Litecoin is a peer-to-peer cryptocurrency which is open-source and decentralized that gives Litecoin complete authority. After the creation of Litecoin it was considered that Litecoin was the clone of Bitcoin but as a matter of fact, Litecoin was completely different than Bitcoin. Litecoin uses different algorithms and different block time than Bitcoin. Thus the general speculation that Bitcoin and Litecoin are same is false.
Litecoin was created in 2011 after it forked an updated version of Bitcoin client by decreasing the block time of Litecoin. The algorithm used for hashing in Litecoin was also different than Bitcoin. Where Bitcoin used SHA-256 algorithm, Litecoin used Scrypt algorithm along with slightly modified GUI (Graphic User Interface). After the introduction of Litecoin with these upgrades, it experienced a gigantic growth in 2013. It was then soon in May 2017 recognized in the top ten cryptocurrencies on the planet ranking on number six.
Litecoin since its beginning had the potential to grow and it is still growing gradually. The data of Litecoin growth rate from 15 April 2018 to 15 May 2018 is staggering. The current market capital of Litecoin is $7 billion USD which has got many investors’ attention. Even though many investors are investing in Litecoin, there are many investors who believe that the success of Litecoin is short-lived. Here are some facts and reasons that will justify the benefits of buying Litecoin.
The Blockchain is the core of every cryptocurrency and the Blockchain that Litecoin uses is unique. The data is stored in an ever-growing chain of blocks that records every transaction that happens on the network. Apart from that, the Blockchain can secure the data from getting copied, corrupted, or deleted. The block of Litecoin can be confirmed within 2.5 minutes which is considered fast when compared to other major crypto-coins. This feature has promoted faster transaction in the cryptocurrency market gravitating both users and merchants equally.
Immune to Flood Attacks
Flood attacks are a standard menace method of flooding the Blockchain with spam transactions which makes it hard for the system to comprehend hence causing the system to crash. Unlike many other major cryptocurrencies, Litecoin is very stable and scalable. Many major cryptocurrencies have faced the threat of flood attack before and are finding a solution to the scalability issue. The Litecoin charges a very tiny amount for every little transaction which makes it hard for the attacker to flood the Blockchain because they can’t afford it. This ensures the security of the data and the Blockchain.
Buying and Storing
According to many reliable resources buying Litecoin has never been easier. There are several online exchange platforms where you can buy Litecoin. You can even exchange Litecoin for other coins or get Litecoin instead of other coins. There are even many wallets designed for every operating system where you can securely store away your Litecoin and use it as you desire. These wallets are compatible with multiple devices whether it is a phone or a desktop. There are even many cold storage options that can keep your Litecoin safe for a long time.
High Trading Volume
The Litecoin has been trading since 2011 and it is included in the list of top 10 cryptocurrencies. Litecoin is a popular choice for many investors and businesses. There are many businesses who accept their payments in Litecoin that makes conducting business easier. And as there are many people who are involved with Litecoin, you will not have any trouble selling it to potential buyers. Hence the trading volume of Litecoin is very high and beneficial for people who own Litecoin.
The above-given factors and reasons justify the benefits of buying Litecoin. It is definitely a wise option to select Litecoin as there are many investors who are interested to buy them. As far as the technical perspective, Litecoin has been rarely affected by any cyber attacks or market instability. The founder of Litecoin Charlie lee tweeted in early 2018 that Litecoin is going to experience a huge change in the year 2018 which will be beneficial to the users of Litecoin. Nobody knows about this surprise so we can only wait in hopes that something exciting is going to take place.