Top 5 Amaging Features of Litecoin
Over the years, there has been an increased interest in cryptocurrencies especially bitcoin. But very recently there has been a shift of focus on Litecoin called the ‘’silver’’ to bitcoin. Litecoin is a digital currency created through mining which is fixed in supply. It is the third-largest virtual currency in the world which will not exceed 84 million in circulation.
The creators of Litecoin know that for Litecoin to be valuable, there has to be a limited amount of it since any product that is readily and cheaply available would become worthless, this helped to eliminate the fears of interested individuals.
This is in contrast to the traditional currencies which can suffer inflation as a result of interference from the government and central bank through the printing and issuing of currencies into circulation thereby devaluing the purchasing power of the money.
That is why Litecoin is still the best option to invest in and it can be bought from using fiat currency via credit or debit card. For more information on how to purchase and when to, look it up at https://paybis.com/. But for this article, our interest is centred on the features Litecoin possesses. Without much ado, let’s get to it;
DECENTRALIZED OPERATIONS
Litecoin was created by the genius Charles Lee, an MIT graduate in 2011 after bitcoin’s peer-to-peer protocol with its own touch of uniqueness where there is no external influence by banks, companies and government to determine the price, sales, production or even the charges of the mining of the coins. This decentralized system has made the Litecoin network quite reliable since all transactions are not restricted to a single server but it is available to all.
THE BLOCKCHAIN
When it comes to dealing with very large volumes of transactions, transfers and trading, Litecoin is simply the best. It can handle and process about 55 transactions per second whereas its counterparts like bitcoin are only able to process a maximum of 7 transactions per second and ethereum processing a maximum average of 15 transactions per second.
Litecoin has succeeded in incorporating features like the frequent block generations, Segregated witnesses that support large volumes of transactions that would nullify the need for any amendments in the future. This has contributed largely on the faster confirmation that miners enjoy on Litecoin blockchain.
MINING
This is the process involving people sending and receiving funds without external control or third party interference. For Litecoin mining to be successful, a computer and internet network are needed, the reason is that the puzzle on the blockchain has been designed so that no human could solve them.
To become a Litecoin miner, one must use extra computing power to solve the mathematical puzzles available but with lots of rewards to go by. Litecoin rewards its miners with 50coins for every block that is verified and confirmed as compensation for the time, money and electricity that it consumes.
The most outstanding thing about the Litecoin mining system is that a lot of people can afford to mine because it is cheaper and affordable due to the script algorithm that it uses instead of the very expensive ASIC hardware used by some other altcoins.
SECURITY
It is almost impossible for hackers and scammers to gain access into the blockchain since every transaction is visible by everyone, traceable and recorded.
WALLETS
This is the most convenient and safest storage options for Litecoin. It is a cryptocurrency wallet where private keys are stored in a secure physical device, kept offline which can’t be hacked. These coins which have been stored are always available just like in our physical leather wallets or pouch which we use. The public address on our wallet is where people can send us our crypto while we can use our crypto anyhow we want it using our private keys.
It can, therefore, be said to be a device that keeps our public addresses and private keys. It can also be used to accept and then transfer or use crypto. Litecoins can, therefore, be stored in several wallets like the mobile wallets, hardware wallets and even paper wallets. The mobile wallets and the desktop wallets are examples of hot wallets which are always active with the internet.
It is about the easiest to use but it can be easily prone to hackers while the paper wallet is an example of cold wallets that are active when not connected to the internet which is quite safe from hacks.
In conclusion, Litecoin has made a name for itself in recent times. Even though it started like the second to bitcoin, it has proven to the world in several ways that it is reliable and has also built up the capacity to take care of the future.
The most amazing thing is that they have successfully implemented Segwit and also tested out atomic swaps, not only that, they have gone ahead to also incorporate lightning network into their system which is a good step forward and a catalyst for boosting its rise in value.
