Is Litecoin Better Than Bitcoin?

Is Litecoin Better Than Bitcoin

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If you’re new to crypto or just unfamiliar with it, Litecoin must be a really confusing digital asset. There’s Bitcoin, which is a digital currency, and then there’s Ethereum, which is a digital currency plus smart contracts. Easy.

But what about Litecoin? Where does it fit into the overall pictures? Yes, it’s also digital currency, and no, it doesn’t do anything else. You’d be forgiven for thinking that it seems redundant but, the thing is, it brings much more to the crypto table than meets the eye.

Use Litecoin for Fast Transactions

Litecoin’s main draw is its ability to scale. Scaling refers to a cryptocurrency’s transaction speed – the better a coin can scale, the faster the transaction will happen. 

Bitcoin and Ethereum are notorious for being slow to scale. At its peak, Bitcoin can only handle about five transactions per second while Ethereum hardly betters it with about 15 tps. When you consider that there are billions of people on earth, and the cryptocurrency industry is aiming for adoption by as much of that world as possible, then it’s instantly clear that those tps speeds simply won’t cut it.

Enter Litecoin. At 56 tps, Litecoin isn’t the fastest digital currency out there, but amongst the top assets by market capitalization, it most certainly is. One of the first ways people come into contact with Litecoin’s speed is by using it to move Bitcoin from one exchange to another.

The way it works is simple. Bitcoin can take up to an hour to send. If you’re a trader looking to catch a move on another crypto exchange, an hour is simply too long to wait. What many do in that case is quickly exchange their BTC for LTC, send it to the desired exchange, then convert back to BTC. The entire process takes minutes instead of an hour or more.

Litecoin Mining Is Simple and Accessible

A well-established fact is that Bitcoin mining has more or less become wrapped up by big mining cartels around the world. If you’re a “small fish” and just looking to get into mining with modest hardware, then Bitcoin mining is basically out of the question.

Litecoin, on the other hand, uses a crypto algorithm called Scrypt, which is much friendlier to modest hardware capabilities. That’s because the Scrypt algo doesn’t allow for many of the modifications made to ASIC miners. The playing field is, therefore, much more level.

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