Litecoin is considered to be a part of the first altcoin group that was developed by the previous Google engineer named Charlie Lee. The term “Bitcoin wallets” was associated with cryptos but not Bitcoin and sometimes not even Ethereum.
We can consider Litecoin to be the oldest cryptocurrency, after Bitcoin, which made its presence known in 2011 with the Bitcoin protocol. The main purpose of Litecoin was that people could use it for quick and secure payments.
Moreover, the payments that had a low cost could also easily be processed with the help of this cryptocurrency. It was until recently when many platforms came into existence, to ensure that agencies, investors, and the general public, etc. can make payments or transactions through those platforms. Where bitcoin trading software also saves the day, the ample possibilities to find alternatives or better options for the same task are yet to be explored. This is another great aspect of cryptocurrencies.
When things are entirely digital, you can choose from the different options to see which path you want to take and where you want to head. In today’s time, people have started to explore the thousands of other cryptocurrencies and digital assets for profitable investments. It’s a good thing one isn’t stuck in the same circle of Bitcoin, there are plenty of opportunities that one should discover to see what suits them the best.
Those who pick Litecoin as their knight in shining armour won’t be sorry because it’s also considered to be an amazing performing virtual currency and has a lot of resourceful attributes one can make the most of.
Moreover, if you want to understand the real goal behind the launch of Litecoin then you should know that it was to enhance Bitcoin in various ways. Like Charlie Lee established a fresh hashing algorithm called Scrypt for Litecoin. This algorithm was made quite simple and thus, supported the faster transaction speed of Litecoin.
When we talk about Bitcoin, it does not have a very fast transaction processing speed. It’s quite slow, roughly 5 transactions per second. Moreover, when you develop new blocks on the blockchain of bitcoin, this can take up to 10 minutes.
The slow speed exhausts merchants who are waiting for bitcoin payments to be received. On average, you can wait for an hour for confirmations that bitcoin transactions ask for. Now imagine your worst nightmare. You are purchasing your ever-favourite stuff online and you are using your credit card. While you make the payment, you are stuck on the same screen for an hour that tells you your transaction is still being processed. How would you feel?
For this purpose, the transaction processing speed of Litecoin was improved to 54 per second. New blocks could be developed on the blockchain of Litecoin after every 2.5 minutes. Isn’t that a plus? It’s true that Litecoin still asks for six confirmations, to say the least, so that it is considered irreversible. Moreover, P2P or peer-to-peer payment networks of the cryptocurrency can assist in the settlement of Litecoin transactions instantly.
Investing In Litecoin
Litecoin is considered to be a digital silver because it is performing that well in the crypto industry. Compared to bitcoin, Litecoin surely has a higher risk ratio, but it is nothing that one can’t prevent or fight off. It’s true that investors have been concerned a lot with the performance and progress of bitcoins in the past couple of years. However, with the evolution of digital assets, one must believe that other cryptocurrencies that serve the same and more purposes surely take the lead in this digital age.
It’s necessary to note that investing in Litecoin is a very smart move because it’s totally worth it. Concerning the usefulness of this crypto, we can say that it has a lot of growth potential in the long run. Moreover, people who believe that Bitcoin is too good to be true haven’t really explored other cryptos yet. With Ethereum, Litecoin stands strong on its foundation while its blockchain network powers every connection it makes with the investors.
Sooner or later, we will find many cryptocurrencies taking the place of the oldest ones, but this does not mean that the old cryptocurrencies have stopped performing up to the mark. What it simply means is that many others could be making it to the top of the list and years from now who knows which crypto would be the most successful.