Litecoin is a cryptocurrency based on blockchain network. It was launched in October 2011 by Bitcoin and designed to be a faster and more advanced version of it. In reality, it has a lower exchange price and is taking more time to process the data. Anyway, Bitcoin decides to keep the currency alive as a tester coin. It became one of the most popular cryptocurrencies in the world.
The innovation of Litecoin
To be different, Litecoin created two algorithms, called Lightening Network and Segregated Witness. These two permits users to have more transactions by the same time. It contains a higher volume of transfers at a high speed and low costs.
They also implemented a smart contract, that gives to users the opportunity to exchange the amounts of coins without an intermediate. You can do by yourself all the job without extra fees.
To keep your money in safe you have to create a specific wallet. This is possible due to the Hardware Wallet supported by Litecoin enterprise or you can buy it from their official website. To start, make sure you have the LTC cryptocurrencies in your account. If not, you can just exchange other cryptocurrencies on online marketplace.
There are over 11 million of users all other the world that benefit from Litecoin facilities.
The Advantages of Litecoin
– It is permissive for ordinary users;
– The network is capable to exceed their amount till 84 million coins;
– Having a lower price of exchange than other competitors, the Litecoin isn’t proposed for disposal;
– It works as a decentralized network. You do not need an intermediate to make transactions or to check your payment balance;
– It has a higher volume of transactions than Bitcoin, for example;
– As a user, you do not have costs for transactions;
– The Litecoin license permits users to make changes on the platform and create a new version of it;
– The blockchain has a strong security. Before your transaction, you must insert a private password. This allows users to check their balance account in real time.
The Disadvantages of Litecoin
– Some of the users do not trust Litecoin and do not see the future for this cryptocurrency. The platform was launched as a test currency by Bitcoin, but we consider that this foundation it has proof that is worth your attention and investments;
– When Litecoin is launching a more advanced version of them, Bitcoin will respond with the same process. Anyway, there are users who like Litecoin more than than Bitcoin.
Litecoin has proven that is worth its place in the most popular cryptocurrencies in the world. Launched as an experiment it is overtaken only by Bitcoin, Ethereum and Ripple currencies. From a small network it grew up in a powerful blockchain. Are you an ordinary miner or a professional one? There is place for everybody. The Litecoin will surprise you!
To stay updated to the news follow the Litecoin official website.