Bitcoin Vs Litecoin
Bitcoin vs Litecoin… Bitcoin has long been the dominant name in the cryptocurrency world, and it has been hard for other cryptos to stand out. But, Litecoin is one of only a few cryptos to make a real name for itself, and therefore Litecoin (LTC) vs Bitcoin (BTC) presents an interesting thread of comparison. So, if you are wondering which to buy, Bitcoin vs Litecoin, or which is better, read this article for a comparison of the similarities and differences in 2023, and their respective benefits.
Top Bitcoin & Litecoin Trading Brokers
#1 - Forex.com
Trade major cryptos against USD, EUR, GBP and AUD. All traded with tight spreads. No virtual wallet is required, just a trading account. Cryptos are not available in the US, UK or Canada.
Forex.com is excellent for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score.
- DayTrading Review Team
- Crypto Spread: BTC 1.4%, ETH 2%
- Crypto Lending: No
- Platforms: MT4, MT5, TradingView
- Crypto Staking: No
- Minimum Deposit: $100
- Regulator: CySEC, IIROC, NFA, CFTC, FCA, CIMA, CIRO
Forex.com Crypto Coins
Forex.com offers trading on at least 5 crypto coins: BCH, BTC, ETH, LTC, XRP
CFD Trading
Go long and short on a range of popular financial markets with intuitive platforms and reliable execution. 99.76% of trades are executed in less than a second with an average speed of 0.02 seconds.
Forex Trading
Forex.com is a leading FX broker. The brand offers a huge range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.2 with a $5 commission per $100k.
Stocks Trading
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
About Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they offer a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Pros
- The broker’s parent company, StoneX, is listed on the NASDAQ
- Multiple account currencies including USD, EUR and GBP
- Fast order execution speed
Cons
- $15 inactivity fee
- No copy trading tool
- Tools and platform access varies between countries
#2 - eToro USA Securities
eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.
- Crypto Spread: From 0.75% for BTC
- Crypto Lending: No
- Platforms: Own
- Crypto Staking: No
- Minimum Deposit: $10
- Regulator: SEC, FINRA
eToro USA Securities Crypto Coins
eToro USA Securities offers trading on at least 26 crypto coins: AAVE, ALGO, BAT, BCH, BTC, COMP, DASH, DOGE, ENJ, EOS, ETC, ETH, FLR, LINK, LTC, MANA, MATIC, MIOTA, MKR, NEO, SHIBxM, UNI, XLM, XTZ, YFI, ZEC
Stocks Trading
Trade US stocks from the country's largest exchanges.
About eToro USA Securities
eToro is a social investing platform that offers stocks, ETFs, options, and crypto. eToro securities trading is offered by eToro USA Securities, Inc.
Pros
- Copy trading
- Low minimum deposit
- Strong regulatory oversight
Cons
- No MT4 integration
#3 - OANDA
Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Users can also trade digital currencies in a few taps through the iOS and Android mobile app.
We recommend OANDA for traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick for US traders with authorization from local regulators and a secure trading environment.
- DayTrading Review Team
- Crypto Spread: $100
- Crypto Lending: No
- Platforms: MT4, TradingView
- Crypto Staking: No
- Minimum Deposit: $0
- Regulator: CFTC, NFA
OANDA Crypto Coins
OANDA offers trading on at least 10 crypto coins: AAVE, BCH, BTC, ETH, LINK, LTC, MATIC, PAXG, SOL, UNI
Forex Trading
OANDA offers over 70 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.
Stocks Trading
Over 1600 shares are available from leading stock exchanges. There are also no commissions on US stocks and traders benefit from free expert insights and market reports.
About OANDA
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is authorized by leading regulators, including the CFTC/NFA. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
Pros
- API facilitates access to 25 years of historical data and rates from 200+ currencies
- The OANDA web platform offers advanced charts plus guaranteed stop-loss orders (GSLOs)
- Low minimum deposit for beginners
Cons
- Stock trading not available in all countries
- Customer support not available on the weekend
#4 - Webull
Webull offers trading on popular cryptos like Bitcoin against the US Dollar. With 35+ tokens and premium analysis tools, traders can review market trends and identify opportunities in a few taps.
