What’s the difference between Ripple and LTC?
If you are a cryptocurrency trader or someone who is looking for cryptocurrency investment, it is important to know about the various cryptocurrency in the market. Although most of us associate cryptocurrency with Bitcoin, many other digital currencies have spurred a new wave of change in the market. In this blog, we are going to talk about Ripple and LTC or Litecoin.
Well, the purpose of both Ripple and LTC is to aid the transaction. Ripple was created to ensure secured cross-border transactions by providing a cost-effective and time-saving platform. Litecoin is an open-source system that works on a Scrypt algorithm. When compared to Ripple, Litecoin focuses on peer-to-peer transactions.
Understanding the difference between Litecoin and Ripple
It was founded by Chris Larsen and Jed McCaleb in 2012.
It was founded by Charles Lee in 2011
When it comes to the use cases of Ripple, then its prime focus is to aid offshore transactions, thus become important for big firms and business institutions.
Litecoin is also used for the transaction, but its prime use is to support daily transactions. It also supports international transactions.
Coming to the ranking, Ripple presently ranks 3rd.
Litecoin, on the other hand, ranks 5th.
Maintaining Ripple is easier
For Lietcoin, the overall processing and maintenance is high
The growth prospects of Ripple is limited since it is only used for the transaction.
Litecoin has multiple functions, and hence it has better future prospects.
Ripple has a market cap of 4%
Litecoin has a market cap of 3%
Ceiling amount- Ripple has 100 billion units
It has 84 million units
Ripple ensures faster transactions. The transaction time is 4fsecondsnds
The transaction time for Litecoin is 2.5 minutes.
Its hashing algorithm is RSPCA (Ripple Protocol Consensus Algorithm).
In this case, the hashing algorithm is Scrypt
Summary: The above table clearly highlights the difference between the two. Coming to the functionalities, Litecoin has multiple functions, and Ripple is only focused on a single task for the offshore transaction. So, based on the use, one can opt for Litecoin and Ripple. There is only a slight difference in ranking between the two. As a cryptocurrency trader, if one has to recommend the right cryptocurrency to invest in, one has to understand the difference between the two and their application; only after that can one prepare the future course of action.
Become a certified cryptocurrency trader with the Blockchain Council
If you, too, are enthralled by the growth of cryptocurrency and want to gain more insight into the different cryptocurrencies. Online learning platforms have become the easiest way to learn about the various cryptocurrencies and their uses. Blockchain Council has an extensive online learning program that incorporates all the details of different cryptocurrencies.
In the times to come, we are going to witness a rise in the demand for cryptocurrency and investment. As a cryptocurrency trader, you have a huge scope of growth opportunities. With the Blockchain certification program by the Blockchain Council, one can learn crypto trading and its implementation. To know more about the various certification courses, connect with the Blockchain Council today.