Investors always look for diverse alternatives in the cryptocurrency market.
Litecoin prices call the attention of investors as a Bitcoin alternative.
Bitcoin is losing ground with other cryptos due to mining efficiencies and the expensive price.
What is Litecoin?
Litecoin is a decentralized digital currency that enables instant, near-zero cost payments to anyone in the world.
It is crypto compared to Bitcoin because both are related.
“Both share a deflationary nature, with the supply set to taper in the next few years,” said Nathan Reiff.
“Litecoin having been heavily influenced by its older peer when it was developed in 2011.”
There are several differences between both coins.
Litecoin has a lifetime cap of 84 million coins. Bitcoin has four times less mining capacity.
Litecoin can attend a higher demand than Bitcoin, and that is a crucial aspect that is bringing more investors.
Litecoin is quicker and easier than Bitcoin
The block generation of Bitcoin takes around 10 minutes.
Litecoin’s block generation time is almost a fifth of that. The soaring crypto takes 2.5 minutes to create its blocks.
Transactions are faster with Litecoin compared to Bitcoin, and the fees will likely be substantially lower than those for Bitcoin.
Both cryptos share the proof of work concept during their mining operations. However, Liteconi’s algorithms are easier than Bitcoin’s.
Litecoin “can be mined on computers which are less powerful and that it will take less energy,” said Nathan Reiff.
“Considering that mining operations around the world take up massive amounts of electricity and there is already a shortage of powerful graphics cards needed for mining rigs, this could prove to be a major advantage for Litecoin miners going forward.”