some other Differences
In addition to all of the above differences between and litecoin vary the two currencies in the speed of the certification process. The litecoin is the fastest in comparison with its counterpart, which takes only two minutes to approve the currency acceptance process, unlike the longer-lasting bitcoin, which is about five minutes for the one admission process.