Friday, October 22, 2021
HomeINFOWhat is LiteCoin (LTC)?

What is LiteCoin (LTC)?

LiteCoin (LTC)

Litecoin has been like Bitcoin’s younger brother, similar in most respects but due to lower expectations is able to change quicker than it’s larger counterpart, as in the case of Segwit implementation. Very popular in China.

Created by a former Google employee to be “the silver to bitcoin’s gold”. LTC transactions are a lot faster compared to Bitcoin and the price has been increasing steadily from $4 at the start of 2021 to over $211 in June.

LTC is a lot easier and faster to mine than BTC.

Consensus Method PoW

Intended/ Current Uses Currency, Storage of Value

Risks

  • May become obsolete as it doesn’t differ substantially from Bitcoin

Advantages

  • Confirmation time are 4 times faster than Bitcoin
  • May be able to synergise with Bitcoin, often referred to as the silver to Bitcoin’s gold.
  • Has a face to the company, Charlie Lee, which may allow it to decide its direction more decisively than Bitcoin. As was the case with Segwit implementation
  • Large support in China
  • For the past couple of months it has been the most stable cryptocurrency

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular