LTC vs DOGE compare

LTC vs DOGE: An Overview

LTC and DOGE have been on the crypto market for quite some time and have some similarities. For example, both altcoins were developed on the blockchain of the very first cryptocurrency, Bitcoin. They are also faster than their progenitor and can be mined, traded, or bought. Undoubtedly, LTC and DOGE have their own features, areas of use and acquisition options. LTC vs DOGE comparison will help to learn both the advantages and those aspects in which one crypto asset is inferior to another.

LTC Basics

Litecoin is fairly demanded crypto among dealers, ordinary users and investors. The coin was released in October 2011, not long after Bitcoin, and is based on its source code. Charlie Lee, the creator of Litecoin, sought to improve Bitcoin's metrics such as speed and transaction cost. As a result, LTC transactions are processed 4 times faster and cheaper. 

Now Litecoin suits for riskless and fast payments using blockchain engineering, as well as for long-term and short-term investments. With a series of major network upgrades, the latest being Mimblewimble Extension Blocks (MWEB) in May 2022, Litecoin has enhanced its privacy, performance and token fungibility. 

Litecoin is accepted by tens of thousands of merchants around the world, mainly in Europe and the USA. LTC is present on many digital currency exchangers and can be purchased with other digital money. The value of Litecoin is 85.767666666667.

How Does Litecoin Work?

Litecoin works like Bitcoin through the Proof of Work mechanism, but its version has been modified to make transactions faster and cheaper. This is made possible by the hashing algorithm Scrypt, which creates blocks 4 times faster than Bitcoin's SHA-256 algorithm.

LTC mining is possible both with traditional GPU and CPU cards and with ASIC equipment.

The Litecoin blockchain is often used as a platform for development and experimentation with new technologies. Thus, solutions such as Lightning Network and SegWit were developed to improve scaling, which were later introduced into the Bitcoin network.

More recently, in order to preserve the privacy of its users and their transactions, Litecoin developed and implemented the MimbleWimble Extension Block (MWEB) protocol.

DOGE Basics

Dogecoin is a fairly sought-after crypto that started as a joke project and then found itself among the top digital assets. The utility-focused coin was created based on the Luckycoin project, which was made from Litecoin, a fork of Bitcoin. 

DOGE is fairly demanded among dealers, ordinary users and investors. The project is engaged in charity work, and is also periodically promoted by famous personalities. In May 2021, SpaceX announced a joint mission with Dogecoin to the moon, which will be paid for with DOGE crypto.

Dogecoin is used as a tip on Reddit and Twitter to reward creators and distributors of quality content. The crypto asset can be exchanged on many digital currency exchangers, as well as Godex. The value of Dogecoin is 0.151098333333. 

How Does Dogecoin Work?

Like Bitcoin, Dogecoin runs on a Proof-of-Work (PoW) consensus mechanism, whereby miners make money by creating new blocks. Due to the lack of a limited supply, Dogecoin is a highly inflationary currency and is not well suited for long-term savings. However, the company’s “trailmap” (roadmap) reports that Dogecoin plans to upgrade the network, within which it will switch to ‘Community Staking’, a version of the PoS consensus algorithm.

How are Litecoin and Dogecoin similar?

Firstly, the ancestor of both coins is Bitcoin, on which they are created. Both Litecoin and Dogecoin originated from forks, the first descended directly from Bitcoin, the second - from Luckycoin.

Secondly, at present, currency networks operate on the same Proof-of-Work (PoW) consensus algorithm, which means that both LTC and DOGE are minable. Also, that projects use security mechanisms such as end-to-end encryption.

Thirdly, both provide high-speed transactions.

Litecoin vs Dogecoin: Key Differences

Besides the cost of the coins, the distinction between Litecoin vs Dogecoin can be seen in the following values:

Circulating supply

Circulating supply of Litecoin is 0 LTC coins and a maximum supply of 0 LTC coins, while Dogecoin has a circulating supply of 0 DOGE and a maximum supply of 0 DOGE coins.

Trading volume

The 24h trading volume of Litecoin is 23563273.238168100000, while the volume of Dogecoin is 69117525.675080480000 per 24 hours.

Percentage price change

The Litecoin rate has changed by 0 for the last day, and by [Percent_change_7d_1] over the past week. 

The rate of Dogecoin has changed by 0 for the last day, and by [Percent_change_7d_2] over the past week.

Dogecoin Or Litecoin: What’s Better?

Both Litecoin and Dogecoin have their own advantages, which means that either of them can be better, in one way or another, depending on the scope of use. For example, DOGE provides faster transactions, while LTC provides a platform for development and is less subject to inflation.

Should You Buy LTC or DOGE?

Since both coins are fickle, the answer to this question may differ depending on the situation on the crypto market. Consequently, you should check on the current information.

What is a better investment: Dogecoin or Litecoin?

Since crypto assets have different properties and features, each of them can be the best investment in certain cases and for different areas of use. Due to the limited supply, LTC is more suitable for a long-term investment, while DOGE is better for everyday use.

Before investing in Litecoin or Dogecoin, it is important to research the current situation of the crypto market and how the projects are performing on it. Considering the difference between Litecoin and Dogecoin will also help you make the right decision.

Main Takeaways: Litecoin vs Dogecoin

Both LTC and DOGE are respectable ambassadors of the crypto world. To figure out which crypto asset to invest in at a particular moment, you have to track it on the crypto market, analyze and compare its prime properties.