Review on Litecoin by Jovan Maksimovic
Litecoin is digital silver. Review.
Litecoin is digital silver and one of the most popular cryptocurrencies.
The cryptocurrency Litecoin is the "internet silver" and is often considered one of the most reliable ways to transfer money online. Expertly speaking, Litecoin is a peer-to-peer cryptocurrency, which is used for transactions. In essence, it does not differ from Bitcoin in terms of ideas, but in terms of characteristics.Litecoin was created in 2011, making it one of the first cryptocurrencies in the world. Works on blockchain, ie. a decentralized block-based system. Each block is confirmed by the miner and after confirmation it is irreplaceable, and a new block is created. Thus, this network is completely secure and at the same time decentralized (there is no central institution that regulates the blockchain).
Pros
- Each block is confirmed by the miner and after confirmation it is irreplaceable, and a new block is created.
Cons
- Litecoin his great responsibilities. The main thing is that you are in charge of the security of your wallet and therefore you have to write down the private and public key or the wallet reset phase if you use Meta Mask, Trust Wallet or some other. Otherwise, if you lose that information, you cannot access your wallet and there is no one other than you who knows that information.
