LiteCoin (LTC) Review – Crypto Coin Judge
Litecoin: Analysis and interpretation
Decentralized cryptocurrencies are taking an edge over fiat currencies slowly, but surely. Today, we are focusing on Litecoin and how is it benefitting different communities.
What is Litecoin?
The coin uses similar encryption programs to create and transfer funds. There is one key different between Bitcoin and Litecoin and it is that Litecoins can be created and supplied in larger amount than the former one. It also has faster transaction rates. Presently, the coin has one of the largest market caps and longevity as well.
Looking at the history of cryptocurrencies like MaidSafe, MonaCoin, NEM, OmiseGO, PIVX, Populous, you see that witness that Litecoin has always been in top 10 cryptocurrencies in the global market (according to their hard market cap). Currently, it is at No. 7 worldwide. This coin is for trade on all the big exchanges across the globe and also enjoys a good reputation, like Bitcoin. There were many more before this coin, but only few sustained and survived. The adoption of this coin has been slow, but sure; and today, you can see the dramatic expansion of its user base across the globe.
Litecoin is considered Bitcoin’s strongest competitor and the reasons are many. This coin is not just about prosperity and affluence in the market, but has been shown to be a creation of prolonged hard-work and wide technological inclusions. The platform of the coin shows true thinking ahead of its times, performing inevitably with all legal and market compliances. Litecoin, is having to focus on extra payments.
Litecoin: Innovations and technology that make it better than other solutions
This coin has examined and lived the Lightning Network transactions along with atomic swap into its own system. This itself is a remarkable revolution in the world of cryptocurrency. The Lightning Network is an off-chain L2 layer protocol via which the funds can be sent faster and at a lower fee with no wait for blockchain confirmation. As a result, this enhances the scalability to thousands and millions of transactions in a second, which is an appreciable element in the crypto market.
In terms of the cross-chain atomic swap, this has been programmed and deployed to assist transactions across several blockchains and without involving any third-party or exchange platforms. This reduces the company’s overheads and also maximizes security. Litecoin has now incorporated Lightning Cross-chain Atomic Swaps. Today, the development team of this coin is concentrated around integrating confidential transactions onto their network. This coin is really looking great from a technical perspective.
Statistical accounts of Litecoin
Looking at the charts, you will see that this coin has had constant market value and very low volatility, which is unlike Bitcoin. In addition, when Bitcoin’s value dropped badly, LTC was not affected as much as other coins. Nonetheless, investors have always believed that this coin’s future completely relies on its leaders and development teams. Charlie Lee is an important member of these teams. He has consistently used various social media platforms for marketing and more incorporations of Litecoin to avoid the typical in-platform issues, faced by most coin developers in the market.
Litecoin vs Bitcoin
Litecoin is, a crypto coin to make payments with. Just as Bitcoin, this coin too is generated and supplied in the virtual market, but this time it beats Bitcoin. 84 millions LTCs are typically generated and circulated in the market. Bitcoin is therefore a scarce asset, which is considered one of the leading causes for its price upsurge. Litecoin defeats Bitcoin when it comes to transaction speed rate.
Not getting too technical, here are more details on the matter.
1 – The algorithms of Bitcoins allow for a single transaction on its blockchain every 10 minutes, while Litecoin allows faster transactions every 2.5 seconds.
2 – Numbers of Bitcoins to be generated and circulated are lower than the Litecoins. A total of 84 million LTCs are generated and circulated in a year.
3 – There’s also some slight difference in their cryptography algorithms. While Bitcoin uses PoW algos, Litecoins use SCRYPT.
According to experts, this coin is actually an improved Bitcoin with less branding and awareness.
Should you invest in Litecoin?
This coin has proved to be stable and seems to have all the potential to go beyond its competitors’ levels. In terms of investment and revenue scopes, the coin has so far been a good investment asset.
What are the insights?
According to technical experts and miners, Litecoin holds a different characteristic to Bitcoin and that is its improved version of algorithm that truly expedites the system, so hashing power all told. Apart from this, the highlighted factor is Litecoin’s ability to manage transactions of higher volume and the credit goes to its algorithm time and again. The faster the block time, the lesser the double spending attacks.
