Litecoin vs. Bitcoin Cash: Which One Should You Choose?
Cryptocurrencies have become a popular investment option for many individuals in recent times. With new digital currencies popping up every day, it can be overwhelming to choose which one to invest in.
Two popular cryptocurrencies that have gained popularity for their low transaction fees are Litecoin and Bitcoin Cash. In this article, we will look at their similarities, differences, and which one is a better investment option.
Litecoin
Litecoin is a peer-to-peer digital currency that was created in 2011 by Charlie Lee, a former Google engineer. It is an open-source network that is based on blockchain technology, similar to Bitcoin.
Transaction Speed
Litecoin has a faster transaction speed compared to Bitcoin. It can process transactions in just 2.5 minutes, whereas Bitcoin takes about 10 minutes. This makes Litecoin a preferred option for those who want quicker transaction times.
Transaction Fees
Litecoin's transaction fees are significantly lower compared to Bitcoin. As of September 2021, Litecoin's average transaction fee is just $0.0014, while Bitcoin's average transaction fee is around $6. This makes Litecoin more cost-effective for smaller transactions.
Market Capitalization
Litecoin has a market capitalization of around $10 billion as of September 2021. It is currently the 14th largest cryptocurrency in terms of market capitalization.
Bitcoin Cash
Bitcoin Cash is a cryptocurrency that was created in 2017 after a hard fork of the Bitcoin blockchain. It was created to address the scalability issues that Bitcoin was facing.
Transaction Speed
Bitcoin Cash has a faster transaction speed compared to Bitcoin but is slower than Litecoin. It can process transactions in just 10 minutes, similar to Bitcoin.
Transaction Fees
Bitcoin Cash's transaction fees are lower than Bitcoin but higher than Litecoin. As of September 2021, its average transaction fee is around $0.0028.
Market Capitalization
Bitcoin Cash has a market capitalization of around $8 billion as of September 2021. It is currently the 17th largest cryptocurrency in terms of market capitalization.
Final Verdict
Both Litecoin and Bitcoin Cash are popular cryptocurrencies that offer low transaction fees and faster transaction times compared to Bitcoin. However, Litecoin has a clear advantage when it comes to transaction speed and lower transaction fees.
If you are looking to make smaller transactions and desire faster transaction times, Litecoin is the better option. However, if you are looking for a more established cryptocurrency with a larger market capitalization, Bitcoin Cash could be the better option.
Overall, it is important to remember that investing in cryptocurrencies comes with risk, and it is always best to do your own research and make an informed decision.