Review on Litecoin by Tibisay Alvarez
Litecoin, one of the most important cryptocurrencies currently.
Of all the cryptocurrencies, Litecoin is undoubtedly one of the most interesting. Charlie Lee, the founder of LTC is a former employee of Google and Coinbase, so he had a good understanding of the crypto market. This allowed LTC to quickly become one of the top cryptocurrencies in the world.
However, it was created thinking first, and above all, about complementing Bitcoin's operations. This has marked its development, which has not substantially differentiated from BTC. Just as you have determined the functions of the currency.
Litecoin aims to provide a solution to three major problems (according to them) in Bitcoin programming. The first of these is the available offer of cryptocurrency in the market, which restricts liquidity and therefore the possibilities of the currency.
Therefore, while Bitcoin has a maximum offer of 21 million BTC, Litecoin provides a liquidity cap of 84 million LTC. What in addition to representing a different dynamic in the Using the currency, it also changes the reward of the miners. Currently it is located at 12.5 coins per block after the last halving.
In the case of Litecoin, it is tried to solve by decreasing the processing time of a mined block. While on the BTC Blockchain this process can take up to 10 minutes, in the LTC chain a full block can be fixed in just 2.5 minutes.
Finally, Litecoin tries to facilitate the mining of its cryptocurrency. Thus, it differs from Bitcoin, where due to the size of the network, mining today can only be done with equipment specialized. Meanwhile, in Litecoin the average user can mine LTC without any problem.
Litecoin has established itself worldwide as one of the main cryptocurrencies in the market. Thus, his name is generally recognized ,which allows its use by users of the crypto community, which is, after all, its objective.
Likewise, thanks to the functions in the programming of Litecoin, it has reached a speed of operations greater than that of BTC. At the same time, it has dramatically reduced the technical requirements for the installation of a node.
Pros
- It is a relatively stable cryptocurrency that remains between $ 43/48 currently.
- While Litecoin does not suffer from a shortage of wallets that support cryptocurrency, there certainly is no such wide variety as for Bitcoin. Not for this reason, LTC ceases to be accepted by several of the main wallets on the market. Therefore, it is not surprising that wallets such as Coinbase or Exodus, with high market penetration, support Litecoin. As well as the world's leading exchanges, including, of course, Binance.
Cons
- If you have made significant achievements, there are more challenges that Litecoin must overcome in the short term. Thus, we can identify three threats to the LTC ecosystem. The first of these threats is precisely the reason for its creation. While trying to be a complement to Bitcoin, and not its replacement, it has suffered from a huge dependence on BTC in the market. And it is that, if all altcoins suffer ups and downs depending on the price of Bitcoin, in LTC this trend is pronounced.This dependency also manifests itself in the second threat. Well, the truth is that the development of Litecoin has not been innovative from any point of view. Thus, most of the time they have limited themselves to simply copying the new updates that Bitcoin offers.
