Litecoin vs Bitcoin, Which Wins? And how does it compare to Bitcoin vs litecoin mining, the father of all cryptocurrencies? Litecoin is a cryptocurrency just like Bitcoin.
It can be sent globally around the world almost instantly, for very low fees. Its creator, Charlie Lee, was a former Google employee and created Litecoin when he got into cryptocurrency. Why does Litecoin have value? Litecoin has value for many of the reasons Bitcoin has value.
The main reason Bitcoin has value is because it’s very useful and scarce. Only 84 million LTC will ever exist, which creates the scarcity. Litecoin is also very useful because it can be sent anywhere in the world instantly for very low fees. In its early days, Litecoin was very easy to mine because it was cheap and there was no competition. Litecoin is one of the most popular cryptocurrencies, so it’s actually gotten pretty easy to buy compared to many of the other small altcoins.
USA, Europe, UK, Australia, and Canada. You can buy with either a credit card or bank account. If you live in South America, Africa or Asia then the easiest way is to buy bitcoins then convert using Changelly. The number of Litecoin wallets are actually somewhat limited.
Bitcoin is still the only cryptocurrency that people really use on a daily basis. So, the demand is not strong for many Litecoin wallets so not many exist. It is a fork of the popular Bitcoin wallet Electrum. It is open-source software and can be used on Mac, PC, or Desktop.
If you want secure storage of your LTC, we recommend using a hardware wallet like the Ledger Nano S or the TREZOR. Those devices both support litecoins and store the coins offline, and away from hackers or malware. Both devices are also compatible with Electrum LTC, so you can use that Electrum LTC wallet to communicate with your hardware wallet. Hardware wallets will probably be the best option for you if you serious about long term, secure storage of your litecoins. The only benefit Litecoin really has over Bitcoin is that it has more features. Bitcoin miners were blocking a very beneficial upgrade for the system purely to benefit financially. The Litecoin miners also tried to block this update but eventually caved.
Right now, Litecoin has Segwit activated and Bitcoin does not. Litecoin already had 4x the transaction capacity of Bitcoin, and with Segwit activated it now has 8x more capacity than Bitcoin and potentially more. Of course, not many people use Litecoin at all so this is theoretical. Bitcoin is the only crypto that today has any real usage. 5 minutes, whereas for Bitcoin the blocks are every 10 minutes. This simply means that you get a lower amount of security faster with Litecoin.