Dogecoin Vs Litecoin: What’s The Difference?

Dogecoin and Litecoin have become some of the most sought after cryptocurrencies in 2021. Both the altcoins occupy the same space in the world of cryptocurrency - digital P2P payments. 

That’s why many budding crypto investors may want to know which one to choose, Dogecoin or Litecoin, when it comes to trading crypto or using them as a means of payment for goods and services.

In principle, Dogecoin and Litecoin aren’t that far apart in terms of popularity. Dogecoin is the 10th biggest crypto in the world while Litecoin stands at 16th in terms of market capitalization. 

But is that the only difference between Dogecoin and Litecoin? No. There’s a lot that’s different about meme crypto Dogecoin and this  Altcoin that we’ll explore in this blog. You can consult a Cube wealth coach or download a Cube Wealth App.

What Is The Difference Between Dogecoin & Litecoin?

Dogecoin is a P2P digital currency that’s built on the blockchain. It’s open-source and places heavy emphasis on community-driven innovation, change, and value. 

In fact, Dogecoin’s community includes the likes of billionaires Elon Musk and Mark Cuban. It’s important to note that Dogecoin has no relation with Bitcoin, a point that you’ll notice the significance of soon.

On the other hand, Litecoin started off as a mirror image of Bitcoin. Litecoin is also a P2P digital currency that’s powered by blockchain technology that’s useful for quick and cost-efficient transactions. 

While Litecoin functions on almost the same principles as the world’s biggest cryptocurrency, it claims to be faster and efficient than Bitcoin. That said, Dogecoin is known for its efficiency over Litecoin and Bitcoin.

Don’t believe it? Take a look at the table below.

Furthermore, there’s an unlimited supply of Dogecoins in the market while Litecoin supply is limited to 84 million, which is still 4 times greater than the lifetime supply of Bitcoin of 21 million.  

While we’re on the topic of coin supply, Dogecoin rewards miners with 10,000 DOGE for every block that’s mined while Litecoin offers 12.5 LTC per block. 

Finally, Dogecoin is known to be one of the most volatile cryptocurrencies in the market as of 2021. Litecoin is prone to volatility as well but as per data, it’s relatively stable compared to Dogecoin. You can consult a Cube wealth coach or download a Cube Wealth App.

Fun fact: The founder of Litecoin Charlie Lee called it the “lite version of Bitcoin” on a Bitcoin forum (hence the name Litecoin). 

Key Differences Between Dogecoin & Litecoin At A Glance

1. Top Brands That Accept The Crypto

2. Price

3. Mining Reward

4. Mining Time

5. Cap On Coin Supply

Dogecoin Or Litecoin: What’s Better?

The growth of Dogecoin has been nothing short of stellar. At the start of the year, DOGE was trading at $0.004681 with a market capitalization of $726.323 million. 

Fast forward to November 2021, DOGE is priced at $0.205184 and has a market capitalization of $26.98 billion with help from the Doge community and big guns like Elon Musk.

Litecoin’s story is different, albeit stellar in its own way. LTC was trading at $124.67 with a market cap of $8.35 billion. As of November 2021, LTC is priced at $197.20 and has a market cap of $13.58 billion.

Does that mean you should invest in Dogecoin or Litecoin based on historical data & market cap growth alone? Not actually. The world of crypto is prone to wild price swings and erratic trends.

Thus, just one or two factors alone aren’t enough to determine what’s better to invest in, Dogecoin or Litecoin. You must look at the strength of the project, its community, founders, short term volatility, and other factors before making a choice.

FAQs On Dogecoin Vs Litecoin

Q. What is Dogecoin?

Dogecoin is a popular digital currency that’s known for its iconic Shiba Inu dog logo and the support of celebrities like Elon Musk. Dogecoin began as a joke and was introduced in 2013. As of 2021, the “meme” cryptocurrency is the 10th most popular digital coin in the world.

Q. How much is Dogecoin worth?

Dogecoin is a P2P digital currency that’s worth $26.98 billion as of November 2021. 

Q. What is Litecoin used for?

Litecoin is used to facilitate quick & cost-efficient transactions using the blockchain. It was initially created as a mirror image of Bitcoin but has transcended the world’s biggest crypto in terms of features and efficiency.  

Q. How many Litecoins are left?

Litecoins were designed to be limited in supply. In fact, there can only ever be 84 million Litecoins in circulation. As of November 2021, there are 69,076,282 LTC in supply, which means there are only 13 million or so LTC remaining. 

Note: Facts & figures are true as of 29-11-2021. None of the information shared here is to be construed as investment advice. Exercise caution when investing in unregulated assets like cryptocurrency. You can consult a Cube wealth coach or download a Cube Wealth App.

Conclusion 

Both Litecoin and Dogecoin have contributed to the diversification of the cryptocurrency market and offer various investment opportunities. However, it is crucial for potential investors to conduct thorough research, consider their investment goals and risk tolerance, and exercise caution due to the inherent volatility in the cryptocurrency space. As the cryptocurrency landscape continues to evolve, Litecoin and Dogecoin remain fascinating assets to watch, with their unique features and strong communities making them significant players in the digital currency realm.

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