Most things in technology, in the realm of cryptocurrency, there’s a bit of intricacies and these are generally new to many. However, advantages of buying this coin still sticks around and it sure is worth your time and money both. Cryptocurrency market is volatile and there are now more people, wanting to shift their investment from Bitcoin to alt-coins, just because of their less risk factors in the volatile space. Investors are more interested in alt-coins as these have evidently brought more revenues at cheaper cost, but remember this applies to only long-term investment.
Litecoin plays it smart and equally
Looking at the price and revenue rate of top 10 altcoins in the world, Litecoin has been seen advantaging even wider interests in Cryptocurrencies. For the use of Litecoin being more convenient and transactions being speedy, this coin has already made amongst world’s most welcomed and appreciated Cryptocurrencies. Virtually all digital coin exchanges, other retail stores and e-commerce platform have started accepting LTC as their mainstream payment currency, leading the coin to world’s top 10 altcoins.
How to mine Litecoin?
It has now almost too late for enthusiasts without lavish ASIC processors to initiate mining Bitcoins, many altcoins are well-suited to being mined on home PCs only. Usually, cryptocurrencies like Basic Attention Token, Binance, Augur, Bitconnect, Cardano, Dent, tend to employ either SCRYPT or SHA-256 as their PoW hashing algos, however many of the latest currencies preferred SCRYPT. SCRYPT is more memory intensive but, if you are considering your home PC, make sure it has the latest/advanced graphic cards, which can work effectively, and remember, there must not be any dedicated ASICs, which could possibly create a competition.
Surprisingly, you can still use your home PC’s CPU in order to mine certain digital assets, including Litecoins. GPU’s often recommend for that use as they are more efficient.
Before you start mining, setup the wallet
Prior to starting mining, you need to setup a wallet, to store them safely. The best option is to visit the homepage of Litecoin and look for the download link of its default wallet app.
The core for Windows is maintained by Litecoin’s core development team. This wallet is considered the pillar of the P2P transaction network. These is also known as ‘full node’ and once you install and sync it with the network, you can connect it to transmit transactions to various other nodes.
How to buy Litecoin
By now, you will understand how popular this particular cryptocurrency is. It is available from leading exchanges around the world such as Coinbase. This is said to be the easiest and most reliable platform from which to buy and sell cryptocoins in countries such as UK, Australia, USA, and Canada. You can buy LTC with your credit card or through online banking. In case you are a native of South America or Asia, the easiest way to buy is through converting your currency using Changelly.
You have gotten to safeguard your wallet with paraphrases, which you will be asked to create after a successful installation of the app. Once you are done with unique paraphrase creation, make sure you have noted it down to somewhere easily discoverable. And, finally, backup the wallet.dat file on a secondary media on a USB drive, for example. This is to secure you from all potential glitches. When you send or receive funds, never forget to take a backup of that transaction.
You can mine in two ways, either with CPU (Central processing Unit) or with the graphics cards, or Graphics Processing Unit (GPU). Of these two, GPU is the most used as it performs better, because of its cryptographic calculations. But, in case you are beginning to venture into mining and never own an enhanced gaming computer.
Litecoin in the news
The world has been mystified, stupefied and petrified by Bitcoin’s fall, but Litecoin has continued to upsurge. Today, investors are seen to be latching onto Litecoin, as a better alternative. This coin also holds more traits and features. Other than block generation, its mechanism allows a faster transaction rate of 2.5 seconds, of confirming LTC transactions. Whereas BTC transaction is confirmed in 10 minutes.
This coin confirms your transaction faster than Bitcoin. In addition to this, there are more. LTC makes the news, for being faster in confirming all of its transactions which is more beneficial in a practical sense. Today, handling fiat currencies or other digital currencies are nowhere near the ease of handling LTCs. It is just like your credit card – all you have to do is swipe it at the Staurbucks (when Starbucks will accept cryptocurrencies as well as their mainstream payment means) and come out sipping your Hot Mocha.
In reality, LTC is holds more value for many reasons. BTC is valued more since it is scarce. but LTC will become the same once its investor-base expands. A total of 84 million LTC will float in the market. Moreover, LTC has more in its favour – It can be sent to anywhere across the globe quite instantaneously and at lower fees that Bitcoin.