A clear review of Litecoin

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Litecoin is one of the cryptocurrencies based on the blockchain technology. This coin is the fourth in popularity after bitcoin, ethereum, and XRP regarding the market cap. It has more similarities to bitcoin, only that it is lighter and thus exhibits faster block time of up to 2.5 minutes.

As a decentralized currency, litecoin has managed to attract many fans of digital currencies. There are some reasons why this coin is preferred to many other coins.

Why litecoin is preferred

Transaction speed

One of the reasons why many people now prefer litecoin over bitcoin is the time it takes to confirm a transaction. Many investors seem to be impatient with the 10 minutes required for confirmation on the bitcoin platform and are now moving to the almost-instant transaction on litecoin which is just 2.5 minutes.

Low transaction costs

Litecoin is giving people the real value of their money. This is by ensuring that all transactions across the world are at a near-zero fee.

Decentralized

Unlike XRP and other centralized currencies, LTC operates on a decentralized system. This ensures security to the privacy of parties involved.

Investment opportunities

Many companies across the world are turning to LTC ICOs to raise money for their activities. As a result, the coin is offering many investment opportunities to individuals across the world.

Higher transaction volume

Compared to bitcoin and other cryptos, Litecoin blockchain can handle higher transaction volume. This is important as most investors want to carry out large transactions at any given time.

Statistics

Name Litecoin
Initial release 7th October 2011
Ticker symbol LTC
Operating system Windows, OS X, Linux, Android
Forked from Bitcoin
Founder Charlie Lee
Hash function Scrypt
Block time 2.5 minutes
Market cap $10.4 billion

 

Litecoin features

Wallet

As a sound cryptocurrency, the litecoin wallet can be encrypted. This means that you can carry out some activities without having to log in using your password. Events such as viewing balances and transactions can securely be done without having to input a password.

Mining rewards

One of the most critical parts of blockchain is the mining rewards. Before you put your money into the extraction of any crypto, you should first know its reward. As of June 2017, miners got 25 new litecoins for every block. It is important to note that litecoin network produces 84 million litecoins, approximately four times that of bitcoin.

Easy and ready information

Unlike many other currencies, you can get general information regarding litecoin almost everywhere. This shows how widely this coin is used across the world.

How to get litecoins

Two methods can be used to get litecoins. That is either through trading or mining.

Buying and trading

You can buy litecoins from the following places:

  • Bitburgain UK
  • Bittylicious
  • Bitfinex
  • BTC-e
  • BTER
  • Kraken
  • Cryptsy
  • Vircurex
  • coinMKT

Litecoin mining

Perhaps this is another area where this coin differs with bitcoin. It uses a different “proof of work” algorithm. This algorithm means that one can only mine litecoins if you operate devices with huge RAMs. It is thus expensive to mine litecoins.

In summary, there are many reasons why you should choose litecoins over other cryptocurrencies. But your choice will depend on several factors which might be unique to you.

 

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