Webull is best for traders looking to buy and sell stocks on a user-friendly app with zero commissions.
- DayTrading Review Team
- Crypto Spread: Floating
- Crypto Lending: No
- Platforms: Own
- Crypto Staking: No
- Minimum Deposit: $0
- Regulator: SEC, FINRA
Webull Crypto Coins
Webull offers trading on a large number of coins, at least 43 coins. For example: ADA DASH, ALGO, ATOM, AVAX, BAT, BCH, BTC, CRV, DOGE, EOS, ETC, ETH, FTM, GRT, LINK, LRC, LTC, LUNA, MANA, MATIC, REM, SHIB, SISHI, SOL, TRX, UNI, XLM, XMR, XTZ, ZEC
Forex Trading
Webull offers a modest collection of 17 currencies, including majors like EUR/USD. Forex can be traded on the feature-rich investing app with real-time quotes and low spreads.
Stocks Trading
Webull offers a fantastic list of 2000+ US stocks, fractional shares, options, ETFs, OTC, and ADRs. There is no commission on stocks, ETFs, and options. Full extended trading hours is available while custom screeners and watchlists aid the decision making process.
About Webull
Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.
Pros
- No commission or inactivity fees
- No minimum deposit for beginners
- Promotions with free stocks
Cons
- High deposit and withdrawal wire fees for non-US residents
- Day trading is limited for customers with less than $25,000 deposited
- Sometimes sudden changes in trading conditions
#5 - IG Group
11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.
IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 18,000+ markets and top-tier market research.
- DayTrading Review Team
- Crypto Spread: Variable
- Crypto Lending: No
- Platforms: MT4
- Crypto Staking: No
- Minimum Deposit: £250
- Regulator: FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin
IG Group Crypto Coins
IG Group offers trading on at least 10 crypto coins: ADA, BCH, BTC, DOGE, DOT, ETH, LINK, LTC, UNI, XLM
CFD Trading
IG offers an impressive suite of 18,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.
Forex Trading
IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.
Stocks Trading
IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.
About IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Pros
- 24/5 customer support is available
- IG offers great educational materials including an extensive library of training and support on how to day trade successfully
- IG is an LSE-listed company with a transparent financial history and a great track record
Cons
- Inactivity charge
- No copy trading platform
#6 - IQCent
Trade popular crypto tokens via leveraged CFDs.
- Crypto Spread: Variable
- Crypto Lending: No
- Platforms: TradingView
- Crypto Staking: No
- Minimum Deposit: $50
- Regulator: IFMRRC
IQCent Crypto Coins
IQCent offers trading on at least 3 crypto coins: BTC, ETH, LTC
CFD Trading
Trade leveraged CFDs on popular markets including stocks and commodities.
Forex Trading
IQCent offers major, minor and exotic currency pairs with tight spreads.
Stocks Trading
IQCent offers trading on four German stocks alongside several established indices.
About IQCent
IQCent is an offshore binary options and CFD broker with 10+ payment methods and a $50 minimum deposit. Clients benefit from copy trading tools and in-depth market analysis.
#7 - Kwakol Markets
Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold.
- Crypto Spread: From 0.8 pips (Standard Account)
- Crypto Lending: No
- Platforms: MT4, MT5
- Crypto Staking: No
- Minimum Deposit: $1
- Regulator: ASIC, FINTRAC
Kwakol Markets Crypto Coins
Kwakol Markets offers trading on at least 6 crypto coins: BCH, BNB, BTC, ETH, LTC, XRP
CFD Trading
Trade CFDs with high leverage and spreads from 0.0 pips on premium accounts.
Forex Trading
Trade forex with ECN executions and tight spreads.
Stocks Trading
Trade stocks with zero commissions and ultra-fast trade executions.
About Kwakol Markets
Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
#8 - ForexChief
ForexChief supports crypto CFD trading with five major digital currencies paired against the US dollar.
