3 Ways Litecoin Is Different

3 Ways Litecoin Is Different

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Did you know you can buy Litecoin at a RockItCoin Bitcoin ATM? Litecoin is an alternative cryptocurrency to Bitcoin that was created in 2011. It is the number 5 cryptocurrency by market cap and the third-oldest cryptocurrency that still exists. Like Bitcoin, Litecoin operates on a blockchain. Litecoin was created by Charlie Lee, a former Google engineer, in 2011. Lee was inspired by the success of Bitcoin, but wanted to create a cryptocurrency that was faster and more lightweight than Bitcoin. He developed Litecoin as a “lite” version of Bitcoin, with a faster block time, a different hashing algorithm, and a larger total supply of coins. Charlie Lee has said that he would like Litecoin to be the silver to Bitcoin’s gold. 

Since its creation, Litecoin has become one of the most widely-used cryptocurrencies, and has established a strong following within the cryptocurrency community. Charlie Lee remains a prominent figure in the world of cryptocurrencies, and is widely respected for his contributions to the development of the Litecoin network and the wider cryptocurrency ecosystem.

So, how do Bitcoin and Litecoin differ from one another? There are three differences: speed, number of coins, and market cap.

Speed

Litecoin is based off of the same open source code as Bitcoin, however, there are some notable differences. One of the biggest disparities between the two cryptocurrencies lies in their transaction speeds. Litecoin generates blocks about four times faster than Bitcoin, therefore Litecoin can confirm the legitimacy of transactions quicker as well as a much higher number of them over the same time frame. *Litecoin processes a block every 2.5 minutes, while Bitcoin processes a block every 10 minutes. This means that Litecoin has a faster block time, which in turn leads to faster transaction confirmation times. On average, Litecoin transactions take about 2.5 minutes to confirm, while Bitcoin transactions take about 10 minutes to confirm. This means that Litecoin has a faster transaction processing speed compared to Bitcoin.

Number Of Coins

Bitcoin and Litecoin both have a finite number of coins that will eventually be mined. The total number of bitcoins that can be mined is 21 million, while the total number of litecoins that can be mined is 84 million.

The finite number of bitcoins helps to maintain its scarcity and value, as there will never be more bitcoins created. This is one of the key features that gives Bitcoin its scarcity and helps to drive its value.

In the case of Litecoin, having a larger number of coins available to be mined may help to increase its supply, potentially leading to lower prices. However, having a larger number of coins may also make it more accessible to a wider range of people, increasing its overall adoption and use.

Ultimately, the difference in the finite number of coins between Bitcoin and Litecoin has implications for the value and scarcity of each currency, as well as its potential for wider adoption.

One reason some cryptocurrencies hold intrinsic value is because of their limited supply. Once a certain number of Bitcoin (btc) or Litecoin (ltc) are created, that is it. There can be no additional coins created at that point. Bitcoin has a limit of 21 million coins, Litecoin will max out at the 84 million mark.

Market Cap

Litecoin’s market cap is a measure of the value of all Litecoin in circulation, calculated by multiplying the current Litecoin price by the total number of Litecoin coins in circulation. The market capitalization of Litecoin can fluctuate greatly due to changes in demand and supply, as well as overall market conditions and sentiment. Litecoin’s market cap pales in comparison to Bitcoin, however, it still ranks among the top 5 cryptocurrencies at this time, with a market cap of several billion dollars. These rankings will fluctuate based on price and the number of coins in circulation. It’s worth noting that the cryptocurrency market is highly dynamic and subject to rapid changes, so it’s difficult to predict what the market capitalization of Litecoin will be in the future. 

Buying Litecoin at a bitcoin ATM is fast and easy, as you can quickly and easily purchase the cryptocurrency using cash or a debit card. Bitcoin ATMs are available all across the United States, and RockItCoin has thousands of ATMs available to facilitate purchases and sales. You can quickly and easily purchase Litecoin without the need for a computer or internet connection.

Visit a RockItCoin ATM today to buy Litecoin! Click here to find a RockItCoin location nearest you.

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