1 Level
15 Review
22 Karma
Review on Litecoin by Tiger Lee
Although Litecoin had good intentions when it improved on the original Bitcoin…
Although Litecoin had good intentions when it improved on the original Bitcoin design, blockchain technology has grown exponentially since its introduction. With competing protocols such as Ripple able to process instant transactions in the tens of thousands, Litecoin is light-years away from achieving its goal of becoming a global payments system. Another persistent concern regarding Litecoin is that it promises very little – even the recently hyped Litepay project with Visa was halted indefinitely – which was announced on the day of the scheduled launch. Its likely this fact was known to the litepay team long before this date.
Given the time it takes for a litecoin transaction, it is not clear how litepay would actually work in everyday consumer retail situations and therefore would be unlikely to get mass adoption.
Pros
- Litecoin was created in 2011 by ex-Google employee Charlie Lee, and was one of the original alt-coins to compete closely with Bitcoin. Designed as a faster and lower cost alternative to bitcoin, Litecoin reduced transaction times from 10 mins to 2.5 minutes, and boosted its scaling capacity from 7 transactions per second to 56.
Cons
- Long term, there is a risk that as new projects with newer tech and huge world-changing ambitions appear, they may pull investor capital way from older projects like Litecoin
