Monero vs Litecoin

Litecoin vs Monero as an interesting question because these two cryptocurrencies are similar in some ways. Both rely on blockchain technology that first saw the light of day Bitcoin, the currency that launched a whole new marketplace that is still growing. Today, that market is awash with many similar cryptocurrencies that have built on what Bitcoin started, with some of them taking the original idea further. What do we mean by further, and what does this have to do with Litecoin vs Monero? Well, for all its game-changing modernity, Bitcoin as one of two shortcomings. Isn’t as private as it could be.

All blockchain-based coins provide some degree of privacy for their users, but privacy coins aim for total privacy and anonymity. When you use public coins like Bitcoin, others can follow the trail of addresses that you leave and link transactions back to you. With privacy coins, the aim is to completely remove this breadcrumb trail so that nobody knows where the money came from or went to. When you are choosing between Litecoin or Monero, this is something to keep in mind.

Litecoin vs Monero - Litecoin as a Public Coin

To answer the Litecoin vs Monero question, let’s begin with Litecoin, which came into being as a feasible alternative for Bitcoin’s excessive slow transaction issues and storage glitches. When you compare it next to Bitcoin, it offers some exceptional improvements in storage and transaction speed. Its Scrypt algorithm accelerates Litecoin’s transaction processing and also creates more coins. On the downside, it was never intended to address Bitcoin’s privacy problems. Here are Litecoin’s  specs (Bitmain Antminer L3) and provisions are as follows:

  • Scrypt Rate: 250 MH/sec
  • Power: 400W
  • Mining Price: USD 1900
  • Electric Charges: 10 cents/kwhr
  • Exchange Partners: Changelly, BitFinex, Coinbase, Kraken, Poloniex, and others.
  • Identical blockchain to Bitcoin
  • PC and mobile phone compatible wallets
  • Close to 400 contributors and more than 10,000 commits
  • Broadly adopted by merchants

Monero vs Litecoin - Monero as a Privacy Coin

When considering the merits of Litecoin vs Monero, it’s natural to focus on the fact that Monero is powered by the Cryptonote algorithm, and this is what adds that layer of privacy to its users’ transactions. Privacy is also enhanced by Monero’s use of the Ring Signature and the Ring Confidential Transaction. Ring Signatures make it difficult to link a user or group of users to a transaction because transaction signs are shared among all the members of the platform. The RingCT and Ring Signature features enhance privacy by keeping the amounts of each transaction secret. Here are some specs and features for Monero:

  • XMR Rate: 4200 H/sec
  • Power: 1000W
  • Mining Price: USD 2200
  • Electric Charges: 10 cents/kwhr
  • Exchange Partners: only a handful
  • Enhances user privacy, transactions are untraceable
  • Basic Monero wallets are only available for browsers
  • Fewer places accept Litecoin

So, the question of whether to invest in Monero or Litecoin is going to come down to your personal needs. Litecoin is the more widely accepted option, but if absolute privacy is important to you, and you don’t mind the inconvenience of a lower rate of acceptance, then Monero could be ideal for you.

 

 



TOPICS: Monero vs Litecoin