The reason Litecoin has experienced a climb recently maybe because it is far better for the environment than Bitcoin will ever be. The recent election of Joe Biden reflects the new hunger for change when it comes to the environment.
One of Bidens biggest campaigns was entitled The Biden Plan for a Clean Energy Revolution and Environmental Justice. The plan was to openly tackle the climate change affecting farms, urban centers, towns, and cities.
This plan’s fundamental truths are that they are looking for ways to address the issue urgently. The second essential truth the American economy will live by is that the environment and the economy are super connected.
Cryptocurrency is not exempt from having an environmental impact. Mining harms the environment if too much energy is consumed.
The most significant factor in making Litecoin a better buy than Bitcoin is its environmental impact. The algorithm the other coin uses differs a lot from what Bitcoin uses, making it more efficient.
The algorithm which Litecoin uses is a lot simpler, and it allows mining to occur from computers that use up less power and energy. Usually, mining operations take up significant levels of energy.
So much so that Chinese Bitcoin miners have to completely stop procedures searching for cheaper energy when energy prices rise. Miners often have to abort their operations due to the expensive energy costs associated with Bitcoin mining. Using a considerable amount of energy leads to a lack of profit, and ultimately, miners quitting.
The amount of energy people use has an impact on air, land, and water. The effects on the environment depend primarily on what it took to produce the energy that is used. Of course, using the coin in question would have a less harmful environmental impact than Bitcoin, but mining is not the only reason it’s more efficient.
Litecoin has more supply than Bitcoin
There is more of the other coin available than there is Bitcoin. Litecoin can be mined four times more than what Bitcoin can be mined. In 2017, Litecoin’s lifetime cap was operating at 84 million coins.
So, at the moment, while the demand for Litecoins increases, there will be a larger supply to meet the demand. A larger supply is proving to be more necessary in the long run because Bitcoin has experienced supply shortages due to the surge, which is not likely to occur with Litecoin.
Litecoin has speedier block generation
Litecoin is lightyears ahead of Bitcoin when it comes to block generation. The digital currencies block generation time currently takes 2.5 minutes, while it takes Bitcoin up to four times longer. This means it takes Bitcoin 10 minutes to confirm transactions, according to Seeking Alpha’s Melwin Phillip.
Litecoin is a far better exchange for transactions than Bitcoin as it is not only quicker at processing them, but individuals will likely pay lower fees than they would pay for Bitcoin transactions.
Litecoin has seen a price increase of 59.9 percent from $55.99 since the 1st of November 2020. The cryptocurrency on coinmarketcap.com is recorded to have attained a year time high of $90. The digital currency now has a circulating supply of 65,938,864 LTC.
The coin has a market capitalization of around 6 billion dollars. Bitcoins price is much higher at $19,266.46 when writing this article, making the coin a cheaper investment.
The coins allure mostly comes from how much more efficient it is than Bitcoin.