Should I buy Bitcoin or Litcoin?
The better bitcoin? That's behind Litecoin
A Bitcoin payment takes ten minutes– too long, thought the inventor of the litecoin. He developed a currency that should be faster and cheaper. Is Litecoin the Better Bitcoin?
Cryptocurrencies are supposed to paying make it easier, safer and more digital. But would you like to stand at the cash register for ten minutes until your coffee is paid for (and cold)? Should Bitcoin as a means of payment enforce, that would be a conceivable scenario: Because an average transaction, i.e. a payment, takes the largest one Cryptocurrency an average of ten minutes.
Remedy should be here Litecoin create. The goal of the cryptocurrency, which the American computer scientist Charlie Lee invented in 2011, is simple and ambitious: Litecoin should the better, cheaper and faster Bitcoin be.
What is litecoin?
Litecoin is an open source, decentralized oneCryptocurrencybased on blockchain technology. This is from the Bitcoin blockchain so it is a kind of decoupling of bitcoin. In professional circles this process is called Hard fork. An example of another hard fork of bitcoin is bitcoin cash.
- Important: With a hard fork, the blockchain of a cryptocurrency, for example Bitcoin, is changed. The old blocks no longer allow the blocks of the changed blockchain for the old system, i.e. the original currency. If enough users accept the new blocks, a new currency is created. This shares the past with the original currency - such as Bitcoin - but the blockchains will go their separate ways for the future.
What can Litecoin do better than Bitcoin?
Litecoin is in the Processing payments faster and cheaper than its "big brother" Bitcoin. There are several reasons for this, including:
- More transactions
- better scalability
- simpler algorithm
- higher upper limit of coins.
A big criticism of Bitcoin is that lack of scalability. Put simply, this means that the cryptocurrency Bitcoin cannot adapt well to increased demand for payment processes. To the Scalability include about the aspects of how a lot of data can be processed in a period of time how long needs a payment and how sure Your payment is.
Litecoin promises the solution here: The blocks of the cryptocurrency are smaller and a new block is created every two and a half minutes - that's the currency four times as fast as Bitcoin.
Since the payments are stored and encrypted on the blocks of the blockchain, Litecoin can process a lot more payments in less time. For you as a user, this means: Your coffee will no longer get cold when you pay, you no longer have to wait for the long waiting times you did with Bitcoin.
Also the algorithm, which encrypts the individual blocks, is less complicated and therefore faster than with Bitcoin. We explain how a blockchain works in detail here.
The more complex the algorithm, the more securely the transactions are encrypted. But even if Litecoin has made compromises here, it still applies Currency is still considered safe among experts.
Another side aspect of the faster blockchain: A Litecoin is created four times as fast as a Bitcoin, so there is also four times the amount. A total of 84 million litecoins can be mined, then it's over.
What are the advantages of Litecoin for users?
The modification of the blockchain makes Litecoin for the everyday use more user-friendly. The currency is faster in the payment process and can better absorb higher transaction volumes. In addition, it offers you as a user another great advantage: Due to the less complex structure behind the currency the fees are significantly lower than with Bitcoin.
However, only accept very few dealers Litecoin as a means of payment - a problem that is currently shared by all crypto currencies. At the moment, the crypto currency Litecoin is mainly found in Darknet Use as an anonymous means of payment.
Does Litecoin have a future?
This is difficult to predict with medium-sized cryptocurrencies. Litecoin is one of the ten most important digital currencies and, like Bitcoin, Ethereum and Cardano, was able to benefit from the uncertainties of the corona pandemic. In mid-March 2020 the price for a Litecoin was still 27 euros, in March 2021 a Litecoin was already166 euros value.
Some analyzes from the industry also expect the Litecoin to grow strongly in the future. To 2025 an LTC is said to be worth between $ 437 and $ 950, depending on the forecast. Such statements are in the dynamic crypto market but very difficult to evaluate. With Litecoin there are both factors that could speak for growth, but also some negative development opportunities.
opportunities for Litecoin are:
- The Mining is easier than with Bitcoin. In this way, more people can get actively involved in the network.
- The founder Charlie Lee is well respected in the industry. Lee is said to have given up his job at Google for Litecoin and also retired as the technical director of the large crypto exchange Coinbase.
- Litecoin is on all major and major stock exchanges acted. All hardware wallets - i.e. options for storing the currency offline - also support Litecoin.
- Paypal recently opened to Litecoin as well.
- In the Darknet, more and more users pay with Litecoin than with Bitcoin. This market had also made Bitcoin more widespread, as many bought the digital currency to use it anonymously on the internet to pay. The low fees now make Litecoin more attractive for these customers.
But there are also some Risks for Litecoin:
- Bitcoin as a big brother and largest digital currency is difficult to overcome.
- Litecoin is considered a test track for the Bitcoin. Innovations and facilities that prove themselves in the Litecoin blockchain will also be implemented afterwards taken over by Bitcoin. Litecoin thus loses its unique selling proposition.
- Litecoin isn't the only hard fork of Bitcoin that enables fast payments. Bitcoin Cash Split from Bitcoin in 2017 and is on the heels of Litecoin.
- The Litepay scandal has lost user trust. Here, the developers of the Litecoin announced new technological innovations in 2018 that they could not implement in the end. The price then collapsed sharply.
- Increased use in the Darknet can damage your reputation. Bitcoin also still has the stigma of the "criminal currency", although many well-known investors are now relying on the crypto currency. If Litecoin replaces Bitcoin on the Darknet, it could also inherit the reputation of being a criminal currency.
Litecoins are currently still significantly cheaper than the major currencies Bitcoin and Ethereum. It is therefore much easier for you as an investor to acquire an entire Litecoin than an Ether or Bitcoin.
But Litecoin also lacks the support of large investors to the extent that they enjoy Ether and Bitcoin. An investment offers you as an investor as with other cryptocurrenciesopportunities, but also Risks.
- What is the perspective of psychology
- Where can I test my PHP skills
- What is a gig of data
- What does what does
- Will Wales win the Rugby World Cup?
- What is your great opportunity
- Which district of Tamil Nadu is rich in water
- What are the benefits of cheese spread
- What are some sentence examples with handcuffs
- What is worth knowing
- What is 8 2 2 2
- What determines the brightness of a laser
- How was CEED 2019
- Should I apologize to myself, papa
- Who benefited from the dissolution of Yugoslavia
- How are vacation days?
- How do you invest when you're broke
- How does autism affect a person's language skills
- What is internet research
- How can you run DosBox in full screen mode
- Will I be deported if I get a divorce?
- What are Pluto's three moons
- What is the treatment for quadriplegia
- What is Bitmoji How is it created