Widespread adoption of LTC now outperforms many cryptocurrencies in terms of total addresses, transactions, and volume; LTC has working products, a missing factor in most top 100 cryptocurrencies; LTC currently ranks at the top of the ALT100 Index.
In the digital currency community, there is a saying that “BTC gold, LTC silver,” LTC was once the digital currency with the most significant market value after Bitcoin. So, in addition to Bitcoin, LTC is another coin favored by miners. As the latest LTC miner Antminer L7, with its robust hash rate of 9500MH/S, it is far ahead of most other LTC miners. Therefore, it is a good choice for everyone to mine!
Let’s look at the differences and advantages of LTC and BTC?
Compared with BTC, LTC has the following technical characteristics:
1. The block growth of LTC is 4 times faster than that of BTC; that is, a block is generated in 2.5 minutes.
2. What LTC uses is money-hard puzzles based on the Scrypt algorithm. When LTC was born, BTC was still using the GPU era, using rigid memory to solve puzzles to replace the GPU.
So let’s take a look at their comparison:
|Total issuance||21 million pieces||84 million pieces|
|The time when a single block was generated||10 minutes||2.5 minutes|
|Mining reward rules||Every 210,000 blockchain rewards are halved||Every 840,000 blockchain rewards are halved|
|Founder||Satoshi Nakamoto||Charles Lee|
|Current market cap||$167.28 billion||$268 million|
As can be seen from the above table, the algorithm and circulation of LTC are different from those of BTC. LTC is a low-priced currency generated through mining, and the motivation behind its creation was to improve BTC.
LTC uses the Scrypt algorithm, which is more serializable than the SHA-256 algorithm in BTC. Scrypt advocates massive amounts of high-speed RAM rather than raw processing power alone. This means that there is not as much of an “arms race” in LTC as there is no ASIC technology available for the algorithm to date.
The total supply of LTC is 84 million. Like BTC, it is also deflationary, halving every 840,000 blocks (approximately every four years). The next halving is expected to be in August 2023. You can buy LTC on various cryptocurrency exchanges or mine LTC through LTC miners.
Development of LTC:
As one of the earliest altcoins to enter the market, LTC was first launched in 2011. Because its blockchain is mainly derived from the BTC code, it is called “BTC gold, LTC silver” together with BTC. Some cryptocurrency investors see BTC as a high-quality value-saving tool. Due to its short confirmation time and low transaction fees, LTC is a proven business medium that complements BTC with its massive industry support, trading volume, and liquidity.
Although the market cap cannot be compared to BTC, LTC has its competitive advantages as a peer-to-peer payment system. The LTC Foundation announced in November 2021 that LTC would be available as a payment method via the LTCVISA debit card by converting LTC to USD in real-time. In addition, some businesses have adopted LTC as a payment method, including travel companies, convenience stores, real estate agencies, and online stores.
Like other cryptocurrencies such as BTC, LTC is currently not the legal tender of any country. It is still between currencies and virtual commodities, and we cannot make an accurate definition. Due to the current international policy orientation on cryptocurrencies, countries are still in a wait-and-see attitude. The current LTC is more of a virtual commodity, far exceeding its value through market speculation, but the blocks it carried at the beginning of its creation. We cannot deny the chain dream, just like the creative vision of BTC, it is all to better shape a more efficient, more trustworthy, and more decentralized fair world. If you want to invest, it is a good choice, but remind you to be cautious and make choices according to your actual situation!
Since its first launch in 2011, LTC has always strived to become “LTC Silver and BTC Gold.” Unfortunately, it’s not as hot as BTC or ETH in the market cap. Still, the LTC community is looking forward to further development and continues optimizing features and use cases.