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Review on Litecoin by Chinemere Unegbu
Litecoin (LTC) is a network currency based on "peer-to-peer" technology and an…
Litecoin (LTC) is a network currency based on "peer-to-peer" technology and an open source software project under the MIT/X11 license. It can help users instantly pay to anyone in the world. Litecoin is inspired by Bitcoin (BTC) and has the same technical implementation principle. The creation and transfer of Litecoin are based on an open-source encryption protocol and is not managed by any central agency
Pros
- As Litecoin is being built upon Scrypt, this makes it strong as compared to other ALT currencies. It is quite beneficial for the entire ecosystem of crypto currency. Moreover, everything is electronically done and one doesn’t have to use any physical money or credit cards to make any purchase online. Instead you can use your electronic currency thus, can keep your financial information safe and secure.
Cons
- Since, litecoins are not managed by any central authority, it sometimes make you feel risky while choosing it. If it happens that your coin is stolen or lost then the money is gone and you can do nothing about it. Moreover, the client code is not maintained properly and is based on an obsolete Bitcoin version. Its price is a pure speculation and as of now there are almost negligible applications for Litecoins.
