We once gave a brief overview of the differences between Bitcoin (BTC) and Litecoin (LTC).
It was different this time when CNBC had invited Litecoin founder Charlie Lee to promote the project to a wider reach.
Although Litecoin is basically a reflection of Bitcoin in a more ‘lite’ version, but there are still differences between these two cryptocurrencies especially Litecoin uses the latest Proof of Work (PoW) Scrypt compared to Bitcoin which still uses SHA-256.
Interestingly, in Lee's partnership this time, the figure explains how the congestion of the Bitcoin network can lead to expensive transaction costs.
“The Bitcoin blockchain is crowded. Because of that, everyone competes to make their transactions. So they have to compete by paying higher costs because miners will prioritize expensive transactions. ”
Litecoin, on the other hand, is very different with its larger bandwidth and less congestion, making the network one of the lowest cost providers in the sector. Based on bitinfocharts.com records, the current cost is at $ 0.046.
In fact, CNBC’s invitation this time around is a great opportunity for Lee to promote Litecoin which is increasingly inundated with other even more awesome token projects.
If anyone is interested to know more about the differences between Litecoin and Bitcoin, you can read this article.
At the time of writing, BTC is trading at $ 55,001, jumping over 1% and LTC is trading at $ 258 with a jump of over 3%.
