Competition is what helps an industry to prosper. An industry without major competitors will lead to consumer exploitation and criminal profit on the part of the major company. The Pepsi vs. Coke competition easily comes to mind here. In the world of crypto, BTC vs. LTC takes center stage.
Let’s look at the differences between this close pair and attempt to figure out which to invest in at the best exchange rates.
Litecoin vs. Bitcoin
Brief Bitcoin History
Bitcoin is the first crypto coin. Since its establishment, it has remained a top dog in the industry, currently topping the charts of the most expensive and accepted coins. BTC’s lead in the crypto world seems unassailable.
Brief Litecoin History
Litecoin is one of the earliest BTC forks—meaning that it is an adaptation of the “gold” coin. Like all BTC forks, LTC is not as well accepted as its predecessor, but it’s a good coin on its own.
Comparison of the Two Coins
- Proof of Work: Bitcoin uses the Proof of Work mechanism, which enables miners to mine coins competitively for rewards. Litecoin uses the Scrypt Proof of Work algorithm to mine coins. Both are similar.
- Storage and Transactions: Both coins are easy to store, and transactions are easily completed too. There is hardly a platform that doesn’t accept both coins.
- Market Capitalization: BTC has a higher market cap than LTC, indicating that it is the more commonly traded coin of the two. But that doesn’t mean that LTC has a poor market cap in general. At the time of writing, the BTC market cap is $1.051 T and Litecoin is only $13.32 B.
- Distribution: This difference consists in the possibility of networks being able to expand. Litecoin has an advantage here because it can have up to 84M coins while Bitcoin only has 21M.
How and Where to Find the Best Exchange Rates
The LTC to BTC exchange rate can easily be found on almost any online crypto-exchanging service:
How To Check Crypto Exchange Rates
- Manual Rate Comparison: You can manually go through rates on platforms to find the best prices. Ensure you don’t fall for a scam website, though.
- Automated Exchanges: On legit sites, you can put in your coin volume to determine the best market rates instead of comparing them yourself.
Where to Exchange Coins
Basically, three factors determine the value of an exchange platform. They are legitimacy, the speed of operations, and fees. Godex.io ticks all these boxes, which is rare for a relatively new site. The fees (rates inclusive) are comparatively low and transactions are processed quickly.
Steps to Exchange LTC for BTC
- Go to Godex.io.
- In the You Send field, choose LTC, and type the number of coins you’d like to exchange and in the You Get field, select BTC.
- Fill in the Destination Address with your Bitcoin wallet address.
- Then specify your LTC wallet address in the Sender Address section below, check all the information carefully, and click Exchange.
- Wait for the deposit;
- The transaction is now complete.
Bitcoin has always been a leader in the crypto industry. However, it is closely followed (in rankings) by Litecoin. Both are doing very well, and selecting which one to invest in can be difficult due to their different advantages. In the end, it comes down to personal preferences.
Remember to check with sites like Godex.io for competitive exchange rates.