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What Makes Litecoin the Most Useful Currency?

Litecoin is one of the most popular Altcoins. The market cap of Litecoin has shown an evident rise, which resulted in its popularity and growth. It is one of the oldest Altcoin which was introduced two years after bitcoin.

In 2011, after the creation of Litecoin, people started to refer to it as a lighter version of bitcoin. In no time, Litecoin was able to attract investors and miners from all over the world who saw this currency more profitable and secure.

Here are some pros of this Altcoin that makes it the most useful currency:

Open-Source Network

The most prominent reason for the growth of Litecoin is that it is an open-source system. An open-source system ensures that changes can be easily implemented. These changes come in place because the market trends shift or the need for market changes.

Thus, a currency needs to be flexible and should adapt to the changing circumstances. Another flexibility provided by Litecoin is that it makes it easy to implement innovations. It was this ease of innovation that introduced the Lightning Network for Litecoin that made it convenient and faster.

Read Also: 5 Companies to Trade in Cryptocurrencies in Nigeria

Fast Speed

As stated above, the lightning network of Litecoin makes it faster than most of the cryptocurrencies. Even if we compare Litecoin and Bitcoin in terms of speed, the former proves to be better as it is four times better than Bitcoin.

Transactions of Litecoin can be processed in approximately 2.5 minutes whereas Bitcoin takes almost 10 minutes to process the same transaction. It would not be wrong to say that the risk of potential attacks is also reduced due to high speed. The lesser the transaction time, the more complex it becomes for hackers because they don’t have much time to launch an attack.

Decentralized

The peer-to-peer network of Litecoin ensures a decentralized environment for the users which is a great alternative to the fiat currency. A decentralized network implies that you can safely and successfully have a transaction without the interference of any third-party. These third-parties can be central banks or other government authorities.

By using Litecoin, you can ensure that there is no meddling in your transaction because only two parties are involved; the sender and the receiver. This leads to another advantage of Litecoin i.e., no intermediary fees need to pay and the manipulation of prices is reduced to a minimum.

Some other Advantages

Apart from these main advantages of Litecoin, some other pros make it one of the most useful currency:

  • Low transaction fees as compared to other cryptocurrencies. Especially, the international transaction fee is relatively lower than in other currencies.
  • Several platforms support the trading of Litecoin like britishbitcoinprofit.org.
  • Litecoin has a high scalability factor as it can process 56 transactions in one second.
  • Litecoin has several coins in existence. To be precise, there are 84 billion Litecoins that is almost four times more than bitcoin. It leads to less competition in mining and increased profit margin.
  • The algorithm used by Litecoin is considered to be safer than the algorithms used by other digital currencies. The Scrypt algorithm which is used by Litecoin provides efficient processing speed and power.
  • Litecoin has been improving and developing since it was launched. SegWit and the lightning network are proof of the developments in Litecoin. If Litecoin continues to grow and develop like this then there are higher chances of profit in it.

Conclusion:

Altcoins are gaining popularity every day and it seems that they can be a tough competition to Bitcoin. The advantages of Litecoin are numerous as stated above which makes it one of the most useful cryptocurrency. It wouldn’t be wrong to say that Litecoin can beat Bitcoin in near future.

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