Bitcoin vs Litecoin: Key Differences between BTC vs LTC

With the knock on the door on 2009, when Satoshi Nakamoto introduced the whitepaper of Bitcoin, it did not only cater to the introduction of a whole new genre of Finance, but also made Bitcoin synonymous with the word crypto! It had been so for nearly a decade now! The crypto space has come a long way since then and is now being incorporated by various retails and institutional investors in today’s world.

Fun Fact: The introduction of Bitcoin was the first time since gold came to being deemed asset worthy, that another asset had an intrinsic value that was based on a scarcity driven model. 

However, Bitcoin was just the tip of the iceberg. The introduction of the model and the concept of blockchain inspired the growth of a whole new asset class. With new innovations to various crypto assets, came in newer variations in use cases. One of the result of such a use case came to be when Litecoin was created via hard forking Bitcoin. An understanding of both these tokens is what the article is about.

What is Bitcoin?

Bitcoin was the first crypto to be introduced in 2009. Since then, it has evolved from a novelty into a controversial commodity, investment, and exchangeable currency. It relies on decentralized and community computing power to maintain the validity and security of a centralized database, called a blockchain.

In short, Bitcoin is a peer-to-peer (P2P) online currency where transactions can take place directly between two equal and independent participants of the network without the intervention of any third party. In Nakamoto’s words, Bitcoin was created to facilitate online payments between two parties without going through the lengthy and gruesome process via a financial institution.

The price of 1 bitcoin today is just shy of $23,000 (August 2, 2022) and it is the world’s largest crypto by market capitalization today.

Read more: Bitcoin vs Ethereum

Unique features of Bitcoin (BTC) are: 

• It is the first-ever crypto to appear in the market
• It has created a conceptual as well as technological shift leading to the development of thousands of similar projects.
• Bitcoin pioneered the idea of money being sent and received across the globe without going through intermediaries such as banks and other financial institutions.

Follow: Bitcoin Halving Countdown Live

Latest Bitcoin News:

• The BTC holdings for the electric car producer, Tesla remains same in the first quarter of 2023.

Tesla Q1 Earnings Call and Q&A → https://t.co/THWUwxgvYT

— Tesla (@Tesla) April 18, 2023

• As per the reports from Glassnode, Bitcoins becomes the highest performing crypto asset of 2023.

Is the #Bitcoin bear market over?

With a rally 100% off the lows, $BTC is trading above a very large cluster of supply, that formed the 2022 floor.

This week, we investigate indicators showing if the market making a robust bear market recovery…or not.https://t.co/eeQ1xeE07I pic.twitter.com/PKHJc7EF18

— glassnode (@glassnode) April 17, 2023

Bitcoin(BTC) vs Litecoin(LTC): What’s the Difference

What is Litecoin?

Litecoin (LTC) is a peer-to-peer open-source software and crypto project that was released under the MIT/X11 license. It is a crypto, that is designed to enable faster, more secure, and lower-cost payments, taking advantage of the unique properties of the blockchain technology. Although launched with the aim of Litecoin being digital silver to Bitcoin’s digital gold, it solved some perceived shortcomings of Bitcoin. It is designed to simplify the process of accepting payments from merchants using LTC, making transactions quicker than they would on Bitcoin’s blockchain.

Read on: Litecoin vs Polygon

Unique Features Of Litecoin(LTC):

• The hashing algorithm used by Litecoin is Scrypt, which is pronounced as es-crypt. It works on the Proof-of-work consensus mechanism.
• Segregated Witness, also referred to as SegWit, which is a method that enables more transactions to be put within a crypt asset, was implemented by Litecoin, back in 2017.
• MimbleWimble, which is a privacy protocol that helps in building on confidential transactions which encrypts or hides information like transaction amounts.

Latest Litecoin News:

• As the LTC halving period is nearing, there has been an increase in the hashrate!

