Litecoin is a peer-to-peer cryptocurrency that was released on 7th of October 2011 by Charlie Lee a former employee of Google. Litecoin is not managed by any central authority and the creation and production of coins is based on an open source cryptographic protocol. Although it has many similarities to Bitcoin Litecoin has some technical improvements which allow the network to process a greater number of transactions in a certain amount of time. By doing this it can reduce potential bottlenecks that have been seen with Bitcoin at times. There are nearly no payment costs with Litecoin and it is roughly four times faster than other cryptocurrencies including Bitcoin. Litecoin.
Currently miners of Litecoin get awarded 50 new Litecoins per block. This amount is halved every 4 years or so. At the moment there are 52 million Litecoins available. The network is scheduled to produce 84 million Litecoins this is exactly four times as many as Bitcoin. This should help create a happy medium of just the right amount of Litecoins being available. We will have to see how this strategy works in the long run. The blockchain for Litecoin is capable of handling a higher transaction volume. This is due to more frequent block generation. Litecoin has substantial industry support, with well over 70 online merchants excepting Litecoin as a payment method. These include merchants offering services in gaming, advertising, apparel hosting and electronics. Although saying this it has been slow to get widespread acceptance. Litecoin was one of the first cryptocurrencies o use the Scypt algorithm for its proof-of work scheme. This allows for mixed mining between Litecoin and other cryptocurrencies. Litecoin has consistently been between the third and fifth highest valued cryptocurrency and shows no sign of dropping in the foreseeable future.
Pros to Litecoin
• Litecoin is accepted by many independent businesses
• Up to four times faster transaction time over most other cryptocurrencies
• Fast confirmation time
• Litecoin has cheap transaction fees
• Litecoin is a low-risk investment
• Litecoin has both an IOS/Android Mobile wallet
Cons to Litecoin
• Has been known to be very resilient to price change
• Not very proactive in development
Litecoin has the advantage over Bitcoin of better scalability. It is more adaptive to making improvements and changes compared to Bitcoin. They are currently working on creating a lightening network which will help increase its scalability even further. Because Litecoin uses a much simpler algorithm it means that mining Litecoin is easier to run on GPUs. It tends to use less energy meaning that it is easier for miners to mine it. At the time of writing this review Litecoin is up an amazing 1300% from the beginning of 2017. That is an incredible rise.For more information on litecoin check out there website here www.litecoin.com
So should you sit on your Litecoin
I would say that Litecoin is definitely one coin that you should have in your cryptocurrency portfolio. The potential for growth is there and if it carries on growing the way it has done this year you could see yourself sitting on a nice little profit. Keep an eagle eye on Litecoin I think it is definitely one to watch.