Review on Litecoin by Gabriel Medina
One of the best cryptocurrencies
Litecoin is an anonymous cryptocurrency based on a P2P network. It was born through a legend of mystery, just like bitcoin. The anonymity of the network is based on the fact that at no time is the identity of the actors known. Each user will have an electronic wallet (a simple file) that contains all their monetary units. If the bearer is stolen or loses these units, he will no longer have anything. In short, the file is the bag of bills.
The Litecoin network is also faster, it only takes 2 min 30 to generate a transaction where the Bitcoin network requires 10 minutes. For this reason, Litecoin is much more manageable.
There are many platforms that offer the exchange of Bitcoin, and more and more of Litecoin, against American and European monetary values.
Litecoin is a Bitcoin with better characteristics.
These best features are based on its transaction and confirmation speed, making it quite a practical currency to use in day-to-day trading with little chance of error anywhere in the world.
Updated 4 years ago
Rating changed from 4 to 5
Litecoin is intended to carry out P2P transactions quickly, easily and safely. It is quickly incorporated into any e-commerce platform due to its multiple tools that it has for the purpose. It has many similarities to bitcoin. Confirmations of transactions are at the speed of light, therefore it becomes an option for small purchases.
In its functions we have these elements mainly:
This silver cryptocurrency has widely become digital money for extremely fast transactions and is already being used mostly in various businesses and even physical stores.
Pros
- The algorithm with scrypt makes it more practical.
- Just 2.5 minutes block throughput and much faster transaction confirmation.
- The total of LTC is 84 million, four times the supply in Bitcoins.
- It works like a traditional currency but electronically.
- Goods and services can be purchased anonymously.
- The speed of its operation and confirmation is well above other cryptocurrencies.
Cons
- The non-regulation by some type of financial authority produces as a consequence that there is no support against theft or loss.
- Its price is based on speculation and has no special references like Ethereum or other virtual currencies.
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Comments (1)
August 15, 2020
Hey, greetings. The recognition of this project as such has been given that it enters the market as a light and a little more manageable alternative with respect to other cryptos. Its use in the market little by little has been adding more followers.
