In today’s article, we will be discussing Litecoin versus Ethereum. The two are very different blockchain projects. Litecoin is similar to Bitcoin however, it is a faster and cheaper option. On the Litecoin network, blocks are done every 2.5 minutes. Ethereum, on the other hand, is a decentralized computer system allowing developers to create their own apps using smart contracts. On the Ethereum network, blocks take a total of 10 to 20 seconds to be formed.
Litecoin versus Ethereum – Prices:
The prices of the two vary based on two things. For one, the money invested in each is different, making their price different. The second reason is that each currency has a different number of units, which also affects its overall price.
We calculate prices by dividing the market cap by the number of units on the market. As a result, the price per unit will differ.
Litecoin versus Ethereum – Payments:
While Ethereum has a faster block generation time, this doesn’t mean that it is a quicker means of payment compared to Litecoin. Often the Ethereum network can be trafficked quickly due to its complicated system and the number of transactions that take place that day.
The Litecoin blockchain is solely for storing payment data therefore, users are less likely to encounter transaction delays. Of course, depending on how many transactions each blockchain went through that specific day.
The Protocols:
The two assets rely on blockchain technology just like most crypto assets. However, it is implemented in two different ways. Litecoin is under the proof of work network where users can mine rewards by helping verify transactions. Whereas Ethereum started off as proof of work but has since transitioned to proof of stake.
Conclusion:
By now, you should have a better understanding of Litecoin versus Ethereum. The price differences and the speed of transactions and payments. They are not competing with each other instead, it’s more the technical indifferences. Now you can easily decide which one to use for making payments.
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