Review on Litecoin by Fanuel PORPORTY
Litecoin - An alternative to currencies
Litecoin is a cryptocurrency dedicated to peer-to-peer transactions using a decentralized blockchain resulting in low transaction costs. It is an open source project, which means that it places very limited restrictions on its reuse.
Similar to Bitcoin, it is also considered a digital currency and a digital payment system. Litecoin is used for two very important functions:
• Regulate the generation of Litecoin units;
• Verify the transfer of funds and secure transactions.
Litecoin can process and manage a larger amount of transactions, which reduces potential traffic, as we have seen with Bitcoin.
Pros
- Litecoin is a virtual currency that looks a lot like Bitcoin but there are some differentiations.
- the main advantage of Litecoin is the speed of its transactions since they are only carried out in 2.5 minutes
- The Litecoin blockchain is capable of handling a larger volume of transactions than its Bitcoin counterpart. Thanks to more frequent block generation, the network allows more transactions without
Cons
- Litecoin is less common than Bitcoin, it is accepted by fewer online stores.
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Comments (3)
January 06, 2020
I consider it a great project, as it is in the top 5 with the highest market capitalization and its wallet system makes everyone use it
