Litecoin is the second largest cryptocurrency after Bitcoin. It is the silver to the crypto market after Bitcoin which is considered as gold. It is a decentralized and open source cryptocurrency. Litecoin has many similarities with Bitcoin and some features are considered an improvement of Bitcoin. In 2013 it had reached USD $1 million market cap and its growth is unstoppable after that.
It has many similarities with Bitcoin but is more advantageous when comes to transaction, mining, speed, and accuracy. Let us discuss them
- Segregated witness process which is used in Litecoin increases the rate of transaction verification. Time of payment confirmation is also reduced from 10 minutes to 2.5 minutes.
- The speed also comes with security which reduces the hacking attacks.
- Litecoin has coin limit of 84 million compared to its market rival bitcoin, that has a limit of 21 million coins.
- Scrypt hashing is used for Litecoin compared to SHA-256bmining which is used for Bitcoin.
- Litecoin has also secured its wallet from viruses and Trojans, it also performs sanity check before making any transaction. Click on the full review to know more.
Litecoin can use in the same manner as Bitcoin, one can use it anywhere Bitcoin is used. Merchants are adopting this currency since it has occupied the second position after its release in the market. Merchants like health and beauty product, financial consultants have started to accept it.
It is a lot easier to pay and Litecoin compared to any other cryptocurrency. Steps for payment with Litecoin are discussed as under.
- In your wallet information enter the person address or simply scan the QR code that matches the address.
- Next, enter the amount that you intend to send.
- Click on send, your money is transferred.
It is that simple to do Litecoin transaction.
The growth of Litecoin will not slow down in the near future, which will lead many more merchants to accept it either along with bitcoin or chances are there it may completely replace bitcoin. Many companies are installing ATMs to switch to Litecoin. Cryptocurrency enthusiast should consider buying Litecoin as it can give them good returns.
Bitcoin may have grabbed all the attention of the market but Litecoin is also growing at a faster rate to give it a good competition. The growth of bitcoin has boosted up the cryptocurrency market and has opened the door for other cryptocurrencies like Litecoin, Ethereum, ripple to mark their presence in the market.