Review on Litecoin by Danh Huỳnh Ngọc Công
The queen of cryptocurrency
Litecoin is really the silver of the internet as it is a valuable store of value and it is hard to commit a 51% attack on its blockchain. With a strong community of supporters and developers, Litecoin will get upgraded and be easy to become a real medium for everyday life transactions. Besides, it is a deflationary investment to savings. The future of this coin is still so bright. However, it should also be kept in mind that the founder of Litecoin don't hold his LTC anymore and the coin is mainly used for payment and storing
Updated 6 years ago
Rating changed from 5 to 3
Negative point: Once Litecoin reachs to the level that making the network encounters the congestion and the bullish market, Litecoin will not be a medium for payment because of high transaction time and fee.
Pros
- - It is listed on very many exchanges and its volume is high so its liquidity is very good. This means its price won't be easily manipulated making the investors feel safe about their investments
- - TThere is a large numbers of other developers who are also working on building the ecosystem based on this cryptocurrency
- - The community behind it is very respectable. They provide continuous support to every movements of this coin
- - It is opensourced so the developers can easy integrate new technology to it.
- - Confirmation time for this blockchain is very short, just about 2.5 minutes
- - The security for this coin is extremely high as it costs $81,733 per hour to carry out a double spending attack
- - Transaction fee is quite low compared to Bitcoin
- - It is accepted by many online and offline merchants from all over the world
- - The economics behind it is giving it a deflationary value so it is a great investment for the future
Cons
- Litecoin's founder - Charlie Lee sold all his holdings. This raises a question that whether the coin will stay for a long time or not
- It is considered as a faster and cheaper version of Bitcoin; however, Bitcoin, with the upcoming SegWit technology, will be improved on many aspects including transaction time and fee
- Litecoin has no special features while other cryptocurrency has better spec than it with specific show cases