- Crypto Spread: Variable
- Crypto Lending: No
- Platforms: MT4, MT5
- Crypto Staking: No
- Minimum Deposit: $10
- Regulator: VFSC
ForexChief Crypto Coins
ForexChief offers trading on at least 5 crypto coins: BCH, BTC, ETH, LTC, XRP
CFD Trading
ForexChief offers a competitive range of CFDs, encompassing crypto, indices, energies and metals.
Forex Trading
ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on both MT4 and MT5.
Stocks Trading
ForexChief offers 100 US company stocks CFDs for MT4 DirectFX and Classic+ account holders.
About ForexChief
ForexChief is a foreign exchange and CFD broker with offshore regulation and access to both MT4 and MT5 trading platforms.
Pros
- MT4 integration
- Copy trading
- Full range of investments
Cons
- Weak regulatory oversight
#9 - CloseOption
Trade high/low binaries on major crypto-fiat currency pairs.
- Crypto Spread: No fee - payouts approx. 40% (Copper)
- Crypto Lending: No
- Platforms: Own
- Crypto Staking: No
- Minimum Deposit: $5
- Regulator: National Bank of Georgia
CloseOption Crypto Coins
CloseOption offers trading on at least 5 crypto coins: BCH, BTC, ETH, LTC, XBT
Forex Trading
Trade binaries on popular currency pairs including EUR/USD.
About CloseOption
CloseOption is a popular binary options broker with high payouts and joining bonuses.
Pros
- Multiple payment methods
- Low minimum deposit
- Demo account
Cons
- No MT4 integration
- Weak regulatory oversight
- No copy trading
#10 - Sage FX
Sage FX offers leveraged trading on crypto and USD pairs.
- Crypto Spread: Floating
- Crypto Lending: No
- Platforms: MT4
- Crypto Staking: No
- Minimum Deposit: $10
- Regulator: Pending
Sage FX Crypto Coins
Sage FX offers trading on at least 8 crypto coins: BTC, DASH, EOS, ETH, LTC, NEO, TRX, XRP
CFD Trading
SageFX offers retail trading on financial markets with competitive spreads.
Forex Trading
Sage FX offers trading on major and cross currency pairs.
Stocks Trading
Sage FX offers retail trading on major stock indices from around the world.
About Sage FX
Sage FX is an MT4 trading broker offering high leverage rates and secure mobile investing.
What Is Bitcoin?
Before we start comparing Bitcoin vs Litecoin, let’s first look into Bitcoin’s history, uses and where to find price charts and graphs. Bitcoin was first announced in 2008 by a person or group using the pseudonym Satoshi Nakamoto. The first block was mined on January 3rd, 2009, starting the course of blockchain Bitcoin mining as we know it today. For years, the price of Bitcoin remained low, reaching an unexpectedly high peak of $1,242 in 2013. But it was not until 2017 that Bitcoin truly boomed, resulting in huge profits for anyone who had made early investments in the token.
In December 2017, the price reached an all-time high of $19,783.06, and although it fluctuated following this, new highs kept being hit. November 2020 saw a new all-time high of $19,850.11. But, a steady bull run since then has meant huge hikes, and as recently as September 2021 the price reached $50,128. Today’s value can be monitored on CoinMarketCap.
Bitcoin is a decentralized, digital currency – i.e a list of transactions that are stored on a blockchain ledger that state that person X sent Bitcoin to person Y. The blockchain stores information in blocks which are then mined, verifying each transaction and ensuring the same Bitcoin cannot be sent twice. Bitcoin’s uses have grown massively throughout the years. Since the 2017 boom, many companies, such as Expedia, have started accepting Bitcoin as a form of payment. One of the main uses is to try and get rich by trading Bitcoin, the large fluctuations present traders with lots of opportunities. Moreover, El Salvador became the first country to officially adopt Bitcoin as a legal tender in June 2021, showing how strong the world regards its potential.
What Is Litecoin?
When comparing Bitcoin vs Litecoin, there are similarities in Litecoin’s origin. Like Bitcoin, Litecoin is a decentralized, digital currency founded two years after Bitcoin in 2011. It was created by a former Google engineer named Charlie Lee, describing it as the “lite version of Bitcoin”. At the time, Bitcoin had become very expensive to mine in terms of both energy, power consumption and equipment. Mining was largely being performed on GPUs; makings CPUs obsolete when it came to mining. Litecoin was set up with a source code fork of the Bitcoin Core client.
