Story of Litecoin - coinartis

Definition of Litecoin

Litecoin was launched in the year 2011 as an alternative cryptocurrency which is based on the model of the Bitcoin. Like Ethereum, Litecoin is also a system of global payment based on the open source technology and is not controlled by any particular centralized authority. Litecoin differs from Bitcoin on various aspects and was initially launched with an object of being silver to the gold of Bitcoin. It became popular gradually. Litecoin is also a virtual currency which is based on the technology of peer-to-peer transfer system just like Bitcoin. It is entirely decentralized and it is open source which provides complete transparency and kills doubt over trust. Litecoin operates all around the world, so it can be used as a virtual global currency too.

History of Litecoin

Litecoin was launched on 7^th October 2011 by Charlie Lee, a former employee of Google. The network of Litecoin went live on 13^th October 2011. It does not depend on the central bank of any country. It is quite similar to Bitcoin but Litecoin has a few new features such as the Segregated Witness. These factors and features can be considered an improvement over Bitcoin and reduce the problems in the network and enhance the speed of carrying out the transactions. In May 2017, Litecoin was the first cryptocurrency to adopt the Segregated Witness. This is a system that can split the transactions into two sections and remove the signature from the initial data. This has helped to make the transaction faster which is one of the key benefits of Litecoin over Bitcoin.

Key features of Litecoin

Litecoin works absolutely well when it comes to the handling of the transactions. It has become possible because Litecoin has various features such as block generations frequently, Segregated Witness along with Lightening which allows Litecoin to support transactions of huge amounts without making any kinds of adjustments to the software in the near future. It is perfect for those customers who don’t want to pay large transaction fees and prefer instant confirmations.
The algorithm which is used for mining in Litecoin is referred to as the Scrypt. It is responsible for determining the process of mining of Litecoin. This type of technology helps Litecoin to mine more coins by four times than the Bitcoin will produce in over a year.
Litecoin and Bitcoin are considered as the result of the two extremely similar cryptocurrencies. Litecoin has been well integrated into the field of digital currencies and has also received great support from the community of people who use it.

The difference between in Bitcoin and Litecoin

Litecoin can handle more transactions quickly and effectively.
Since the processing time involved in the transactions is less, it also creates an environment of security in which a user can be prevented from making a particular payment twice.
Litecoin offers as much as 84 million coins while Bitcoins only offers up to 21 million coins.

What are the reasons to buy Litecoin?

We live in a world of digital currencies and there exists a number of cryptocurrencies which an individual can invest in. The list below will help them to decide whether to invest in Litecoin:

The technology of the blockchain is the base and foundation of all the digital currencies and cryptocurrencies. Litecoin has better blockchain technology in comparison with Bitcoin in terms of speed.
The number of coins which exist in the world of digital currency is finite. Only a certain number of coins can exist for a particular cryptocurrency. In this term, Litecoin has a large number of coins in the market as compared to Bitcoins.
Litecoin has a simple algorithm as compared to the other cryptocurrencies.

The benefits of Litecoin

It offers faster processing and confirmation of the transactions as compared to the Bitcoin network. It is actually four times faster than Bitcoin.
Litecoin is highly effective and the cost of transactions involved in Litecoin are quite lower and effectively managed.
It offers an increase in storage which is due to the usage of Scrypt in the Litecoin algorithm of the proof-of-work.
Litecoin has large numbers of coins available which sums up to a total amount of 84 billion and hence it can offer more coins in order to reward the miners. The coins offered by Litecoin are four times more than the Bitcoins. This also means that there exists lesser competition in the process of mining along with a greater profit margin.
The Scrypt algorithm which is used in Litecoin is considered safer than various other hashing algorithms used by other cryptocurrencies. The usage of Scrypt in Litecoin offers a higher rate of efficiency.
Litecoin is a very flexible cryptocurrency which can be easily purchased with the help of other cryptocurrencies.

The drawbacks of Litecoin

The SegWit which was one of the key features of Litecoin has been adopted by the Bitcoins and hence Litecoin lost its uniqueness.
It can be considered as the new version of Bitcoin and hence there are only a few innovative ideas.
Until the scaling problem of Bitcoin can be solved, the market of Litecoin will remain quite damaged.
Litecoin is not even considered a system of payment in some countries.

The future of Litecoin

Litecoin has earned significant gains in the year 2017 and it is expected to do more good in future years. It was ranked as the fifth largest capital market in the year 2018. It had also seen a high range of the profit margin. It has recorded a market cap of more than 12 billion dollars. There are various reasons which make Litecoin so popular. The major reason is the speed of transaction confirmation and processing and the fact that it offers almost four times more coins than Bitcoin.

Short Summary

Litecoin: a step-by-step guide

Litecoin was launched as an alternative cryptocurrency based on the model of Bitcoin. Litecoin is also a system of global payment based on the open source technology and is not controlled by any particular centralized authority. Litecoin was launched on 7^th October 2011 by Charlie Lee. He was a former employee of Google. The Main Net went live on 13^th October 2011. It does not depend on the central bank of any country. It is quite similar to Bitcoin but Litecoin has a few new features such as the Segregated Witness.

Litecoin is highly effective and the cost of transactions involved in Litecoin are quite lower. Litecoin has over 84 billion coins and hence it can offer more coins to reward the miners. The coins offered by Litecoin are four times more than the Bitcoins. The Scrypt algorithm which is used in Litecoin is considered safer than various other hashing algorithms used by other cryptocurrencies. Litecoin is a very flexible cryptocurrency which can be easily purchased with the help of other cryptocurrencies. The SegWit has been adopted by the Bitcoins and hence Litecoin lost its uniqueness. However, Litecoin is not even considered a system of payment in some countries.

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