Review on Litecoin by James Eunices
Lightest... Litecoin...
When talking about scalability litecoin is definitely the project to consider its ability to speed up transactions and its liquidity are top notch.
It was created by Charlie Lee an ex Google employee in 2011. He was convinced that bitcoin had to many flaws. He then decided to create a lighter faster and more scalable form of bitcoin. This have birth to litecoin.
Its main purpose is to become a global payment system which can be used to transfer or send funds over countries. Instead of using a bank,i could just use litecoin to avoid all the costs and forms to be filled.
It is q chapter form of payment system, costing just a few cents. Litecoin takes 2.5 minutes to process and send its funds to the designated recipient. It is also decentralised which makes you have total Control over your funds.
To send funds, you need a litecoin wallet address after which you will collect your recipient's wallet address there is no limit to the amount of funds you can acquire so all you have to do is select the desired amount of funds you want to send and then send it to the provided wallet address. Litecoin makes use of a script algorithm which makes it cheaper to mine. So instead of needing an ASIC hardware, you can use a GPUs (graphic processing unit). Which also requires less power to mine . I'll advice to join litecoin now for they might consider trying the ASIC design of mining which will then become more expensive.
The security like other Blockchain uses a decentralised network to ensure it's not able to be hacked. For a person to hack it he needs to have control over 51% of the decentralised network which is almost impossible. And also pointless for it will cost billions of dollars.
Pros
- It has a near-zero transaction cost.
- Mining it is cheaper
- Mining requires less power
- It is decentralised
- Transfer is very easy
- Account setup is not strenuous
Cons
- It is less popular than some other projects
- Less users on litecoin
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Comments (2)
February 06, 2021
Navruza, my review doesn't cover the Volatility of litecoin my own is just to give you my personal experience. I have also made losses as well as profits. Thanks for you comment though
February 04, 2021
Do you realize, the price of ltc has been very volatile lately and today I lost 18 dollars for this reason. Of course this is not big money, but it could have been with more losses. For this reason, I think it is not appropriate to choose this money.
