Litecoin Review

Litecoin is a online currency that permits payments that are near-zero-cost . Litecoin is global payment system that’s fully decentralized and is open source. Mathematics enables individuals to control their own finances and secures the community. Litecoin has improved storage efficiency and features lightning-speed transaction confirmation times. Litecoin has tremendous industry support, growing volume and strong liquidity, Litecoin has proven to be an established medium of trade that is a serious competitor to Bitcoin.

Litecoin Open Source Software

Litecoin is an open source software project released under the MIT/X11 license which gives you the capability to run, modify, and copy the software and to distribute, at your option, modified copies of this program. The program is published in a transparent process which allows for independent confirmation of binaries and their corresponding source code.

Litecoin Blockchain

The Litecoin blockchain is capable of handling greater transaction volume than its counterpart – Bitcoin. Due to quick block creation, the network supports more trades. Because of this, traders receive lightning speed confirmation times. Traders also are ableto wait for transaction confirmations when selling larger ticket items.

Litecoin History

Ever since the world saw the invention of Bitcoin in 2009, more and more crypto-currencies have been popping up to try and cash in on the same popularity. However, only a few currencies can be taken seriously in this regard.

Right after Bitcoin, Ethereum and Litecoin are the most popular crypto-currencies in the world.  As of this writing, the value of Litecoin is hovering around $52.69, while the total value in circulation is $303.08 million.

Litecoin was created in 2011 by Charlie Lee, a former employee of Google Inc. (Now Alphabet Inc.), who wanted to create a version of Bitcoin without all the issues of transaction times and fees involved.

But what exactly is Litecoin and what advantages, if any, does it offer over other crypto-currencies in the arena?

It’s in the Name

Litecoin works as advertized. It’s called Litecoin for the reason that it’s fast and light. It’s very similar to Bitcoin in operation, but its speed and efficiency make it a worthy successor for zippy transfers and quick buying and selling.

Litecoin has the same decentralized blockchain system as Bitcoin, but its transactions occur at a much faster rate. It also takes a smaller cut of the cost of transactions. It charges users 1/50^th of the cost of a Bitcoin transaction.

Now to be fair, Bitcoin is worth more than fifty times the value of Litecoin, but not all of us have the purchasing power to buy Bitcoin. In fact, most of us are more capable of buying Litecoin.

Fast Transfers

Litecoin is one of many options you can use to send money across the globe and your loved ones or anyone else can trade Litecoin for cash at an exchange. This way, you can send money from one continent to another and pay a fraction of the fee. Also, your transaction happens way, way faster this way.

Litecoin uses the same network that you use to upload videos, buy clothes online and send emails; it’s all just data floating around the web and at the same speed as your internet connection.

Higher Coin Cap than Bitcoin

Litecoin was designed to be 4 times faster than Bitcoin and has a coin cap that is four times the size of Bitcoin at 84 million Litecoin. More than 55 million Litecoin have yet been mined. This means that 30 million are still up for grabs and those hold tremendous value for the future. While it’s now completely unfeasible to keep mining Bitcoin, Litecoin mining is still very feasible.