The cryptomarket saw a major explosion with the advent of Bitcoin in 2009. Bitcoin’s innovative structure inspired many others who came up with alluring alternatives that could give real competition to the Bitcoin network. Among the thousand altcoins that are currently available in the market, Litecoin and Dogecoin are two influential currencies that have the potential to rock the virtual space with their revolutionary protocols. Similar to Bitcoin, Dogecoin and Litecoin have a decentralized network. Both these currencies are digitally secure with end-to-end encryption and enable peer-to-peer transactions across the globe without depending on any government or regulatory third party. Here’s an insight into the workings of these two platforms.
An ex-Googler and a graduate from the Massachusetts Institute of Technology, Charles Lee developed Litecoin in the year 2011. Litecoin is essentially based on the Bitcoin Blockchain that enables peer-to-peer payments between two individuals. However, the technical differences are many, as Litecoin has been launched as a possible upgrade for Bitcoin’s slow network. With the installation of the SegWit software, Litecoin ensures faster transactions. While Bitcoin takes 10 minutes to confirm a transaction, Litecoin takes about 2.5 minutes. The mining process for Litecoin is also the same as Bitcoin. However, the Litecoin market cap is of 84 million, which is almost four times to that of the Bitcoin cap. When speaking of hard dollars, the market capitalization for Litecoin has reached $136.5 million. Though not as widely accepted as Bitcoin, Litecoin's popularity is on the rise and will soon reach the sky. Many global merchants have already started accepting Litecoin as an acceptable mode of payment.
Launched for the first time in December 2013, the journey of Dogecoin as a 'joke currency' to a successful altcoin has been a remarkable one. Initially meant for entertainment, Dogecoin featured the popular meme of Shiba Inu dog with inscriptions in broken English. Following popular craze, it took on a grave stature and developed into a full-fledged cryptocoin following the Bitcoin structure. Dogecoin is different from Litecoin in many ways. In contrast to Litecoin's 2.5 minutes, Dogecoin transactions only take a minute to get confirmed. Also, there's no limit on the number of Dogecoin that an online user can mine. The more you mine, the more it supplies. Dogecoins are quite cheap, the reason why average traders prefer to mine on this platform. You can use Dogecoins to make payments, or pay tips. However, Dogecoin's overall acceptance is limited in the retail environment.
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