Review on Litecoin by Ana A

Name: Litecoin
Item: Litecoin
Rating: 5

April 23, 2020

It is a cryptocurrency, yet another of the famous electronic currencies.

Litecoin was launched through an open source client that is currently named Litecoin Core on Github on October 7, 2011. The current version of this client was released on May 6, 2019 and is 0.17.1. Other open source projects like the Electrum Litecoin lightweight wallet (based on the original Electrum client, developed for the Bitcoin network). To be an alternative to traditional Bitcoin. It is based on scrypt. The development of this currency is a pioneer in accessible and applicable technologies for its acquisition. It has marked a new route for data mining and the digital economy born in the 21st century. And for 2013 it was ranked as the second largest currency by decentralized market capitalization.
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How is Lite Coin different from Bitcoin?
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Transactions are faster and waiting times decrease.
Produces more units than the Bitcoin network
You do not need the special luggage that uses bit coin.
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Pros

It is based on “faith” money, that is, it is backed by the trust of the community.
And it breaks the support scheme of the traditional currency.
Most of it was used through online exchange platforms.
It can be covered by companies and individuals as it allows private payments to be made at low costs to anyone in the world.
No approval is needed to join this new form of money.
It can be mined even from computers that do not have the special equipment for bitcoin.
It produces more units than the bitcoin network.
It is safer, making it more difficult for hackers to intervene.
Economic commissions.

Cons

Its price is less than Bitcoin
It allows the financing of illegal activities in the dipweb due to its privacy.
This currency is not accepted in many places, that is, it has a lower acceptance range than Bitcoin.