Bitcoin first comes to mind when we hear the word cryptocurrency. Yes, it’s the crypto with the highest market cap to date, but that doesn’t mean it’s the only cryptocurrency that’s worth a look. Another such cryptocurrency is called Litecoin, and most analysts expect it’s price to perform well in comparison to Bitcoin in the near term.
Litecoin entered the scene in 2011, making it one of the “founding fathers” of the crypto craze. It’s now a billion-dollar market and its price is on an upward trend together with Bitcoin.
Let’s Talk About Value
Bitcoin surprised everyone last year as its price increased from $1,000 to $20,000 by late December, proof of just how valuable a cryptocurrency can become. Most didn’t see it coming, but there were a few believers who were expecting such a price. Unfortunately, the upward trend ended at the start of the new year as its price started to drop and its lowest point was in February when it fell to $7,000. As of now, 1 BTC is equivalent to $10,950.
Meanwhile, Litecoin also saw an upward trend last year as it was valued at only $4 at the start of 2017. It then peaked by year-end at $370. 1 LTC is valued at $213 at the moment of writing.
Universality Means A lot
When comparing Bitcoin’s popularity with Litecoin, there’s no doubt that the former is doing a lot better. Bitcoin, being the oldest and the first cryptocurrency, is the most widely-accepted crypto in the market.
All crypto exchange platforms accept it. There are even some governments that are currently developing policies to regulate Bitcoin and make it part of their mainstream economy.
Then there’s Litecoin, which came onto the scene a bit later but is still considered as one of the pioneers in the crypto industry. As of now, Litecoin is mostly used as an alternative currency for existing Bitcoin users. It’s also one of the top cryptocurrencies recognized by reputable crypto platforms like Coinbase. Though it’s not yet in the same level of acceptance as Bitcoin, it’s on its way there.
Transaction Medium of the Future
If Bitcoin is the better crypto when it comes to market acceptance, it still lags behind Litecoin when dealing with the transaction process. Litecoin is quicker to transfer than Bitcoin. Bitcoin’s transaction fees can increase exponentially during periods of high usage. On the other hand, Litecoin’s transactions remain reasonable. Charlie Lee, the creator of Litecoin, saw this coming, and in the process created a lighter version of Bitcoin, thus “Litecoin.”
Speed is the Game
Litecoin has a significant advantage when it comes to speed. The average time it takes to finish a Bitcoin transaction is 10 minutes. Compare that to Litecoin transactions that only take 2.5 minutes to complete. That’s 80% faster. Because of this, Litecoin has fewer backlogs and cheaper fees.
Dealing with the Transaction Fees
The average cost of a Litecoin transaction is $0.30. Compare that to Bitcoin’s $8.5 average fee. Nonetheless, more improvements are underway for Bitcoin thanks to its ever-growing user base.
Gauging its Usability
Bitcoin is the cryptocurrency that has the strongest buying power. You can use it to buy various goods online, and Bitcoin trading pairs on cryptocurrency exchanges usually have far more volume than the LTC counterparts.
Bitcoin is gaining in popularity and is becoming one of the most stable and usable cryptocurrencies. Litecoin is an excellent choice if you’re particular about speed and transaction cost.