7 Interesting Facts About Litecoin

by Andrew McGuinness     Mar 20, 2018

Even though Bitcoin seems to be the only type of cryptocurrency anyone talks about, there are countless other forms of cryptocurrency trying to reach the heights of Bitcoin and becoming reasonably valuable in doing so. Bitcoin has yet to find its match, it is steadily maintaining its spot as number one most valuable form of digital currency, with all other coins and currencies trailing a fair bit behind. This does not mean, however, that other forms of cryptocurrency aren’t worth learning about and investing in as well.

One particular type of cryptocurrency has been showing promise and growing steadily as time passes. This cryptocurrency is called Litecoin. Here are 7 interesting facts about this up-and-coming digital currency:

1.When it was founded and by who

Litecoin was actually founded over 6 years ago in October of 2011 by a once Google software engineer Charlie Lee. The way it began was actually as a fork of the Bitcoin core client.

2. Litecoin versus Bitcoin

In order to distinguish the likes of Litecoin and Bitcoin properly, it is often said that Litecoin is the silver version to Bitcoin’s gold. In other words, these two cryptocurrencies are very similar, both are growing rapidly and are very valuable, but Bitcoin is just that much better.

But who knows, maybe one day Litecoin and Bitcoin will switch places and Bitcoin will become the silver to Litecoin’s gold. In this market, virtually anything is possible as long as you give it time.

3. Faster speed than its competitors

Now, when you’re used to the speed of online banking transactions, which take 3-7 days for international money transfers, anything less than a week-long processing period is something that you become grateful for. When it comes to the virtually instantaneous processing times of cryptocurrency transactions, however, the difference in processing from one cryptocurrency to another is a matter of minutes.

Although this would not be noticeable or matter at all to most of us considering what we are used to, transaction processing speed is a very important matter for most merchants. The faster, the better, because a difference of a few minutes could mean a substantial rise in both profit and convenience for businesses.

While Bitcoin takes about 9 minutes on average for a transaction to be completed, Litecoin takes only 2 and a half minutes to complete a transaction. A 6.5-minute difference may not seem like a lot but if you put it into perspective by considering what it is used for as well as the advantages merchants stand to gain from this comparatively miniscule waiting period, Litecoin has a very clear advantage.

4. More secure than most

By using the Scrypt algorithm rather than a more simplified and therefore more easily penetrable algorithm, Litecoin maintains a more secure barrier between its cryptocurrency and the hackers attempting to access it. It is not only the Scrypt algorithm that allows Litecoins to remain more secure, however. Litecoins are also more secure due to the fact that the mining of Litecoins involves such complex mathematical problems and equations that attempting to solve them would become a time-consuming and nonetheless fruitless task for a great majority of hackers.

As this cryptocurrency is more difficult to mine, a rather limited amount of people are able to pursue the mining of a Litecoin. I’m not sure if this would be considered a downfall of Litecoin, however, because when it comes to cryptocurrency, a high level of security keeping your digital currency safe is of utmost importance above all else.

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