Litecoin Vs Ripple

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  • Today’s Litecoin Price

    1 LTC
    $297.96

start Litecoin mining
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  • Today’s Ripple Price

    1 Ripple
    $1.49

start Ripple mining

2017 has been a year of economic revolution and our very own cryptocurrencies have played a major role in this. The very first virtual currency came into existence in the year 2009 in the form of Bitcoin. This was followed by an insurgence of sorts, with many other altcoins entering the market as a probable upgrade of the Bitcoin Blockchain. Litecoin and Ripple are two of the popular alternatives and their soaring market price clearly indicates their worldwide acceptance. But before you come to a conclusion as to which of these two is a better form of investment, be informed that both were created with different goals and aim for different target audiences.

Why Choose Litecoin?

First launched in 2011, Litecoin is a public coin that is deflationary in nature and is mostly pseudonymous. Like Bitcoin, it operates on an open-source Proof-of-Work network. However, its inherent difference with Bitcoin lies in the fact that it uses a memory-powered Scrypt algorithm, unlike the SHA256 algorithm. Initially, Bitcoin users could mine BTC using CPUs and GPUs. But ever since competition hit the market, processing tools such as ASIC and FPGA with compelling power had to be used. These expensive devices draw excessive electricity, which makes Bitcoin mining the sole monopoly of certain privileged communities. Visionary inventor Charlie Lee saw this coming long back and came up with Litecoin. It was the developer’s deliberate attempt to make it challenging and costly for ASIC and similar other processor-intensive mechanism to mine LTC. It requires vast memory and storage, something that ASIC miners fall short of. ASIC miners face a lot of difficulty when mining Litecoin and therefore cannot regulate the network. This is what makes Litecoin a truly decentralized network, making it far more accessible to the general public than Bitcoin can ever be. Also, Litecoin has a supply limit of 84 million LTC (four-fold of Bitcoin’s limit) and a transaction time of 2.5 minutes (in contrast to Bitcoin’s 10 minutes). Charlie brought to the table the dire need for dynamic updates for the smooth functioning of the network. The Segregated Witness became much more than a proposal, with Litecoin adopting the same. This upgrade comes with several promising features such as the Lighting Network or LN which targets interoperability and scalability issues.

Why Choose Ripple ?

Now that we have discussed Litecoin in detail, let’s shift our focus to Ripple. Specifically designed to support financial institutions in global transactions, the market value of Ripple has hit sky-high. XRP is much more affordable than many of its competitors. It was formally launched in the year 2012, but if truth be told, it was first formulated in 2004- much before the advent of Bitcoin. Many international banks (American Express being one of the clients) have already adopted this network owing to its high-end security features and great value-for-money. It enables users to hold any currency whatsoever and send/receive it on the decentralized Ripple network. Ripple reiterated the need for virtual resource to effectively and efficiently fund liquidity. While Bitcoin takes almost 10 minutes to settle a transaction, Ripple takes only 3.6 seconds. That’s like an incredible difference.