Review on Litecoin by Olugbenga Ajayi
Litecoin vs Bitcoin
litecoin is a p2p cryptocurrency that allow users to transfer payment at nearly no cost. The digital asset(litecoin)operates an open source network that doesn't have a decentralized system. It was founded by Charlie Lee in 2011. Litecoin has won the hearts and favors of developers, users and investors alike. In 2017 litecoin became the first significant cryptocurrency to adopt segwit(segregated witness system) litecoin separate transactions signature and create a more substantial blocksize limit on the blockchain. His goal was to build an internet currency that would challenge the Bitcoin that was common in places where it was weak. Just as Bitcoin wallet support users to store, monitor and retrieve their coins at any level, Litecoin blockchain wallet do the same thing. But there are some variations. For instance litecoin creates foru times as many blockchain as bitcoin.
Pros
- Litecoin is an open source altcoin
- Litecoin is fast
- Litecoin has lower transaction fee
- It has a higher upper limit of total coins
- There is superior security in litecoin
Cons
- The uniqueness of litecoin did not last long because the segwit that majorly distinguish Ed them was soon adopted by bitcoin
- The fact that the founder withdrew his interest from the company reduced the credibility of the company before it's users
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Comments (3)
May 08, 2020
Litecoin is a global cryptocurrency exchange company which people can trade in it to make transaction . It uses medium of exchange within individual. It is very also fast in payment. Litecoin is independent because it has no central authority and their techology is been uploaded all time for the payment and transaction to be fast.
May 06, 2020
It is a peer to peer ctyptocurrency that enable instant, almost zero cost payments to anyone through out the world. It has a global payment network that is fully decentralized without any central authority. Litecoin features fast transactions confirmation times and approve storage efficiency than the leading math based currency.
May 05, 2020
As the name implies is a fork of bitcoin, and it try to solve the problem that bitcoin can not solve that is fastness. Since it's main usage is to transfer value with it, it more convenient to use more than bitcoin though not popular.
