Things You Should Know About Litecoin
Are you looking for an article that has everything about Litecoin? If yes,
then you come to the right article.
All the main questions that most people have in their minds regarding
Litecoin are mentioned below,
so if you are curious to know more, then keep reading this article.
What is Litecoin?
Litecoin is a cryptocurrency that allows us to make instant payments
all over the world.
It is an open-source, all over world payment that is completely decentralized.
Another great thing about Litecoin is that it is one of the oldest cryptocurrencies
that is used by millions of people across the globe.
In other words, you can say it’s like a little brother to bitcoin and provides
almost all the benefits the same as bitcoin.
One great thing about Litecoin is that it has very low payment cost of transaction
for sending money to anyone all over the world.
This is one of the main reasons why most people carry forward their transactions
by using Litecoin.
Origin Of Litecoin
Litecoin was created by a former Google employee, Charles Lee.
After the rise in bitcoin, he thought about creating an alternative that will make
the transactions even cheaper.
Then in 2011, he announced Litecoin with the agenda of being silver to
Charles Lee launched it through an open-source github client
on October 7, 2011.
When Litecoin was launched it has the highest cap after bitcoin.
Reasons Of Increasing Popularity Of Litecoin
As mentioned above that Charles Lee invented Its to provide better
service to people than they were getting from other cryptocurrencies.
And the good thing is that he was successful as Its provides many
great advantages over other options.
So down below is a list of reasons why Its has become very popular:
- Cheaper- One of the best benefits of using Litecoin is that
it is cheaper than bitcoin and other cryptocurrencies.
You can do any transaction without paying any kind of fee.
Along with this, the transaction period is also shorter in Litecoin as
compared to BTC
- Flexible- Its also very flexible in terms of changes
Unlike other cryptocurrencies, it doesn’t require much time to complete the
updates,which makes it a very faster and reliable option
- Big Transaction Capacity- Another great reason behind its growing
popularity is the big transaction capacity it offers.
It had 4 times more transaction capacity than bitcoin and now with the Segwit activation,
the transaction capacity has increased from 4 times to 8 times
Is Litecoin Anonymous?
No Litecoin is not anonymous and the main reason behind this is that it uses blockchain.
Blockchain is very public and you will need to download the entire thing if you want to mine a coin.
Though some people call it pseudo-anonymous as the blockchain only has the amount that needs
to be transferred and the wallet address.
In simple words, if you are using Its for sending payments,
then you won’t be able to identify who those wallets belong to.
Written By : YOUSSEF J A ALMEER