Litecoin is not issued by a government and is not regulated by a central bank. Instead, trading is carried out on a peer-to-peer basis, directly between holders. Payments are verified through the proof-of-work algorithm. In 2017, the price of Litecoin skyrocketed, as happened with Bitcoin and many other cryptocurrencies at the time. The value went from merely $4.05 to a peak value of $237.57. Litecoin did not hold its value as well as competitors, but it did reach an all-time high of $255.79 in April 2021. Today, the price sits around $184, and the exact value can be found on CoinMarketCap. Litecoin has many uses. One of the most popular is to trade Litecoin for profit, aiming to use the daily fluctuations for investors’ advantages. Other than this, Litecoin can be used to pay for many services, including tea, coffee, pet products and even houses through RE/MAX in London.
Bitcoin Vs Litecoin Similarities
On the surface, when comparing Bitcoin vs Litecoin, you’ll see they are fairly similar. Both are decentralized currencies, which, unlike regular fiat currency like US dollars or pounds sterling, means they do not rely on the backing of central banks for value and circulation control. Moreover, they can both be traded on decentralized exchanges (DEXs), peer-to-peer (P2P) crypto exchanges and centralised exchanges. Some of the key similarities are:
Proof Of Work
One obvious similarity when comparing Bitcoin vs Litecoin is that they both use the proof-of-work (PoW) ecosystems. This is a system that requires an amount of effort to deter frivolous activity, such as attempting to use the same coin twice. For both Bitcoin and Litecoin, proof-of-work is the process by which both are mined, indicating a relationship between the two. This simultaneously generates new coins, authenticates them, verifies transactions and adds them to the blockchain. In both cases, cryptocurrency miners solve mathematical puzzles of increasing difficulty by using a hash algorithm to generate the correct answer. This results in them being rewarded with new coins.
Storage And Transactions
Storage and transactions present another fundamental similarity in Bitcoin vs Litecoin. The two cryptocurrencies are known for their easy transaction facilities. As mentioned, they can both be bought or exchanged using many online crypto exchanges and can be mined using a mining rig. In addition to this, Bitcoin and Litecoin require a wallet to store the currency. Hot or cold wallets are suitable for either. Finally, as with all cryptocurrencies, they’re subject to huge volatility which can result in large price increases and drops.
Bitcoin Vs Litecoin Differences
While the similarities between Bitcoin vs Litecoin tend to be clear, the differences are a little more interesting:
Market Capitalisation
Market capitalisation is one area of Bitcoin vs Litecoin that features large differences. This itself is not too surprising, Bitcoin is by far the largest of all cryptocurrencies. As of September 2021, Bitcoin had a staggering market cap of $814 billion, eclipsing the next closest crypto, Ethereum, which had a market cap of $359 billion. In September 2021, Litecoin had a market cap of only $10 billion, smaller than Bitcoin by a ratio of over 80:1 and ranking 17th out of all cryptos. In August 2020, Bitcoin had a market cap of $215 billion while Litecoin’s was around $3 billion. Looking further back to August 2017, around the peak of the first crypto boom, Bitcoin was averaging $320 billion vs Litecoin’s $17 billion.
Distribution
Distribution is another factor that differs when comparing Bitcoin vs Litecoin. Litecoin can accommodate a total of up to 84 million tokens, whereas the Bitcoin network can never exceed 21 million. On the outside, this sounds like an advantage for Litecoin, more coins would make it easier to pay small amounts. However, both Bitcoin and Litecoin are divisible by very large amounts. The minimum transferable quantity of Bitcoin is 0.00000001 Bitcoins. This means that, no matter how high the price of a Bitcoin gets, it will still be possible to pay small amounts.
