Satoshi Nakamoto suggested a new form of digital asset that would revolutionise value exchange a decade ago. He named it Bitcoin, a decentralised digital currency that is not influenced or regulated by any single individual. Satoshi's dreams became a reality thanks to blockchain technology. The bitcoin network was operated by a decentralised, stable, and open network of trust. Scalability, on the other hand, became a major problem as the network expanded exponentially.
Finding a scalability solution in a decentralised setting is a difficult task. The Blockchain Trilemma, as it is now called, is a challenge for decentralisation, stability, and scalability. It's the problem of coming up with a good solution for one of these features without impacting the other. Perhaps more difficult is reaching agreement on a single solution to the issue.
Any members of the Bitcoin community were foresighted enough to act early on. As a result, alternative cryptocurrencies have arisen. Litecoin was founded in 2011 by Charlie Lee, a Google and Coinbase computer scientist. An altcoin built on the bitcoin code with a few tweaks. With these improvements, it was able to achieve lower transaction fees and quicker transaction times while retaining the same degree of protection as bitcoin.
Bitcoin Cash was founded in 2017 after a controversial hard fork (BCH). It was the outcome of a dispute within the bitcoin community on how to solve Bitcoin's scalability problems. Since the fork's proponents were unable to obtain overwhelming support from the group, the fork was renamed Bitcoin cash. Bitcoin Cash is essentially Bitcoin with larger block sizes and other protocol enhancements. It can now achieve higher transaction bandwidth and lower transaction fees as a result of these improvements.
BCH VS LTC: TEAM COMPARISON
The success of any project depends greatly on the team behind it.
Bitcoin Cash Team
Bitcoin Cash team have done two split. First is with Craig Writh. The split was beneficial to the BCH group. It gave the company a chance to distinguish itself from Craig Wright, who rose to prominence after claiming to be Satoshi Nakamoto without evidence. The upgrade also allowed BCH to handle non-cash transactions including smart contracts and oracle prediction services.
The second split was with Amaury Sechet. A fork has done because Amaury wanted to implement a coinbase rule. He didn't succeed on his own plan.
The current BCH team's developmental potential has not been harmed as a result of the split. In reality, this provided BCH with a whole new set of opportunities. Having Roger Ver and Jihan Wu on board almost guarantees further success. The majority of BCH's developers and contributors came from the Bitcoin community. This can serve as a strong predictor of the BCH team's ability to execute.
Litecoin Team
The Litecoin Team, on the other hand, has a lot less drama on their side. It has never had to deal with a contentious fork in its eight years of existence. It also didn't see any intra-community strife. Litecoin Team, in my opinion, is a close-knit group. Furthermore, I've noticed that most Litecoin creation projects follow Charlie Lee's lead. This is in addition to the fact that Litecoin tends to serve as a test chain for potential Bitcoin implementations. It earned this reputation as a result of its rapid adoption of Bitcoin-related technologies.
Winner: Bitcoin Cash
I went with Bitcoin Cash because I believe it is the more involved and robust of the two teams. Disagreements and dramas are indicators of enthusiastic engagement. It also reflects the Team's and community's deep involvement. This isn't to suggest the Litecoin team isn't dedicated and committed. I'm merely claiming that Bitcoin Cash outperforms them in terms of strength.
Both teams are highly qualified professionals with a track record of success. The popularity of Litecoin and the success of Bitcoin for Bitcoin Cash developers are strong examples of this. They're also supported by some of the most powerful figures in the cryptocurrency world. For Bitcoin Cash, Roger Ver, and Litecoin, Charlie Lee. Furthermore, they have the support of foundations that oversee the construction of each project.
BCH VS LTC: Technogy
BitcoinCash Technology
Bitcoin Cash (BCH) is based on the same technology as Bitcoin. In fact, some in the crypto community believe it is a better version of BTC than Satoshi Nakamoto imagined. Bitcoin Cash chose to increase the maximum block size to 8 megabytes, which was later expanded to 32 megabytes. It's 32 times bigger than Bitcoin's and Litecoin's 1 MB blocks. Bitcoin developers, on the other hand, have chosen to support SegWit2x as a scalability solution and seem to be betting on 2nd layer scaling solutions like the Lightning Network.
As a result, Bitcoin Cash will process more transactions in the same period of time as Bitcoin. BCH should be able to do 32x more transactions if all transaction parameters are the same. BCH users don't have to spend as much to have their transactions checked because there is a smaller pool of pending transactions. Apart from that, after its last fork, BCH will be able to conduct smart contracts and oracle services.
Litecoin Technology
Since it shares the same codebase as Bitcoin (BTC), one might say that Litecoin (LTC) is also a fork of Bitcoin (BTC). This cryptocurrency, on the other hand, was not the product of a developer feud. Litecoin is a cryptocurrency that aims to be a lighter and faster version of Bitcoin. Between BTC and LTC, there are three main distinctions. To begin with, LTC has a maximum supply of 84 million units versus 21 million for BTC. Second, LTC employs the Scrypt hashing algorithm, while BTC employs SHA-256. Finally, LTC has a 2.5-minute block time, while BTC has a 10-minute block time. Except for Block Size, BTC and BCH have identical specifications.
