Bitcoin is the father of cryptocurrency. It all started in 2009 when a mysterious Satoshi launched Bitcoin’s whitepaper, and other cryptocurrencies followed suit. One of many of them is Litecoin, and it is often compared to Bitcoin â not because they both end in a âcoinâ, but because Litecoin is a Bitcoin fork, basically meaning it has to be converted into something. Bitcoin was developed by changing bits.
So, do these modified bits make Litecoin better than Bitcoin? If so, in which areas and how does it benefit its users? let’s find out!
it’s fast
One reason people use cryptocurrencies to complete everyday transactions is that they are fast, but some cryptos are faster than others. For example, Bitcoin, the largest crypto by far, is slower than many others. So, while it is a great investment tool, many businesses looking for a top customer experience use other digital currencies like Ripple (XRP), Cardano (ADA), Solana (SOL), and Litecoin (LTC). .
With an emphasis on Litecoin, it is significantly faster than Bitcoin. While the Bitcoin blockchain takes 10 minutes to add new blocks, the Litecoin blockchain does so in 2.5 minutes. It is 4 times faster, and that is the only reason why many companies are starting to use it as a payment method. Despite being used in a variety of industries, the online gambling industry has increasingly adopted LTC for its speed. Author and crypto expert Ken Pepi explains that online casinos that accept Litecoin offer players fast and private payments (Source: https://www.valuewalk.com/cryptocurrency/best-litecoin-casinos/, The importance of speed on offer means players can deposit and withdraw funds faster than ever before, improving the gaming experience.
It is popular not only among gamers. Litecoin’s acceptance outside the gaming community has grown and many companies in various industries have accepted LTC. Some of them include The Aviation Factory, Infinity of San JoseAmerican Red Cross, Pacson, Ralph Lauren, Hublot and Dallas Mavericks, to name a few.
Litecoin is eco-friendly
It is clear that cryptocurrency is a decentralized digital currency. But when people send “money” via the Internet to people they have never met, and its value is in constant flux, how is it all not destroyed? Answer? Consensus mechanism.
consensus mechanism That’s why web payments work this complicated. Because so much happens on the blockchain network, it is energy-intensive. It is closely associated with mining, when miners are rewarded with cryptocurrency for solving complex algorithms on the network based on a consensus mechanism to verify transactions.
With higher demand for Bitcoin, there are more miners, all competing for the same digital gold. The losses stemming from the recent Bitcoin halving event may require miners to invest in more computing power, use more energy, and increase carbon emissions â further fueling claims that Bitcoin Is harming the planet.
On the other hand, there is hope for our blue planet if Litecoin adoption and acceptance continues. Although it uses the same consensus mechanism as BitcoinâProof of Work (PoW)âits algorithm, called Scrypt, demands less energy than Bitcoin’s SHA-256 algorithm. This is why LTC fees are lower than BTC and it is rapidly becoming a favorite online and on the internet. anonymous casinoWalk-in and online stores, and almost everywhere people are trying to make maximum profits.