Transaction Speed
The transaction speeds of Bitcoin vs Litecoin vary significantly. Although transactions technically happen instantaneously on both blockchains, these transactions still must be confirmed by other network participants (miners). Litecoin was designed and founded with the idea that transaction speed would be prioritized. The average time for a block to be verified and added to the blockchain on the Bitcoin network is around 10 minutes, while on Litecoin it is roughly 2.5 minutes – four times quicker. This could make Litecoin a more appealing option for merchants as they would receive confirmation of payment in a much shorter time. The merchants do not have to wait for confirmation, although this would make the Litecoin security much stronger vs Bitcoin with no confirmation.
Algorithms
This represents the largest technical difference between Bitcoin vs Litecoin. Bitcoin uses the longstanding SHA-256 algorithm, whereas Litecoin uses a newer algorithm known as Scrypt. These algorithms impact the mining process. Both Bitcoin and Litecoin require substantial amounts of computing power, but SHA-256 is a more complex algorithm. Application-Specific Integrated Circuits (ASICs) dominate the Bitcoin mining world. These are hardware systems that are tailor-made for mining Bitcoin and they are generally very expensive both in terms of cash and energy use. Litecoin’s Scrypt, on the other hand, is less susceptible to ASICs, and as a result, CPUs and GPUs can still be used to mine Litecoin, making it much more accessible. When you take all this into account for Litecoin vs Bitcoin, a mining profitably calculator will say that Litecoin is the better option since the hardware is much cheaper.
Value And Fees
Bitcoin vs Litecoin values vary significantly. One Bitcoin is worth substantially more than one Litecoin. In September 2021, one Bitcoin was worth $43,000, whereas one Litecoin was $150, a minuscule amount in comparison. Bitcoin vs Litecoin transaction fees are also very different. Litecoin users can expect to pay around $0.04 on average per transaction, whereas Bitcoin charges an average of $7.60 per transaction. The main reason for this difference is that Litecoin sets aside currency to incentivise miners, while Bitcoin derives this directly from transaction fees.
Pros Of Bitcoin For Traders
These are the main advantages of trading Bitcoin in our eyes:
- High liquidity
- Very large trading volume
- Most valuable cryptocurrency
- High volatility (amplified by value)
- Largest market cap of any cryptocurrency
- More accessible (almost every exchange offers Bitcoin)
Pros Of Litecoin For Traders
Our research found these advantages of trading Litecoin:
- Low transaction fees
- Fast transaction speed
- Trustworthy developer team
- Energy-efficient mining process
- Larger upper limit of coins, reducing inflation risk
- Constant improvements are being implemented, such as the Lightning Network protocol
Bitcoin Vs Litecoin Verdict
Bitcoin vs Litecoin are two of the original cryptocurrencies, being founded in 2009 and 2011 respectively. The two coins have benefitted greatly from price booms in the crypto world, seeing their values skyrocket compared to their initial value. Today, there is a large difference between the two, as Bitcoin dominates the market both in terms of value and market cap. Still, Litecoin does have its advantages, including quicker transaction speeds and more efficient mining. The two currencies are both important to the decentralized world and have proven to be worthwhile investments to this day.
FAQs
Is Bitcoin Vs Litecoin A Better Investment?
It is hard to give a definitive answer a to which of Bitcoin vs Litecoin is a better investment. Both have their benefits, and the profitability will depend on the market conditions at the time of investment.
Are Bitcoin Vs Litecoin The Same?
No, Bitcoin vs Litecoin are not the same. They share similarities and they are both decentralized currencies, but there are fundamental differences between the two coins.
Can I Send Litecoin To A Bitcoin Address?
No, you cannot send Litecoin to a Bitcoin address and vice versa. Doing so will result in the coins being lost.
Where Can I Find Litecoin And Bitcoin’s Values?
Values for both Bitcoin vs Litecoin can be found online at crypto information websites like CoinMarketCap. These are regularly updated along with rankings of the different cryptocurrencies.
Can Litecoin Overtake Bitcoin?
Whether or not Litecoin can overtake Bitcoin is a matter of speculation. Bitcoin is the original cryptocurrency, and the likelihood of it being surpassed by Litecoin is slim. In reality, if Bitcoin were to be usurped, it would be one of the larger cryptos such as Ethereum that did it.