Litecoin has always served as a beta chain for Bitcoin. In reality, LTC turned on segwit before BTC. It also employs the Lightning Network (LN) as a scalability solution at the second layer. Furthermore, recent LN developments allow atomic swaps between the BTC and LTC networks. By adding Confidential Transaction technology, LTC developers hoped to increase fungibility. Finally, Rootstock would add Litecoin support to add Ethereum-like smart contract features to Litecoin, not to be outdone by Bitcoin Cash.
Winner: Both
Similar scaling solutions exist for Bitcoin Cash and Litecoin. Despite their differences, both have shown that they can scale more than Bitcoin. The question of which is better in terms of current and expected technology is still open. Each should balance the other's offer in terms of potential innovations. Both projects' scaling strategies, in my opinion, are feasible.
Bitcoin Cash and Litecoin use similar technology to allow faster transaction times at a fraction of the cost of Bitcoin. In comparison to Bitcoin, which is quickly becoming more of a store of value, this allows them to behave more like a currency. Both are best suited to day-to-day transactions, resulting in a tie.
BCH VS LTC: Utility
The efficacy of Bitcoin Cash and Litecoin as a medium of exchange decides their worth. Simply put, they must be a reliable method of payment for everyday transactions. Their relevance is based on Bitcoin's inability to behave as such. This is due to transaction delay and expense exceeding the average consumer's tolerance threshold. Who wants to wait 10 minutes for a transaction to be completed? Isn't it true that no one wants to pay a $3-10 USD transaction fee for a $1 USD transaction?
Bitcoin Cash Utility
Bitcoin Cash (BCH) is a better choice as a payment medium than Bitcoin (BTC). Transactions are handled far more easily and with much less fees. As a result of being able to process more data per block, this is the immediate result. Furthermore, since it uses the same consensus mechanism and hashing algorithm as BTC, BCH provides the same degree of protection. They also have the same 600-second or 10-minute block time. BCH can be compared to BTC's identical twin with a small difference in predisposition.
Litecoin Utility
If Bitcoin Cash is the identical twin of Bitcoin, Litecoin (LTC) can be considered their close relative. They all have the same DNA, but Litecoin isn't as similar to Bitcoin as it is to Litecoin. To begin, it expanded its total supply to relieve users of the burden of dealing with decimal numbers. Second, it switched to Scrypt as its hashing algorithm to make it less vulnerable to advanced mining equipment. This acts as a barrier to mining operations being centralised. Finally, relative to BCH and LTC, it has a quicker block time of 150 seconds or 2.5 minutes.
Winner: Bitcoin Cash
The winner is Bitcoin Cash, which outperformed Litecoin as a digital currency.
You can clearpy see by the images why I choose Bitcoin Cash as a winner.
The only disadvantage of BCH in this is that its blockchain is considerably larger than LTC's. This can be interpreted as an improvement in BCH's computational load. Despite this, mining difficulty for BCH is increasing, while mining difficulty for LTC is decreasing. This indicates that BCH is attracting more miners than LTC. This leads me to the final reason I choose Bitcoin Cash: it is currently a more stable network. I chose Bitcoin Cash because it was quicker, cheaper, and more safe.
BCH VS LTC: Adoption
Mass adoption is perhaps the most important goal of any cryptocurrency project for its success.
Bitcoin Cash Adoption
Being BTC's identical twin has its benefits. BCH is so similar to Bitcoin that it might be called a more scalable variant of Bitcoin. Many crypto-related websites and utilities that accept BTC almost always accept BCH as well. Furthermore, users would find it more appealing to use because it has substantially lower transaction fees and a quicker transaction time. The only big impediment to BCH's further acceptance could be the reluctance of crypto community members to abandon the incumbent chain.
Litecoin Adoption
Litecoin has generally been well-received by the bitcoin community. It has adopted a more realistic approach, serving as a backup or test chain for the bitcoin network. This aided in the creation of a peaceful coexistence atmosphere between BTC and LTC. However, LTC's ability to innovate and create its own brand may have been harmed by its lack of competitive drive.
Winner: Bitcoin Cash
This round is won by Bitcoin Cash for the following reasons. For starters, it is closely linked to the Bitcoin brand. The name alone makes a big difference, as Bitcoin is the most well-known brand on the planet. This is valid even outside of the cryptosphere. It has also been aggressively positioning itself as a stronger digital currency than the incumbent BTC. This is supported by actual results. As a result, a rising number of people prefer BCH to BTC as a form of digital cash. It's much more so than LTC.
We can see that BCH is gaining more momentum as compared to LTC. We can see that BCH consistently performs more transactions than LTC, and that it does so more quickly and for less money. This is on top of the fact that BCH's overall transaction count is rising higher than LTC's. This simply means that BCH is being used by more people than LTC.
The Clear Winner: Bitcoin Cash
In every way, Bitcoin Cash is currently outperforming Litecoin. Bitcoin Cash is currently gaining traction, and the market is responding positively. Positive changes in terms of alliances, company acquisitions, and protocol updates also seem to indicate that this momentum will continue.
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