Bitcoin Vs Litecoin steemCreated with Sketch.

in #busy8 years ago

those days a lot of people are interessted in litecoin especially when he reached the price of 371$(the reason was that transactions with bitcoin was low & their blockchain having problems...) but when the problem with bitcoin is gone the price was down
this week a lot of people talk "lite coin cash" wish is a fork of litecoin (personnaly i'don't like fork coin BCH..) the foremost reason Litecoin Cash exists is to profit from the Litecoin name,Investors shouldn’t just be wary of things like this happening, they should simply avoid them.
It's True that litcoin my become the firt crypto currency for payment ...
To understand the 2 coins let's see the diferences between them

Official_Litecoin_Logo.png

image From google

Bitcoin was launched in 2009 by Satoshi Nakamoto (pseudo name) as the first world cryptocurrency ,& it's open source wich means every one can modify the code source to create new projects, many cryptocurrencies was lanched with modified version of this code but the level of succes was differnt.

Litecoin was launched in 2011 in the goal to be the silver to bitcoin (gold) at the time of writing litecoin was the highest coin mined after bitcoin before the appearing of ethereum ...

here's a guide to show you the differences between bitcoin & litecoin :

litbit.PNG

Mining differences:

For miners and enthusiasts though, litecoin holds a much more important difference to bitcoin, and that is its different proof of work algorithm. Bitcoin uses the SHA-256 hashing algorithm, which involves calculations that can be greatly accelerated in parallel processing. It is this characteristic that has given rise to the intense race in ASIC technology, and has caused an exponential increase in bitcoin's difficulty level.

Litecoin, however, uses the scrypt algorithm – originally named as s-crypt, but pronounced as 'script'. This algorithm incorporates the SHA-256 algorithm, but its calculations are much more serialised than those of SHA-256 in bitcoin. Scrypt favours large amounts of high-speed RAM, rather than raw processing power alone. As a result, scrypt is known as a 'memory hard problem'.

Transaction differences:

litecoin coin can confirm transaction faster than bitcoin , the consequences of that are :

Litecoin can handle a higher volume of transactions thanks to its faster block generation. If bitcoin were to try to match this, it would require significant updates to the code that everyone on the bitcoin network is currently running.

The disadvantage of this higher volume of blocks is that the litecoin blockchain will be proportionately larger than bitcoin's, with more orphaned blocks.

The faster block time of litecoin reduces the risk of double spending attacks – this is theoretical in the case of both networks having the same hashing power.

A merchant who waited for a minimum of two confirmations would only need to wait five minutes, whereas they would have to wait 10 minutes for just one confirmation with bitcoin.

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