Connor Brooke![Litecoin v Bitcoin Top two cryptocurrencies compared [INFOGRAPHIC] screnshot](https://www.business2community.com/wp-content/uploads/2013/12/Litecoin-v-Bitcoin-Top-two-cryptocurrencies-compared-INFOGRAPHIC-screnshot.png)
Litecoin vs. Bitcoin, who win? It is more like a comparison between gold and silver. These are the top two cryptocurrencies by market cap if you don’t include places where you can buy Ripple (XRP). Recently Bitcoin (BTC) had a market cap of $8.48 billion and Litecoin (LTC) was at $485 million.
Litecoin is based upon the Scrypt hashing algorithm and Bitcoin is based on SHA256D. Miners are incentivized with bounties. For each Litecoin found the current reward is 50 LTC and the maximum number of coins in exisitence is capped at 84 million. For each Bitcoin discovered, the reward is down to 25 BTC and will continue to be halved on a regular basis until 2040 when the maximum supply is reached capped at 21 million.
Mining cryptocurencies is a post in itself. Briefly, it involves using freely dwnloadable software run on dedicated hardware or cloud computing power to solve complex calculations. The calculations get harder over time and the rewards get reduced as well. Miners are rewarded or discovering blocks which are added to a block chain every 10 minutes. Currently it may make more financial sense to try to mine LTC rather than BTC.
Do check out: History of Bitcoin [INFOGRAPHIC]
What do you think the future is like for Litecoin vs. Bitcoin?
Leave a comment and do share.
RESOURCES
http://bitcoinexaminer.org/litecoin-vs-bitcoin-who-wins-the-crypto-battle-infographic/
(Infographic source: Bitcoin Examiner. Photo screenshot)
This article was written for Business 2 Community by Connor Brooke.
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litecoin has an advantage over bitcoin as it creator is know. Large multinational companies dont like nasty surprises further down the line. With bitcoin there is uncertainty and large organizations may or may not like to be associated with bitcoin if it creator is reviled, after all it could be any nasty (brilliant hacker with a record of child molestation) or even the NSA…. how likely or unlikely does not matter the possibility is there.
With litecoin that step in the dark does not exist.
The other advantage litecoin has more people had a chance to mine from the very beginning.
The third difference is that Litecoin is a “clean” coin no Silk Road or other shady associations, more a serious Business like coin.
Litecoin is accepted at very few places, has those looking to get rich as its early adopters, rather than tech hobbyists as in the case of Bitcoin, and was created for the most part by Satoshi Nakamoto, the same party who created Bitcoin, since almost all of its code was copied from Bitcoin’s.
It’s accepted at next to no places, and has very little to differentiate it from dozens of other altcoins, unlike Bitcoin, which is first.
Also, 10 percent of litecoins are in one address, probably someone looking to make it rich investing in ‘the next Bitcoin’. The biggest stash of bitcoins on the other hand is likely held by Satoshi Nakamoto, the person who invented all of the technology, and therefore the person most deserving of getting rich off of it success.
I think Litecoin is a far more attractive option for mining at the moment, since you can easily mine on home computers.
In terms of worth, Litecoin has got some serious catching up to do but it might take a while.
When Bitcoin gathers even more commercial attention (i.e. established household name) it’ll be Litecoin’s turn.
Future cryptocurency of end of Year 2014 on my prediction,
1. Bitcoin
2. Ripple
3. Litcoin
4. ? ???
Actually it has beenn proven that the largest wallets are owned by exchanges. Litecoin is far more distributed. People want some magic answer as to why litecoin is better. Its like asking why is google better or ford or facebook…it comes down to 2 things. Developement and usage. Mastercard and visa.