Litecoin- a genuine alternative to Bitcoin

October 12, 2018 Quick read

Many of us who have heard of cryptocurrencies relate it only to Bitcoin. However, there are other much better alternatives to Bitcoin which are available in the market which operate in a similar fashion to Bitcoin. Litecoin, traded on the Cryptocurrency Exchange as LTC is one alternative that is gaining prominence in the market. Its total value in the market currently stands at about US$ 3.47 billion, with one Litecoin costing US$59.25 approx.

Litecoin was established in 2011 by ex-Google employee Charles Lee. It was considered the fork of Bitcoin, solving some of the flaws of Bitcoin. Litecoin gained popularity from 2013, when a significant jump in its value occurred catapulting it to the top 10 cryptocurrencies in the world.

Features of Litecoin

The Blockchain- Litecoin can handle large volumes of transactions. This is due to incorporated features like Segregated Witnesses, Frequent Block generations, as well as lightening which enable it to handle these large transactions without making any adjustments to its software in the future.

Litecoin Mining- The Scrypt algorithm used for Litecoin mining is responsible for determining the mining process of this currency. This algorithm allows for parallel processing methods which are much more accessible to new miners than other algorithms. With this, you do not need to use AISIC based hardware for mining.

Industrial Integration-Litecoin is well integrated with all other kinds of cryptocurrencies. It was developed as the fork for bitcoin which makes it very similar to Bitcoin. Due to this similarity and its ease of mining, litecoin has got a lot of support from its passionate and loyal base of users.

As against Bitcoin, Litecoin has various advantages, let us see why you should Exchange Litecoin for US Dollars or other Crypto currencies in the market,

Advantages of Litecoin

1.      Better work speed- Litecoin has a better work speed that is 4 times faster than Bitcoin.  The speed of the blocks is 2.5 minutes for Litecoin as against 10 minutes for Bitcoin.

2.      Larger volume of currency- Litecoin has a larger number of coins in existence than Bitcoin.  There are a total of 84 million Litecoins available for purchase  which is almost four times that of Bitcoin.  This effectively means that investors can get a higher profit margin  and a lesser degree of competition while mining these coins.

3.      Safer Algorithms- The Scrypt algorithm used by Litecoin is much safer than that of other hashing algorithms. There is also more efficient processing power in the Scrypt than the SHA-256 algorithm.

4.      Great Flexibility- Litecoin gives you the flexibility to purchase it using other cryptocurrencies and it is also compatible to be purchased on platforms like Evonax.

Disadvantages of Litecoin

1.      Lack of Security-  There isn’t any central authority managing Litecoins. If there is a theft or misplacement, you cannot do anything about it.

2.      Obsolete client code-   The client code for Litecoin is not maintained properly and is based on an older version of Bitcoin.