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Since Bitcoin has taken the cryptocurrency market by storm with its unique and creative structure, many other cryptocurrencies have emerged as interesting alternatives. These currencies attempt to act as Bitcoin’s competitors, with Litecoin and Dogecoin being two of the major currencies.
Litecoin and Dogecoin are two popular currencies that are expected to take the virtual world by storm due to their revolutionary structures. In this article, we will compare these major currencies and explore their differences and similarities.
Litecoin was one of the first cryptocurrencies to emerge after Bitcoin. It is also currently one of the most sizable crypto assets based on market capitalization and one of the most widely accepted. It is traded, bought and sold on almost every exchange platform you can find.
Litecoin uses blockchain technology, so it is decentralized and can be used to purchase various goods, services and other crypto products. Litecoin’s structure is also very similar to that of Bitcoin.
Dogecoin emerged in 2013. It has a comedic nature and is based on a funny meme, but that hasn’t hindered its ability to outperform other cryptocurrencies on the market. It is among the top ten cryptocurrencies in terms of market capitalization.
Its structure was derived from the Scrypt algorithm used by Litecoin. The developers of the cryptocurrency have also adopted a mining model, allowing all miners to earn Dogecoin for a low price.
Like Bitcoin, Litecoin and Dogecoin both have similar structures and decentralized networks. They are both based on the Bitcoin blockchain, so this is one of their main similarities.
The two currencies are also secure, as they feature digitally secure end-to-end encryption and allow peer-to-peer transactions across the globe, without requiring any government intervention or regulation. Litecoin and Dogecoin can also be used in the retail market to buy and sell products.
Both offer fast transaction speeds, much faster than Bitcoin, and are widely accepted across exchanges.
Here are the main points that make Litecoin and Dogecoin very distinct.
Market capitalization
Litecoin has a much larger market capitalization than Dogecoin. This is probably due to the fact that the former was launched earlier than the latter. The market cap for Litecoin is $ 2.7 billion, but it equals $ 350 million for Dogecoin.
Distribution
With Dogecoin, you can enjoy unlimited and convenient access to cryptocurrency, although this is not the case with Litecoin. Litecoin can only hold up to 84 million LTC coins, but Dogecoin allows users to mine the coins, with no limit to how much they can get. The more you are mine, the more DOGE is created.
Transaction speed
Dogecoin has faster transaction speed than Litecoin. While Litecoin has a transaction time of 2.5 minutes, transactions with Dogecoin can be handled in one minute.
Trade Dogecoin and Litecoin
If you are looking for the best place to convert DOGE to LTC and vice versa, you can visit the Godex exchange platform. Here you can benefit from the large market capitalizations and the different advantages offered by these two main currencies.