LITECOIN

Hashrate is hitting ATHs📈🆙
Use for payments📈🆙
150 million transactions📈🆙
Liquidity 4th in all of crypto📈🆙
More development and people building on $LTC than ever before = priceless ⚡ pic.twitter.com/0y9F46PfHb

— Litecoin (@litecoin) April 19, 2023

• There are a list of new developments lined up for LTC in the coming days!

A new major release to Litecoin Core is in the works!

⚡PSBTs
⚡P2P Support for Light Clients
⚡View Keys
⚡Payment Proofs
⚡Descriptor wallets

Read more in the latest update from @DavidBurkett38 https://t.co/BgPe7Mrktu

— Litecoin (@litecoin) April 10, 2023

Read on: Litecoin Halving 2023

Similarities Between Bitcoin and Litecoin:

As Litecoin have been born out of a hard fork from the Bitcoin blockchain, both BTC ans LTC appear to have a lot in common. To start with the most basic commonality, both are tokens are decentralized crypto assets. As cryptos are not governed by any centralized authority; both of them rely on the cryptographic integrity of the network. Besides that, there is one more similarity that lies between the two; i.e. their consensus mechanism. Having been built from the same blockchain, both the crypto assets use the same consensus mechanism, which is Proof of Work; which means that process that is used to mine both these crypto assets are fundamentally similar. The process consists of the methods required in generating, authenticating, and then adding them to blockchain which is a public ledger.

Key differences between BTC vs LTC

Bitcoin and Litecoin are both decentralized digital currencies, but they differ in several ways. The top two key differences between BTC and LTC are as follows:

• Firstly, Litecoin has a faster block generation time of 2.5 minutes compared to Bitcoin’s 10 minutes. This means that Litecoin transactions can be processed much more quickly, making it a better option for everyday transactions.
• Secondly, Litecoin uses a different mining algorithm, called Scrypt, which is designed to be resistant to ASIC mining. This means that Litecoin can be mined using consumer-grade hardware, making it more accessible to individual miners.
• Lastly, Litecoin has a larger supply cap of 84 million coins, compared to the 21 million BTCs. This means that Litecoin may become more inflationary over time.

Overall, while Bitcoin has a larger market capitalization and wider adoption, Litecoin is often seen as a testbed for implementing new features before they are added to Bitcoin.

Bitcoin Price Prediction 2023

Source: TradingView

• The BTC price today is running at $28,076.85, with a 24-hour trading volume of $21,482,160,848. The BTC price has seen a drop by about 2.20% in the last 24 hours. The market cap of BTC is standing at $542,331,491,787, as of April 21, 2023.
• Even though the Bitcoin price has seen a drop; it is trading within a rising wedge pattern and is continuing to test the lower support levels from the past couple of days.
• However, the upwards trajectory seems quite strong, hence a significant rebound to $30,000 appears imminent by the end of Q2.

Read on: Bitcoin Price Prediction

Litecoin Price Prediction 2023

Source: TradingView

• The LTC price today is running at $89.28, with a 24-hour trading volume of $736,420,571. The LTC price has seen a drop by about 0.85% in the last 24 hours. The market cap of LTC is standing at $6,499,412,635, as of April 21, 2023.
• The recent rise in the MVRV ratio, hash rate and mean difficulty shows the strength of the rally of LTC, which continues to remain bullish.
• However, the recent activities that are in the pipeline for the token, can push the value back up to reach the $95 levels by the end of Q2.

Know more about Litecoin Price Prediction

How to Invest in Bitcoin and Litecoin 

Investing in crypto is super simple, safe, and secured with CoinDCX app. It does not matter whether you want to buy BTC or wish to trade LTC price today, we have got you covered.

Here are the 4 simple steps to buy your first BTC or LTC with CoinDCX.

1. Sign up on CoinDCX
2. Complete your KYC
3. Link your bank details
4. Buy Bitcoin (BTC) or Buy Litecoin (LTC)