Litecoin ($LTC) VS Bitcoin Cash ($BCH)
Litecoin ($LTC) Explained
Litecoin ($LTC) is Charlie Lee‘s, a former Google employee, brain child. It is a P2P that allows fast, almost zero-cost payments worldwide.
The platform is decentralized and open source, so no government is in the middle. $LTC was a Bitcoin fork, but with some differences. Lee aimed to create a similar network, but with faster payments. The block ended up having a Litecoin generation time four times faster. It takes 2.5 minutes instead of 10 minutes per block. Litecoin uses a proof-of-work (PoW) algorithm to process transactions and mint new coins. However, it implemented the more efficient Scrypt hash algorithm, which is not as energy intensive.
However, compared to Bitcoin, Litecoin’s mining algorithm makes mining more energy efficient and accessible to miners, making it more environmentally friendly.
Litecoin is scalable to process 56 transactions per second, while Bitcoin can handle 7 transactions per second and Ethereum 15.
Benefits:
- Transactions are much faster than Bitcoin
- The platform has extremely low fees
- Has proven to be reliable and enduring
- It is one of the top 20 cryptos
- $LTC is easy to trade, as it is listed on almost all exchanges
Cons:
- it was abandoned by its creator
- always second (or even third) after Bitcoin and Ethereum
- halving is not as profitable as on the Bitcoin network
Create litecoin wallet address to start storing, exchanging and receiving your $LTC quickly and easily.
Bitcoin Cash ($BCH) Explained
Bitcoin Cash ($BCH) is built on the same blockchain as Bitcoin. The coin was launched in 2017 through a “hard fork” of the Bitcoin blockchain.
Some Bitcoin blockchain participants suggested changing the rules and enabling Bitcoin to process a larger transaction volume. The majority of nodes voted against, leading to the hard fork, creating two blockchain paths with one origin: Bitcoin and Bitcoin Cash.
BCH used a larger block size of 8MB to speed up the confirmation process, with a flexible difficulty level to ensure the chain’s survival and transaction confirmation speed, no matter how many miners support it.
Benefits:
- lower transaction costs in the chain
- it is more scalable
- more popular in terms of trading volume and market capitalization compared to Bitcoin
- very accessible, as it is listed on all major crypto markets
Cons:
- low level of adoption
- less profitable than classic mining
- it is often mixed with $BTC which brings some confusion
- lower liquidity level than $BTC
Create Bitcoin Cash address to start storing, exchanging and receiving your $BCH quickly and easily.
Where to store $LTC and $BCH?
A crypto wallet is the best option to store your cryptos. A fairly crucial thing is that your wallet does not hold crypto assets. It is designed to hold the access keys you need to access your crypto assets.
Crypto wallets can be hot or cold. The first option stands for software running on your mobile device or computer, and the second is hardware that recalls a flash drive. A warm wallet need an internet connection which makes it convenient and easy to use. A cold wallet is not connected to the internet, so it is considered more secure, but less convenient.
Simplehold.io offers you a way to manage your crypto assets without compromising on security and convenience. Try it and see for yourself!
