Litecoin (LTC) Vs. Ethereum (ETH) – Best Similarities And Differences
Cryptocurrencies have become very popular in the last few years, mainly thanks to Bitcoin (BTC) and its tremendous boom which lasted until the beginning of 2018. But people tend to compare cryptos with the USD and other fiat currencies, as well as with mainstream investments. The value of these digital assets goes beyond that, and two good examples are Litecoin (LTC) and Ethereum (ETH).
Litecoin (LTC) emerged on the market in 2011 and is commonly dubbed as “the Bitcoin copy.” Not far from the truth, however, since LTC was based on Bitcoin’s code. But, this crypto brings new features and characteristics in comparison with Bitcoin (BTC) and its blockchain.
Among these new features and traits, we can enumerate a few which are the most significant ones:
- There are 84 million LTC on the market, exactly 4 times more than BTC;
- Litecoin (LTC) can be mined 4 times faster;
- If Bitcoin (BTC) is gold, then Litecoin (LTC) is silver;
- LTC uses SegWit that allows more transaction within a single block;
- Litecoin supports smart contracts;
Ethereum (ETH) is another cryptocurrency that was created to follow Bitcoin. Vitalik Buterin, a Toronto programmes and BTC enthusiast, thought to come up with its own blockchain and crypto coin, the ETH, to be used as both a financial asset and a decentralized platform for Dapps (decentralized apps).
But Ethereum (ETH) differs from Bitcoin (BTC) as it is mainly a decentralized apps platform, while the BTC is strictly a cryptocurrency platform.
As for the Ethereum smart contracts, they facilitate monetary exchange, content transfer, shares, property, and many more.
Litecoin (LTC) Vs. Ethereum (ETH) – Similarities And Differences
Both LTC and ETH can be traded on cryptocurrency exchange platforms, including Coinbase and GDAX, dedicate more to the advanced traders. Also, both Litecoin (LTC) and Ethereum (ETH) provide fast and secure transactions.
On the other hand, Litecoin (LTC) is mainly used as a currency for payments, as an alternative for Bitcoin (BTC). In this regard, Litecoin (LTC) and Ethereum (ETH) walk on different paths.
Litecoin (LTC) is a cheaper but faster alternative for Bitcoin (BTC) and Ethereum (ETH) for payments, while Ethereum (ETH) is a decentralized platform for long-term apps, storing data, transfer, smart contracts, and transactions.
Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.