From last couple of days, other than Bitcoin, there is one more little genius dancing on the headlines. While Bitcoin could rise about 200% since the start of 2018, Litecoin on the other hand rose about 142%. In case you are still processing the math, let us give you a little tells all with Litecoin. It is an altcoin forked off the bitcoin ledger which commenced in the late of 2011. Often known as little brother of bitcoin, Litecoin is the fourth largest cryptocurrency behind Bitcoin, Ethereum and Bitcoin Cash.
You must have seen the name Litecoin on cryptocurrency exchanges. Time to find out what it is. We talk about Bitcoin and Bitcoin wallet so much that the focus never goes towards any other cryptocurrency. Let’s discuss some Litecoin features.
The network is very fast in the sense that; a transaction made on Litecoin takes no more than 2 minutes whereas the same would consume almost 10 minutes through Bitcoin wallet. That’s about five times faster. Moreover, the number of litecoins is capped at eighty millions – that’s about four times the twenty million cap of bitcoin.
It is decentralized in nature and is open source. It has been backed by cryptographic math to secure transactions. Litecoin was not made to as a token of competition or crypto war against Bitcoin, but instead to act as a payment solution alternative.
It was invented in October 2011 by Charlie Lee. He is an ex-Google employee who gave up his job to set on the path of entrepreneurism. Lee described Litecoin as the “silver” to Bitcoin’s gold. He went ahead to add that Litecoin is based on the Bitcoin Core client. Litecoin was designed to emulate its predecessor, pursuing the similar traits of decentralization but with much more key features that definitely make it a more lucrative alternative. All leading cryptocurrency exchanges avail Litecoin exchanges.
Litecoin is also an excellent cryptocurrency for sending money to your contacts. Due to its less transfer time span, quick delivery and almost no fees, it can be transferred to anyone anywhere with their addresses.
Like a few the other cryptocurrencies in the market, preference in Litecoin as a transactional medium has escalated in recent years. Although there is no guarantee that it will remain the same and will not face any hurdles but we can always hope for the best and trust in the creator’s vision.
Happy trading folks!!
November 15, 2018
October 31, 2018