Reviewing Litecoin: Legit or Not? Or will it always play 2nd fiddle to Bitcoin.
Here is my unbiased review. Did you always wonder why we only hear about Bitcoin and Ethereum?
Here is the scoop and where can you can buy it if you found it compelling.
Litecoin Definition
Let’s start with some information from there own site.
“Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.”
Litecoin’s Inventor
Charlie Lee invented Litecoin in 2011, and even sold off his cache of coins in order to not have a conflict of interest with the growth of this payment method. Litecoin can process much faster than Bitcoin. In fact, 4 times faster according to Charlie Lee. Lee also wants the Litecoin to process more inexpensively.
Lee created Litecoin to be a silver to Bitcoin. Just for fun. Obviously, it has grown to be something more. Lee expressed that he never expected Litecoin to have the growth it did. He now believes Litecoin can coexist with Bitcoin where there will be easy exchange between the two. Bitcoin will be the store of value and Litecoin will be the transactional currency
Company Accepting Litecoin
Companies like Overstock.com even accept Litecoin as payment system today.
Litecoin & Lightening Network
Last I looked, Litecoin traded at $123, but of course that changes daily like most tokens in the crypto world. Payment networks like Elizabeth’s Stark’s Lightening Network may change history as her team increases the speed and size in which cryptocurrency transactions take place. The Lightening Network is supposed to accommodate several types of Crypto currencies by using alternate blockchains.
It would be fair to say Litecoin is legit and could be a big player in the future
Invest or not, you make the choice. Coinbase and Gemini are good choices.
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