Review on Litecoin by Merve Duru
Litecoin
This is not a smart contract system like Ethereum, a utility token like BAT, a residual income system like Divi, or a token for an exchange OKB; this is a payment system very similar to Bitcoin. In fact, it is one of Bitcoin’s first hardforks. Like all hardforks it has it’s own unique twist compared to Bitcoin and is unique compared to the other Bitcoin copy cats. For one thing, the founder of Litecoin, Charlie Lee was smart enough not to call it Bitcoin unlike Bitcoin Cash, Bitcoin Gold, Bitcoin Cash Satoshis Vision, etc etc etc.
Litecoin’s Technical Differences Compared to Bitcoin
Litecoin uses the Scrypt algorithm instead SHA-256 for mining. This means that a Bitcoin miner can not just start mining Litecoin at the drop of a hat (unlike Bitcoin Cash). This makes Litecoin more secure against 51% attacks than it’s other hardfork cousins. It’s also easier for people to mine Litecoin if they don’t own a supercomputer.
A block every 2.5 minutes instead of every ten minutes.
It will produce 4x the coins that Bitcoin will produce or 84 Million
It tends to rely on Bitcoin’s code otherwise…
BUT it does tend to implement newer technologies before Bitcoin does. For instance, Litecoin implemented Segwit years before Bitcoin finally did it. They are also working on implementing a smart contract system and Mimblewimble (a privacy protocol) into their system
Pros
- A well established cryptocurrency it has been around since 2011
- It is faster than Bitcoin and more scalable.
- Newer technology being implemented like Mimblewimble is exciting.
- Lower fees than Bitcoin
Cons
- Not as many developers are Bitcoin
- Not as secure as Bitcoin (more Bitcoin miners)
- Does not have as many users or household recognition
New products
Comments (2)
December 03, 2020
Yes it is true, that litecoin is not as popular or lucrative as its other counterparts, but it is a fast and rising crypto currency that keeps expanding daily. The price continues to rise and even recently it has increased. personally, i see no reason why Litecoin shouldn't become almost as big as bitcoin in a few more years.
November 24, 2020
In my opinions litecoin is better than bitcoin. Because in transictions, litecoin fees is very low than bitcoin. But this project don't has enough investors as bitcoin. I think that, litecoin's price will be higher than now in near future.
