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How much do you really know about cryptocurrencies in the market, honestly? This is an important question because many coins have a particular purpose and you can only evaluate their value if you can judge whether they are delivering their purpose or not. This is true for Litecoin (LTC) and for any other resource, so let's dig deeper into this article. This can give you confidence in the way you manage your digital assets, in particular Litecoin.
LTC 101
Litecoin (LTC) was created by Charlie Lee. Mr. Lee, who was a software engineer at Google and the technical director of Coinbase, has his immaculate credentials when it comes to computer science or cryptography. LTC is used for direct transactions between individuals or companies without any intervention by third parties (such as a bank). Exchanging Litecoin is no more difficult than sending emails.
This currency is known as Bitcoin's younger brother or as Silver Bitcoin (the original Bitcoin is gold). Why is it called Litecoin? Because it is Bitcoin, exactly, only lighter in terms of the mining power it requires.
What is the purpose of Litecoin?
Just like with Bitcoin, Litecoin gives you total control over your wealth. When was the last time you tried to withdraw $ 10000 in cash? Maybe you did not, but if you tried (and you could) your bank would deny it or you would blow up the circles. You would be reported at least to the tax authorities.
Why should it be like this? Are not your money at the end? Yes, but the bank imposes daily, weekly, and monthly highs for the money you can withdraw. Also, you can not spend as much as you want every day, just as much as your bank allows. If you want to spend or withdraw more you have to ask your bank's permission and give them a good reason.
The fact is: it's your money. You worked hard for this. So why can the bank tell you how much you can spend per day, week or month? In addition, the bank charges you the transactions and charges you fees every month because they keep your savings "safe" for you.
Bitcoin and Litecoin remove this problem. It is not necessary to ask for permission. If you have coins, you can spend them whenever you want in any amount you want. The Litecoin system gives you full control of your resources without any red tape. Is it reliable and safe? Of course, it is, this is the point of the blockchain.
Is Litecoin better than Bitcoin?
To answer this question, we must first explain the difference between both coins.
We start with speed and costs. A Litecoin transfer costs about $ 0.05 and takes 2.5 minutes to be adjusted to the maximum. Bitcoin takes 10 minutes (if you're lucky, it can be up to an hour) and it's ten times more expensive.
Is it very different from $ 0.5 to $ 0.05? Maybe not, but it's not the only factor. But if you use one of the two coins to transfer sums up to five dollars, why should you pay and wait more time if you can do it faster and cheaper?
Litecoin is really better because of costs and transaction speeds. Bitcoin is still and will remain, the mother of all coins, so it's worth being in Bitcoin. The fact remains that many other tokens are cheaper and faster than Bitcoin and Litecoin (think Cardano, Tron, XRP, XLM, among others) but they are not so famous.
So, what's all this interest in Litecoin, anyway?
Bitcoin is considered a way to store wealth and also Litecoin. But covering your bets is always a good idea. As they say, do not put all the eggs in one basket.
Litecoin is now the seventh digital asset in the world in terms of market capitalization at $ 3,197.008,940. It's very different from Bitcoin to be sure. But it is still one of the most solid options you can find in the cryptosphere.
What are the prospects for Litecoin?
There is a further development in Litecoin's plans. Following is the implementation of "confidential transactions", which means that the transaction amount will only be available to the sender and recipient. Nobody else will be able to understand it because "Litecoin appreciates these personal freedoms and puts you in full control of your money".
We hope you understand the Litecoin project in a better way now, but if you're still interested in getting more details and seeing official updates from the Litecoin team, you can always download the Totem app in the Google Play Store.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
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