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❓ASK Bitcoin v/s Litecoin what are the differences between these two.

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CrazySher

CrazySher

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Can anyone simply explan the difference between bitcoin and litecoin. And is litecoin has the potential to cross bitcoin.
 
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CrazySher said:
Can anyone simply explan the difference between bitcoin and litecoin. And is litecoin has the potential to cross bitcoin.
Click to expand...
Bitcoin is the main cryptocurrency which is basically used for investment due to its nature and high transaction fees. On the other hand litecoin is basically used for transportation purposes due to its very less transaction fees but it is not bad as investment thought.
 
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robertsmark said:
In simple words, You could say Litecoin is a more improved version of Bitcoin and works on the core drawbacks of bitcoin. So, Litecoin vs Bitcoin has different outcomes depending on the audience.
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Bitcoin is basically used for investment and converted to litecoin for transacting as litecoin has very low transaction fees.
 
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CrazySher said:
Bitcoin and Litecoin both are digital currencies. The main difference is the cryptographic algorithms that they employ. Bitcoin makes use of the longstanding SHA-256 algorithm, whereas Litecoin makes use of a comparatively new algorithm known as Scrypt.

You can consider Litecoin as the "silver" to Bitcoin's "gold", a valueable alternative. Litecoin uses a different blockchain, which allows it to have a faster transaction or transfer speed.
Litecoin is more easily accessible way to mine coins as compared to Bitcoin.
Click to expand...
 
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They both are crypto currencies. Bitcoin is much more known than litecoin. Bitcoin essentially made crypto currencies popular to the world. Bitcoin holds much more value than litecoin but also has more risk.
 
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Sadak said:
Bitcoin is the main cryptocurrency which is basically used for investment due to its nature and high transaction fees. On the other hand litecoin is basically used for transportation purposes due to its very less transaction fees but it is not bad as investment thought
Click to expand...

Sadak said:
Bitcoin is the main cryptocurrency which is basically used for investment due to its nature and high transaction fees. On the other hand litecoin is basically used for transportation purposes due to its very less transaction fees but it is not bad as investment thought.
Click to expand...
Yeah, investing in bitcoin holds much more risk but if it goes up, you gain a lot of profit. On contrary, litecoin has less risk but the profit is not huge
 
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Saitama said:
Yeah, investing in bitcoin holds much more risk but if it goes up, you gain a lot of profit. On contrary, litecoin has less risk but the profit is not huge
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Yeah that's the point higher risk higher profit but I am not talking about HYIP sites, don't go that way. Bitcoin and HYIP are not same.
 
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I don't think comparison between both coins will yield a good conclusion, as each coin has its own character, design and users.
So instead of comparing both coins, I suggest you view them individually
 
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robertsmark said:
In simple words, You could say Litecoin is a more improved version of Bitcoin and works on the core drawbacks of bitcoin. So, Litecoin vs Bitcoin has different outcomes depending on the audience.
Click to expand...
This is correct. They are both cryptocurrency, but litecoin seems to be developed to solve the common problems faced by Bitcoin.
 
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These two are digital money that are used online and can't be touched like fiat money. You can store both in a wallet. Bitcoin is more popular than litecoin but their value or price are far apart.
 
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There is no much difference because both are crypto and are open for business. The little difference is that bitcoin is selling much higher than litecoin because of its exposure for many years.
 
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In my opinion, Bitcoin is Iphone, Litecoin is first class Chinese Iphone replika. Cheaper, not original but at the end it's useful. LTC's motto is "If BTC is gold, we (LTC) is silver" . As you can see like they give a promise to themselves to be fake BTC. I think they have more potential. They could use original name, original motto but they just followed BTC from behind.
 
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I think there should be no comparison between bitcoin and litecoin as their price are at different poles. I think they are used more in combo. The main combo is investing at bitcoin and when gained profit then converted to litecoin and used to transact as litecoin has very low fees.
 
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There are obviously a big difference between the two and am not even sure if the price of litecoin could surpass bitcoin ,looking at the current rate of litecoin
 
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CrazySher said:
Can anyone simply explan the difference between bitcoin and litecoin. And is litecoin has the potential to cross bitcoin.
Click to expand...
Bitcoin is the first cryptocurrency that existed . Litecoin is another coin on it's own and is built in Bitcoin network , that is why it rises together with Bitcoin .
 
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Simple difference is regarding the history of these coins. Bitcoin is the first one to be founded , later on litecoin and other altcoins. Transaction speed and fees is more better in litecoin that Bitcoin.
 
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Putta Vince said:
Simple difference is regarding the history of these coins. Bitcoin is the first one to be founded , later on litecoin and other altcoins. Transaction speed and fees is more better in litecoin that Bitcoin.
Click to expand...
I think the transaction speed is fast on bitcoin , but it depends on how you set the fee you would actually pay to send out the bitcoin i think
 
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Litecoin is like the budget Bitcoin in the Cryptocurrency world right? Low fees and more affordable However it may not reach the Bitcoin level of price
 
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BullyMaguire said:
Litecoin is like the budget Bitcoin in the Cryptocurrency world right? Low fees and more affordable However it may not reach the Bitcoin level of price
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Majority prefer it to bitcoin because you could make more profit investing in it than bitcoin , since the price is low if its doubled you could earn more than bitcoin getting doubled which would take time
 
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