While Bitcoin is still the main cryptocurrency, you have for sure heard also about such coins as Litecoin and Ethereum. They both are constantly and relatively stably growing in price, and some specialists believe that these coins are not a less profitable investment than the famous Bitcoin.
When you want to try swapping ETH to LTC, you want to know how they are different and whether there are any similarities between them. Thus, let us have a closer look at these two cryptocurrencies.
Litecoin was launched in 2011. Its initial aim was not to compete with the main cryptocurrency but on the contrary, to address some issues that Bitcoin has started facing. For example, the transaction speed in the Bitcoin network if you swap coins on, say, https://letsexchange.io/, was at that time and still is slower than a transaction speed in the Litecoin network.
However, Litecoin has managed to compete in the market successfully and become the 6th biggest cryptocurrency.
Litecoin is pretty similar to Bitcoin even though it uses a newer algorithm called Scrypt. The coin can be bought, sold, etc., you can refer to it as money and use it accordingly. The number of coins that can be mined is limited.
Ethereum is pretty different from Litecoin. Ethereum is first of all a network, an independent system, not just a coin type. Therefore, there are significant differences if you compare Ethereum with any Bitcoin-like cryptocurrency type.
Ethereum works on its own blockchain. It is an independent network powered by its own token called Ether. Ether was and is used to serve the needs of the Ethereum system even though it can be bought and sold just like any other crypto-coin.
The Ethereum network offered something that other projects couldn’t offer. Companies can build their own DApps and create Smart Contracts. Smart Contracts work just like any legal agreement between parties. But compared to traditional contracts, Smart Contracts are executed automatically once specific conditions are met. It is possible to edit smart contracts online only, and the other party is notified about the modification instantly. Thus, the cases of a fraudster can be reduced or even eliminated with the application of smart contracts.
The number of Ethers is unlimited, as many Ethers as needed for the platform can be mined.
Litecoin or Ethereum?
Thus, you might be wondering now in what it is better to invest: in Litecoin or Ethereum? The question is open though. It all depends on your needs, expectations, personal preferences, and many more factors, both objective and subjective ones.
From one side, Litecoin is clear and straightforward to any user. It is money, and it is used accordingly.
Ethereum though might be quite tricky for beginners. Though this project has introduced some innovative concepts, and the potential of Ethereum and its smart contracts is still to be discovered. Now, we are exploring it. But from what we see, it is possible to make a conclusion that Ethereum has immense potential in the modern world.
In the very end, it is up to you only what coin you prefer.