Review on Litecoin by JB CRYPTO
LITECOIN BETTER THAN BITCOIN?
LiteCoin is a cryptocurrency platform launched on October 13, 2011, it can be said that Litecoin is the alternative version of Bitcoin.
Litecoin is a virtual currency that allows you to make low or high cost payments quickly, it is a decentralized platform and not managed by a specific person. Litecoin is ranked as one of the first altcoins on the web after Namecoin, Fairbix, and tenebrix; Despite the fact that it was the 5th virtual currency on the internet at the time, it has reached enormous popularity on the web.
Differences between Bitcoin and Litecoin?
Litecoin has a cap on the production of coins more than bitcoin to ensure controlled and stable deals / transactions. In the case of Litecoin, it is established in approximately more than 84 million currencies, surpassing by difference to bitcoin that has only approximately 21 million currencies. When Charlie Lee, the founder of Litecoin, one of his main ideas was to make transactions faster than those made by the bitcoin network and he wanted to start with the confirmation of transactions, since in bitcoin a confirmation is approximately 10 minutes, Charlie managed to do that the confirmations of the transactions are in 2 minutes and 30 seconds for each block; Among the differences we also have: the amount of coins produced each day, this is due to the fact that if the transaction blocks are generated faster, there would be more coins per day.
Litecoin, as we have been talking about, could become the top 1 of cryptocurrencies if it exceeds the most frequent one, which is bitcoin, Litecoin works every day to have more users on its platform. Charlie Lee as founder and leader of Litecoin, one of his objectives is not to change what the virtual currency Bitcoin is today unless it is strictly necessary, it is said that the reasons why Fairbix failed in its launch is because it was a derivation of the other platforms such as Tenebrix, Multicoin and bitcoin, and somewhere in those creation codes, bugs were caused and because of that everything went
Pros
- Tiene un tope más alto que otras criptomonedas
- Faster in transaction blocks
- Has a higher cap than other cryptocurrencies
Cons
- By making your transaction blocks faster, it is a little less secure, and it is still a bit slow since it requires a lot of energy and prevents it from being a perfect form of payment
