litecoins vs bitcoins


It's OK to think of Litecoin as an offshoot of Bitcoin. In 2011 MIT Graduate Charlie Lee, decided to make his own improved version of Bitcoin.

 

"I didn't fix Bitcoin. I just made small changes that made [Litecoin] a little bit better." C. Lee Source

 

litecoins advantages



advantage 1

There will be 4x as many Litecoins produced than Bitcoins. As Bitcoin's limit is set to 21 million and Litecoin's is set to 84 million. So the coins should be cheaper, more widespread and easier to acquire.

advantage 2

In order to create Litecoins you need a computer with a powerful graphics card (GPU) not just faster processing chips (which is the way with Bitcoins), this is because the algorithms used to create Litecoins are more memory intensive than processor intensive. What this means is that instead of a few people with specialist computers mining the coins, Litecoins can be mined by a wider base of users, for example a PC built for gaming would be perfect for mining Litecoins.

advantage 3

The time it takes to officially confirm a Bitcoin transaction has taken place is 10 minutes, and for a Litecoin it's just 2 and a half minutes, meaning purchases online or in stores can be performed much faster.

litecoins disadvantages


advantage 1

Currently very few stores accept payment in Litecoins, though this is changing by the day.

advantage 2

Litecoins are still relatively unknown compared to Bitcoins. This is mainly due to there being no central Litecoin authority.

advantage 3

The largest virtual currency trading websites - such as Mt Gox - still don't support Litecoins. Though this should change in the near future.

 


For an even more in-depth analysis of Bitcoins vs Litecoins, visit this very informative Litecoin.info article.

 


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