Steemit Crypto Academy | Homework post for Season 2: Blockchain and Platforms by @alphafx
This is my homework submission for the topic
BITCOIN VERSUS LITCOIN
The public's interest in cryptocurrencies has shifted significantly over the last several years. Investor interest in cryptos has risen dramatically since the turn of the century. The main subject of this attention has been Bitcoin, which has long been the most well-known brand in cryptocurrencies, which is unsurprising given that it was the first digital currency to gain widespread acceptance.
Hundreds of new cryptocurrencies have entered the market since the launch of Bitcoin in 2009.
Despite the fact that it has become increasingly difficult for digital coins to stand out in such a crowded field, Litecoin (LTC) is one non-Bitcoin cryptocurrency that has managed to hold its own. LTC is currently ranked 6th behind Bitcoin.
SIMILARITIES OF BITCOIN AND LITECOIN
Bitcoin and Litecoin seem to be very similar on the surface. Both are decentralized cryptocurrencies at their most fundamental stage. Unlike fiat currencies like the US dollar and the Japanese yen, which depend on central banks for value, circulation control, and legitimacy, cryptocurrencies are decentralized and rely solely on the network's cryptographic integrity for value, circulation control, and legitimacy.
Former Google engineer Charlie Lee revealed the launch of the "lite version of Bitcoin" in a message on a popular Bitcoin forum in 2011.From the start, Litecoin was seen as a reaction to Bitcoin. Indeed, Litecoin's creators have claimed for years that their goal is to build a "silver" to Bitcoin's "gold."
As a result, Litecoin adopts many of the features of Bitcoin that Lee and other developers thought were useful in the earlier cryptocurrency, while also changing certain elements that the development team thought could be enhanced.
DIFFERENCES BETWEEN THE TWO COIN
As much as the similarities of the two coins, so there are differences. Let us look at some of these differences:
Transactional difference:
One of the most notable distinctions in between two coins is that Litecoin requires 2.5 minutes to create a block of transactions, whereas Bitcoin takes 10 minutes. Litecoin can validate transactions roughly four times faster than Bitcoin. Because of the difference in transaction time, Litecoin may be more appealing to merchants, which is why Litecoin is frequently regarded as a currency for day-to-day transactions, whereas Bitcoin is currently regarded as a store of value. This is possible since Litecoin mining can be done on a home computer, whereas Bitcoin requires a specially configured computer.
Difference in Algorithm
The different cryptographic proof-of-work algorithms used by Litecoin and Bitcoin are one of the most significant differences between the two.
Bitcoin employs the SHA-256 algorithm, while Litecoin employs the Scrypt algorithm. The speed at which these two algorithms are able to mine respective coins is what determines the difference between Litecoin and Bitcoin.
Both Litecoin and Bitcoin, on the other hand, use algorithms that use computational power to process transactions, with "miners" verifying transactions in their networks with their computing power in return for coins. However, the rate at which these transactions take place is somewhat different.
Market cap and current price:
The market capitalization, or total dollar market value of all outstanding coins, is one region where Bitcoin and Litecoin vary significantly.
The actual value of all bitcoins in supply is around $1 trillion as of April 2021, making bitcoin's market cap more than that of Litecoin, which is worth $18. billion.
If you consider Bitcoin's market cap to be high or low is largely dependent on your historical context. When we remember that the market capitalization of Bitcoin was just $42,000 in July 2010, the current figure seems incredible.
This is how much I will be presenting on the two cryptocurrencies.
change the tag to #alphafx-s2week1
you used a1pha not alpha
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Thanks for reviewing my post.. I will do better next time