Is Litecoin faster than Bitcoin?
Many people want to use Bitcoin in everyday transactions but sometimes the confirmation time takes way too long. In this article we will look at if Litecoin processes transactions faster than bitcoin.
According to Investopedia.com the average time it takes to confirm a Bitcoin transaction is 10 minutes. Can you imagine waiting in the Starbucks drive through for 10 minutes for your transaction to confirm? It’s simply is not ideal. This is where Litecoin comes in. According to Investopedia.com the average Litecoin transaction only takes 2.5 minutes to confirm. This is a lot more realistic for everyday transactions because it usually takes a few minutes for your order to be prepared. Or if you are at a retail store, it usually takes a few minutes for the cashier to scan and bag your items.
It is important to note that there are other crypto currencies that have transaction times that are much faster than Litecoin. But none of these other crypto currencies have the history that Litecoin has. In fact, Litecoin was the 2nd cryptocurrency to be created. Another thing to think about is it is also possible to accept crypto currency without waiting for confirmations but this increases risk to the merchant.
In conclusion we can safely say that Litecoin is faster than Bitcoin because the transaction time is ¼ of what Bitcoins is. It may not be the best choice but it has a long history of use and that is good enough for me.