Review on Litecoin by NHAN LE PHUOC

Name: Litecoin
Item: Litecoin
Rating: 5

September 13, 2018

Litecoin was well placed to benefit from a worldwide increase in…

Litecoin was well placed to benefit from a worldwide increase in cryptocurrency trading as the crypto markets in countries such as Japan and China became more developed. However, part of the current surge in popularity can be attributed to Litecoin’s adoption of features such as the Lightning Network and Segregated Witness (SegWit), technology which has allowed the network to process more transactions and be used across the web to pay for a range of goods and services.
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Pros

Litecoin (LTC) is one of the oldest cryptocurrencies in existence and launched in October 2011 as a fork of Bitcoin. It shares many of the same characteristics as Bitcoin but strives to be lighter and faster and as a result, exhibits shorter block generation times of approximately 2.5 minutes. This allows for both faster transaction clearance and in turn, lower transaction fees than Bitcoin.

Cons

Litecoin was developed by Charlie Lee, an ex Coinbase employee who quit working at the exchange in the summer of 2017 in order to focus on Litecoin full time. Lee envisaged creating a currency that would be complementary to Bitcoin and operate as “digital silver” to Bitcoin’s status as a digital store of value similar to gold. Lee acts as a vocal and transparent front man for the project and can often be found sharing his thoughts on a number of topics affecting the general cryptocurrency community.