In the world of cryptocurrency, litecoin is the fifth largest digital currency by value, founded by Charlie Lee, the market value is approximately $3.28 billion according to coinmarketcap website. This capitalization makes it the fifth biggest digital currency behind ethereum, ripple, bitcoin cash and bitcoin which arguably has the largest market capitalization of $72.4 billion.
A digital currency based on a peer-to-peer system that enable almost zero cost for instant payment to any part of the world, an open-source global payment network, fully decentralized with no central authority. It is a secured network based on complex mathematics which empowers individuals control their own finance. Some features of litecoin are:
- faster transaction times,
- improved storage efficiency
With support its garnering from cryptocurrency community, liquidity and trade volume, litecoin is a proven medium of transactions complementary to bitcoin. All digital currency relies on blockchain which serves as their public ledger for daily transaction which cannot be tampered with by third parties.
Litecoin and Bitcoin
- Their supplies varies as bitcoin has the largest market share of $21 million compare to limited litecoin supply of $84 million, as bitcoin is gold standard.
- Litecoin transactions currently takes 2 minutes maximum compared with 100 minutes for bitcoin transaction to be concluded.
According to Charlie Lee, he posited that cryptocurrency as being the major player in payments of value, whereas bitcoin is more a store of value. Bitcoin will remain gold standard because it will always boast of its strongest network, most secured, more money mining it.
Litecoin will be the strongest digital currency second only to bitcoin which is more secure and cost more, transactions on litecoin will cost less. With this, they cover each other downside, as litecoin will find its niche as the major digital currency payment option where bitcoin will be more for storing the coin.
Vital information on Litecoin
- Open Source: This means it’s free for contribution from any developer around the world, it’s also free to use for anyone based on your own discretion what to do with the source code.
- Blockchain: All digital currency rely on this electronic ledger that reveals amount of transaction daily but, litecoin blockchain has capability to handle higher transactions than bitcoin. It frequently generates block which makes the network support multiple transaction without any need for software modification presently or in the future. This helps sellers get confirmation times while having the ability to await more confirmation when doing transaction
- Wallet Encryption: This is a welcome news for the community and other users within the network as this enable you easier security for your wallet, you can easily view your account information such as balance, last transaction but require you to enter your password before you can spend your litecoin, this fortify your wallet against virus and trojans designed to steal wallet-information.
- Mining Reward: Miners gets awarded 25 litecoin per block mined, the network is schedule to produce 84 million litecoins which is times 4 as many currency unit as bitcoin 21 million
Gradually, litecoins is taking center stage second only to bitcoin as it can handle multiple transactions seamlessly, cheaper than bitcoin and providing a payment platform for the network relying on bitcoin to store its value