Review on Litecoin by Benaiah A. Akinlade
Litecoin: The bitcoin apprentice that’s making it’s own statement
Litecoin was developed in 2011 as one of the very first altcoins (coins that are not bitcoin). It is a Bitcoin fork because it’s foundation is built on Bitcoin source code. It is an open-source P2P digital currency with a maximum supply of 84,000,000 coins of which over 62,000,000 Litecoins have been mined. Litecoin has a decentralised network, so all relating transactions are recorded on a blockchain. It was developed with the MIT/X11 licensing
Litecoin network can make 56 transactions in a second with a block time o about 2,5 minutes
Litecoin can easily be mined on personal computers
Litecoin adopts SegWit which makes room very fast processing and completion of transactions.
1 LTC currently exchanges with the dollar at USD 47.35
Pros
- It has very similar characteristics with bitcoin
- Litecoin is ASIC-resistant.
- It has the capacity and ability to become a common currency for daily transactions.
- There are low transaction costs
- Litecoin brand has significant popularity among investors
Cons
- There are modern blockchain projects that offers more advanced solutions
- Low trading volume
