Comparison Between Ethereum And Litecoin
There are a lot of cryptocurrencies available in the market. Users are now aware of the basic concepts of Cryptocurrencies and Blockchain technology. But when it comes to comparing two different cryptocurrencies there are still lots of questions that come to our mind.
In this article, we will focus on the two cryptocurrencies Ethereum and Litecoin and will note down the potential difference between them. We will first note down the basic information about these two currencies.
Litecoin is much different than Ethereum and is very similar to Bitcoins. Litecoin is the digital currency in the real sense. Unlike the Ethereum, Litecoin does not need another level of a software platform and is created to be used as a virtual currency only. Litecoin was invented in 2011 by Charlie Lee. Litecoin share similarities with Bitcoins as it is actually a branch of Bitcoin.
In early 2014 a young cryptocurrency enthusiast and coder Vitalik Buterin launched Ethereum. His theory was to add more functionality to Bitcoins instead of just using it as a currency. The Bitcoin community was not ready to accept the change and so Buterin went ahead to create his own separate blockchain.
Comparing Technologies between Ethereum and Litecoin:
Litecoin and Ethereum are totally different when it comes to the blockchain technology. Litecoin is basically used as currency and is very much similar to Bitcoin, but it is much faster and cheaper than Bitcoin. Ethereum, on the other hand, is more than just a cryptocurrency. It is a decentralized platform that enables the users to design and create their applications using smart contracts. Both Ethereum and Litecoin transactions are much faster than Bitcoins.
Comparing the prices between Ethereum and Litecoin:
The prices of Ethereum and Litecoin are different compared to each other. This is due to the amount of money invested in their creation is also different. The unit of currency for each of them is also different. The prices are calculated by considering the total amount of the money in the market and dividing it with the number of units of each currency available in the market currently. And as the number of units in the market for both currencies is different their prices are also different.
Although the capitalization of Ethereum is currently five times then the Litecoins size, its price compared to ETH is less than five times. The reason behind this is that there are more Ether coins in the market compared to the Litecoins.
Even with the differences both Ethereum and Litecoins are making their marks on the global market. With easy trading technologies, it is getting easier to trade these currencies. Find out more about the Ethereum Code on the link.