"Everyone is competing to get their transactions into the next block, and the way they do that is by paying more fees."Īnother fundamental difference between Litecoin and Bitcoin is their mining algorithms (2). "The Bitcoin blockchain is congested," says Lee.
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With Bitcoin, that number is much higher, with its average transaction fee being $26.89. The current average transaction fee for Litecoin, at the time of writing, is just $0.04. Cryptocurrency miners choose to validate the transactions that pay the most. One of the main differences between the two cryptocurrencies is transaction fees (1). The value of Litecoin over the past two years CoinDesk Let’s dive in.ĬRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where it’s going next. Although Lee is something of a polarizing entity in the cryptosphere, it’s worth hearing what he has to say about the cryptocurrency he invented. In an April 26 interview with CNBC’s Worldwide Exchange, Lee discussed Litecoin, comparing and contrasting its attributes with those of Bitcoin. You may have heard Bitcoin described as “digital gold,” and following that line of thinking, Litecoin could be considered “digital silver.” But the cryptocurrency’s history isn’t as spotless as you might think. Litecoin’s biggest differences from Bitcoin include:ĭon’t be deterred! We'll get into the specifics of these differences below and also have a look at how these factors contributed to Litecoin's success as a more "spendable" cryptocurrency.
#Lite coin future code#
It was created following a source code "fork" of the Bitcoin Core blockchain (a fork is when a blockchain diverges into two separate paths, creating two distinct coins).
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BTC and LTC have held places in the charts for 410 and 409 weeks, respectively (other top performers include XRP at 396 weeks and ETH at 291). Aside from Bitcoin, no other coin has stayed in the top ten longer. Ushered into existence by Google engineer Charlie Lee on October 13, 2011, Litecoin is the 10th largest cryptocurrency by market capitalization today.