CNBC Gives Charlie Lee The Platform On The Benefits Of Litecoin Over Bitcoin

Litecoin founder Charlie Lee spoke on CNBC, explaining the differences between Litecoin and Bitcoin. He reiterated past comments on it being cheaper and faster. But, what’s interesting is that CNBC rarely gives much coverage to LTC, yet Lee had the opportunity to promote his project to a mainstream audience.

Litecoin is One of a Few Long-Standing Projects Still Prominent Today

Charlie Lee launched Litecoin in October 2011 with the intention of it being a “lite” version of Bitcoin. As a clone, it shares many similarities, but the fundamental difference comes from Litecoin employing the newer Scrypt Proof-of-Work (PoW) algorithm over Bitcoin’s SHA-256.

Mining cryptocurrencies can occur using a CPU, GPU, or ASIC miner. ASIC miners are able to generate more hashes (tries) per second to match the target data string and “win” the block. Therefore ASIC miners have a distinct advantage over other mining means.

Under these circumstances, Bitcoin mining has turned into an ASIC “arms race” and a game that only the well-resourced can play.

Litecoin developers choose Scrypt because it’s less susceptible to ASIC mining. While Scrypt ASIC miners have since become available, a significant portion of mining on the network still happens via CPU and GPU, making Litecoin mining a more accessible option for everyday people.

Expanding on the differences, Lee spoke about Litecoin having quicker confirmation times and a higher supply of tokens.

“It is also faster, has more coins than Bitcoin, it has four times as many coins and it’s also four times faster. So Bitcoin transactions happen every ten minutes, Litecoin transactions happen on average every two and a half minutes.”

But what makes Litecoin more suitable as a medium of exchange is the low fees it offers. For all of these reasons, Litecoin has managed to stick around as a large-cap while projects such as Namecoin and Peercoin have faded into obscurity.

Low Fees Makes it an Attractive Proposition

When asked to explain the congestion on Bitcoin and how that leads to high fees, Lee said because the network is so busy, miners cherry-pick the highest paying transactions to write them into the next block.

“the Bitcoin blockchain is full. Every time a block comes the whole block is being used by transactions. So because of that, everyone is competing is get their transactions into the next block. So the way they do that is compete by paying more fees, so the miners will choose transactions that pay the most fees…”

This is not the case with Litecoin. It features a bigger “bandwidth” and less congestion, giving it some of the lowest fees in the industry. Data from bitinfocharts.com puts the current average transaction fee at $0.046.

CNBC’s willingness to host Lee and allow him the opportunity to explain Litecoin’s value proposition was a major coup for the project.

Litecoin daily chart

Source: LTCUSD on TradingView.com

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin Price is CONSOLIDATING! Is an Uptrend coming soon?

The crypto market witnessed yet another crash last week. Bitcoin prices were expected to hold the $20,000 price mark, but failed to do so as prices fell and reached a low of $18,500. Today, this low price turned to become a strong support for the medium-term. Will Bitcoin go up? Is the Bitcoin consolidation a

21Shares Establishes New Bitcoin ETP In Switzerland

21Shares AG, a Swiss financial technology company, has announced the launch of its new exchange-traded product (ETP) dubbed the 21Shares Bitcoin Core ETP. The ETP went live on Wednesday, trading on the SIX Swiss Exchange with the ticker CBTC. The 21Shares Bitcoin Core ETP is tailored for the bear market Taking to Twitter, 21Shares introduced

Bitcoin Hovers Around 20K; Will It Recover?

The world’s largest cryptocurrency, Bitcoin’s (BTC) price has registered a drop of around 56% in the second quarter of 2022. This has been recorded as the worst drop over the last 11 years. Bitcoin registers 2nd worst quarter According to Arcane Research, the unfavorable macroeconomic outlook has affected the global crypto market. However, it is