Review on Litecoin by David Kiryukhin

Name: Litecoin
Item: Litecoin
Rating: 5

April 27, 2021

Simple and convenient

I have been using this cryptocurrency for 3 years. And I have never been disappointed. Very convenient - you can pay anywhere. Pay for online purchases. Top up your casino account. 
Main Features of Litecoin
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1. Decentralization. The blockchain on which the cryptocurrency is based assumes that all network participants are equal among themselves. That is, the system does not have a single center that is an intermediary: all operations are carried out directly between users;
2. Anonymity. All personal data of users who work in the Litecoin network is hidden;
3. Transparency. Despite the fact that personal information is hidden, the history of all transactions is stored in the blockchain itself and cannot be deleted or changed;
4. Availability. You can use this money system at any time and in any place-regardless of the country of residence. The only condition is the availability of an Internet connection;
5. Deflation. Since it is possible to get only a certain amount of coins, at a certain point there will be no possibility to mine coins. This means that the value of Litecoin will naturally grow, since with an increase in demand, there will be no option to generate new coins.;
6. Open source. The developers of the coin offer everyone to use the Litecoin code and, in accordance with the MIT/X11 license, users can change and transform the code for any personal projects.
You can say that similar advantages can be found in bitcoin. However, Litecoin has a number of advantages over its predecessor:
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Large emission. The number of Litecoin coins that can be mined is 80 million. Moreover, three-quarters of the total volume will be mined by 2020;
The speed of block formation. In order to create a new Litecoin block (with 25 coins in it), you need to spend only 2.5 minutes (in the bitcoin network, for example, it will take 4 times more time to generate a new block);
Transaction security. Due to the higher speed of transfers, all Litecoin transactions are very difficult to track. This allows you to avoid hacker attacks.
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