The emergence of Bitcoin and blockchain technology has caused a major change in the market of cryptocurrency. Bitcoin who has been people’s favourite cryptocurrency now has a face-off with alternate crypto coins. The buzz of Bitcoin prompted people across the world to buy cryptocurrency in India. These altcoins came into being after the success of the latter coin. Today, there are many altcoins in the market. Some of these coins are known to have been adapted from the structure of Bitcoin. But today, we won’t be discussing any competition between the Bitcoin with altcoins. Today we are going to discuss the difference between Monero and Litecoin, two most promising altcoins after Ethereum.
The first difference between the Monero and Litecoin is that Monero coin is based on the Cryptonote, which is a special algorithm made for transactions which are done privately. A user can expect complete privacy with its two different features. One is Ring Confidential Transaction and another one is Ring Signature. The level of privacy in Ring Confidential Transaction gets increased through transacting amounts via screening.
People are much familiar with Bitcoin and are inquisitive to find the easiest way to buy cryptocurrency. Even though Bitcoin has been a popular digital currency for trading, still, it faced technical errors regarding snail-like transaction activity and problems in storage. Litecoin, being a public coin made an entry as a promising substitute to Bitcoin. When being compared to the latter cryptocurrency, it showed remarkable results in comparison to speed which was slow in Bitcoin but was speedier in Litecoin. It performed better even in storage. Litecoin consists of a scrypt algorithm that makes this coin performing speedy transactions and generating multiple coins. So this displays the difference between Monero and Litecoin.
Other noting differences between Monero and Litecoin is the power. Where the power of Litecoin is approximately 400W, Monero supersedes it by having more power which is around 1000W. Not even in power, Monero excels in its mining price which is 2200 US Dollars, whereas, Litecoin has 1900 US Dollars.
