Which is Best? Litecoin or Bitcoin
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The debate over Litecoin vs. Bitcoin is not anything new. Both currencies have gained increasing amounts of attention, with both Bitcoin blockchain and Litecoin blockchain activity spiking multiple times since their introduction.
While they might sound similar on paper, Litecoin differs from regular Bitcoin in a few different ways. But are these differences meaningful to everyday transactions? How much do they matter to the average user?
How are they similar?
Bitcoin and Litecoin share the same proof of work algorithm, meaning that Bitcoin mining and Litecoin mining follow a similar process.
The Litecoin network is also based on the original Bitcoin protocol and system, although it has some distinct differences.
Litecoin is often called “the silver to Bitcoin’s gold”. In this case, the “silver to Bitcoin’s gold” is purely due to age and reach — the two are very similar in many ways, with the Litecoin network only being more obscure due to its more recent age.
They also both use the SHA-256 hashing function for encryption, making them secure in a similar way to one another. This hashing algorithm is still safe enough to keep each cryptocurrency transaction very safe.
The pair are basically the same general framework with a new shell, meaning that you can easily learn to use one if you try out the other.
This also makes them direct competitors in many cases, although mostly in the context of being cryptocurrencies instead of blockchain systems. (read more)…
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