Importance of Litecoin as a Crysptocurrency
Litecoin is a cryptocurrency system with an open source transaction protocol with no central management or authority. New cryptographic advances adopted by this system spare some of the bottleneck issues as seen in Bitcoin. It facilitates fast payment and runs on a zero tax/zero payment method of transaction.
History
Litcoin trading was released in October, 2011 by a person called Charlie Lee. The vision of Litecoin trading was similar to Bitcoins barring some technical differences. The block time reduction, more number of transactional coins, advanced scripting language and hashing algorithms and modified GUI gave Bitcoin a run for its money. From the time it was released, it has seen massive exponential growth in its value. The value of Litecoins has seen grave increase in market value since. September was the highest grossing month for Litecoin trading at a value at $92.07 per coin.
Technological Advancement and Worth
Litecoin trading has faster block generation time of 2.5minutes as compared to the 10minutes in Bitcoin. Litecoin trading occurs with more number of coins and has a more user friendly GUI.
Litecoin trading has occupied its place amongst the top 5 cryptocurrency transaction systems. As of October this year, the market value of one Litecoin is $55.5. Litecoin has one of the largest market capitalization values among all these virtual currencies.
How is Litecoin better than Bitcoin?
- The transaction time for the users is reduced in Litecoin trading. Block generation within the public ledge is reduced to a time of 2.5 minutes as compared to the 10 minutes time in Bitcoin. Due to the faster frequency, some kinds of online frauds like double spending can be avoided.
- The number of coins that Litecoin trading is due to produce is 4 times more than that in Bitcoin. Also, due to faster transaction time, more currency can be sent over a short period.
- Algorithm for mining Litecoins is a bit more complicated but more secure.
Litecoin, with its vision and improved technological advancements, have earned a place in one of the top places in the world market. There are many other digital money systems, but Litecoin stands out for many reasons. It promises more security, although there is always a chance of cyber crime when it comes to digital money transfer. Digital currency has opened a new window to the world. With more such systems cropping up, transaction is becoming easy and asset value is increasing at a different rate altogether.