When it comes to investing in general, nothing is a sure thing. Anything you can trade in is volatile, and Crpyto Currencies like Litecoin and Ethereum are no exception. However, one should always diversify their portfolio
However, the question is what should you look at? More specifically, if you want to mine one, should it be Litecoin or Ethereum. Litecoin has been around a lot longer than Ethereum, but Ether has grown in value far quicker. Today we’ll compare both of them.
Storing your mined Currency
One of the biggest concerns for those looking to exchange cryptocurrency after mining is whether they’ll retain their value. The truth is that nobody knows. Crypto Currencies are very volatile. However, some are more stable than others.
Debuting in 2011, Litecoin is one of the oldest crypto currencies. It has one of the best records for retaining or increasing in value throughout. It’s also extremely known in the Crypto World. This is a facet itself. Most exchanges also support Litecoins.
Ethereum though, came out in 2015. However, it has become more popular because of its sudden spike in value. This is something that makes it an attractive prospect to store your mined currency in.
Another factor to consider is that Litecoin has a definitive 84 million maximum limit. Ether, on the other hand, will continue to be awarded for mining into the foreseeable future. This may mean that Litecoins will be the more valued currency in the future.
For now though, Ethereum seems likely to be the best store of value. It has a higher growing rate and a great reputation. It is also catered to by most exchanges.
As a transaction medium
The main reason cryptocurrencies exist is to act as a form of decentralized digital money. That means, we can use it to buy goods and services. Since that’s the case, transaction fees and time matters.
Litecoin was created to be a better medium than Bitcoins. It’s average transaction fee is just $0.08 with a block time average of 2:29(minutes/seconds). This is around four times quicker than Bitcoins, and a lot cheaper.
Obviously, this makes Litecoin great for online transactions. A huge number of online outlets also accept it.
Ethereum is equally good. Although its average fees is around 10 times higher, the block time is around 15 seconds. This is much, much faster than Litecoins.
This is one reason why Ethereum has become the most traded cryptocurrency in the world, with more than a million transactions taking place most days. Litecoin handles just over 50,000 transactions a day, while even Bitcoin handles 230,000 or so.
Both have their own strengths for now. However, there’s no denying Ether is much faster.
So which is best?
It’s always difficult to name a Champion. There is no guarantee of anything in life, and we could say one thing, for it to all change in a day. However, as it stands, Ethereum is faster, more functional and a more profitable medium to store your mined currency.