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Bauchi
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18 reviews
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Review on Litecoin by Josiah Ayuba

Lesser fees and better speed allows Litecoin to be a preferential method for payments

The history of Litecoin is almost placed in the same zone of Bitcoin but has gotten some more improved features over the year. I have been using Litecoin for a long time now and I basically prefer it for it's lower transaction fees not just for making direct P2P payments, but also in making withdrawal from my exchange accounts to my wallet. The cost of making transactions on Litecoin is an almost zero dollar fee even despite it's recent surge in price, it still maintains that standard. The speed of making payments on Litecoin is another major advantage the project has so far managed to implement in it's coin LTC. Being open source allows new improvements to be added to its network that further improves its speed and lessens further, it's near zero cost of making transactions.

I have seen so many projects arising with a P2P use case and offering lower transaction fees and faster speed in executing transactions but they not being listed in many major exchanges makes them unseen and keeps Litecoin on top of it's game. Despite it's improved blockchain, I feel that more still needs to be done for the project. Among my cons, I listed it's loss of credibility due to controversies that arose years back.The controversies which was said to border on it's Litepay service which was called off cannot be really taken into consideration but I decided to include it so that one can know what he/she is dealing with. The number of wallets that supports the holding of Litecoin is very large, just like the number of exchanges that trades the coin and this makes Litecoin, viable for use in making not just P2P transactions, but even P2B and B2B. With it's incredibly fast speed, Litecoin is less susceptible to attacks by hackers. I have been holding and staking the coin for a long time now, and as it uses a PoW Scrypt algorithm, the coin is mineable and many platforms supports the staking of the coin for interest.

I have been interacting with the Litecoin project and it's coin LTC for a long time and it's major inclusive to cryptocurrencies. Along with other Crypto enthusiast, I hope for more improvements in it's network but at the same time, It's still a good Crypto project for use by individuals, businesses and I can recommend it for every Crypto user. Thank you for reading

Pros & cons

  • The Litecoin project has garnered worldwide scale of interpolation to the way payments are made
  • Transaction fees on Litecoin is a near zero cost even when withdrawing from exchanges
  • Fast confirmation of transactions usually in minutes
  • Uses an open source protocol which allows for Many improvements on it's network that keeps getting implemented which helps Litecoin achieve it's P2P use case in speed and cost
  • Uses Proof Of Work Scrypt algorithm which is more energy efficient and viable for the environment
  • Controversies in the past makes Litecoin an asset that has lost its major credibility
  • New competitive projects giving TPS exceeding that of Litecoin is on the rise, despite it's upgrades