top scroll
blogsms

What is the difference between Bitcoin and Litecoin

Litecoin uses digital money(Silver) while Bitcoin uses digital money (Gold). Cryptocurrency of Litecoin is "Litoshi" While Cryptocurrency of Bitcoin is known as "Satoshi"

Last updated: May 1st, 2022

Last updated: May 1st, 2022

Share On: What is the difference between Bitcoin and Litecoin :-Share on Whatsapp What is the difference between Bitcoin and Litecoin :-Share on Facebook What is the difference between Bitcoin and Litecoin :-Share on Twitter What is the difference between Bitcoin and Litecoin :-Share on Linkedin What is the difference between Bitcoin and Litecoin :-Share on Printerest

What is the difference between Bitcoin and Litecoin

Litecoin is a type of digital money that uses a blockchain to complete its transaction by which it can easily maintain public ledger. To transfer funds between individuals and businesses, Litcoin is used, and to do so that any type of intermediary like a bank and payment processing service. Only because of these features, has Litcoin becomes more famous in the current time.

It is the type of Cryptocurrency bitcoin which is in the market after Bitcoin and XRP, then it is called Bitcoin. Bitcoin has emerged as the fifth largest Cryptocurrency the all over world. It also works as another online payment system by which we can send money to another user in PayPal or any type of online Banking or we can send money very easily to another person.

Market Value of Litecoin:

Nowadays, one Litecoin is equal to rs. 16,887. its value is not fixed it can be increased or decreased. It is in 5th position in top cryptocurrencies all over the world.

How Litecoin is different from Bitcoin?

  1. Litecoin uses digital money(Silver) while Bitcoin uses digital money (Gold).
  2. The cryptocurrency of Litecoin is "Litoshi" While the Cryptocurrency of Bitcoin is known as "Satoshi".
  3. The cryptocurrency symbol of Litecoin is "LTC" while the Cryptocurrency symbol of BTC is "BTC".
  4. The Block time of Litecoin is only 2.5 minutes while Bitcoins have a block time of at least 10 minutes.
  5. Both Cryptocurrencies are traceable.
  6. Both Cryptocurrencies need privacy.
  7. The transaction fee of Litecoin is 0.001 LTC on Average while Bitcoin charges according to a load of blockchain.

What is Cryptocurrency bitcoin and it can be earned and it works?

Bitcoin is a Virtual Currency like as different types of other currency(rupee, dollar, etc). Similarly, Bitcoin is also a type of digital currency but it is different from other currencies because neither we can see it nor touch it. Only we can store it in an online wallet. Bitcoin is a decentralized currency which means there is no bank or government or any type of authority to control it which means no one is the owner of this money. Anybody can use Bitcoin. Bitcoin is just like the internet whomever wants to use it, can use Bitcoin.

Market Value of Bitcoin:

At the current time, a Bitcoin's value is approximately $999 which means that it is equal to Rs. 65,000. But its value is not fixed it can be increased or decreased. Because it has no authority, its value can be changed according to the demand.

 How can you earn Bitcoin?

There are basically three ways to earn Bitcoins which are as follows:

  1. If you have enough money so you can directly buy it just for rs. $999 but if you do have not enough money so you can also buy a small unit of Bitcoin which is known as "satoshi".One Bitcoin is equal to ten crore satoshi. So you can slowly deposit one or more Bitcoins.
  2. If you are selling something online and if Bitcoin is present with that buyer then you can easily take bitcoin in exchange for that money, in that case, if you will sell them that stuff and you will get bitcoin also. This money will be stored in your bitcoin wallet. Later, you can get a profit by selling that bitcoin to another person, if you want.
  3. Bitcoin mining is also useful for earning Bitcoin. For this mining, we will need a computer with a high-speed processor whose hardware should also be working properly. We use bitcoin only for making online payments and when someone pays with bitcoin, that transaction is verified. Those who verify these are called miners.

And those miners have high performance computer and GPU and they verify all the transactions through
it. They verify whether the transactions are true or not, and there has not been any fraud in that. In
exchange for this verification, they get some bitcoins and in this way new bitcoins come in the market.
Anyone can do this, a computer with a high speed processor is needed, which is not in everyone's
budget to buy.


Leave a comment