Bitcoin and Litecoin are two prevalent cryptocurrencies that are used today. Both digital currencies have strengths and weaknesses; however, which one must you invest in? In this post, we will closely examine the similarities between cryptocurrencies, how they vary from one another, and where you may get started purchasing Bitcoin/Litecoin. In addition, websites like http://btceer.com/ will support traders in their trading journey by improving their trading strategies with the best tools.

What’s Bitcoin? 

Bitcoin, the digital currency, was made in 2009 by Satoshi Nakamoto and has not been identified since. Bitcoin is one decentralized digital currency and not at all controlled by any government or other authorities, or banks. It is not even backed by gold, and other assets, such as traditional currencies, are; thus, it has no intrinsic value linked with it whatsoever. An essential thing about BTC is there is not any central authority behind this currency. There is no bank issuing the new Bitcoins, no organization to back your deposits, and no one guarantees their coins will not get hacked.

What’s Litecoin?

Litecoin is a P2P cryptocurrency and free, open-source project released with MIT/X11 license. This currency was developed by Lee Charlie, who pursued his interest in cryptocurrencies after leaving Google. Litecoin aims to allow instant transactions, international payments, low fees, and other essential benefits.

Differences between Bitcoin and Litecoin

Bitcoin and Litecoin are cryptocurrencies. However, they have many differences.

Bitcoin is a P2P payment system, whereas Litecoin is open-source software based on the Bitcoin codebase. Bitcoin does not have any central authority and uses blockchain technology to manage transactions. The value depends on supply and demand, just like other commodities and currencies. But, it has a finite number of units mined by anybody with the specialized equipment (a block every 10 minutes). So, the total number of Bitcoins can be capped at over 21 million coins.

Charlie Lee made Litecoin in 2011 to improve Bitcoin’s original protocol designed for CPU mining at that time – thus the name “lite.” It uses the script as the proof-of-work like other altcoins. Still, it implements tweaks like quick confirmation times compared to Bitcoin and ASIC-resistant adjustment algorithms made specifically for the LTC mining instead of SHA256d that BTC miners use!

Bitcoin vs. Litecoin – Pros and Cons

Bitcoin is more secure because it has a higher hash rate, and Litecoin is more secure because it has a larger block size. Bitcoin has faster transaction times, but Litecoin can have faster confirmation times, and Litecoin has lower transaction fees than Bitcoin (0.1 LTC vs. 1 BTC). The market cap of Litecoin is much smaller than that of Bitcoin–a result of its slower growth rate over time compared to Bitcoin’s rapid growth during its first few years in existence and still more significant today than every other cryptocurrency except for Ripple’s XRP token which currently holds second place on CoinMarketCap’s list with $27 billion worth as of January 2019 after reaching nearly $34 billion just two weeks ago!

Where can you buy bitcoin/litecoin?

Buying bitcoin or litecoin is easy. You can do it from a cryptocurrency exchange or buy it directly from a wallet provider. A cryptocurrency exchange is where you can trade your local currency for the digital currency of your choice, bitcoin (BTC) or litecoin (LTC). The exchange process works similarly to traditional stock exchanges: trading pairs are set up between two different cryptocurrencies, and buyers pay for each unit of one cryptocurrency with units of another. This process happens online through an exchange’s website, which might allow users to deposit funds into their account before trading occurs; however, if you want to avoid having access to the internet during this process, then there are services out there that will allow users who don’t want their identity known publicly yet still want some form of control over their funds during transactions without needing constant access via smartphones and more. So now it’s time to decide which cryptocurrency is right for you!