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Most virtual currencies are all related to their underlying
blockchain technology. However, Litecoin is trying to excel in the bitcoin
play as a medium of exchange.
Litecoin aims to collaborate with many traders how many
possible, and did a good job in bridging the gap behind the bitcoins
terms of total daily transactions. According to daily transaction data from
BitInfoCharts.com, bitcoin has been "stuck" between 150,000 and 300,000
transactions per day from the beginning of 2016. Meanwhile, Litecoin has
rose from managing less than 10,000 transactions a day, on average, a year
it makes between 25,000 and 35,000 transactions a day in the past
month. With an average block processing time of only 2-1 / 2 minutes – a "block"
is a term that describes a group of transactions that has been validated as correct – compared to the 10-minute bitcoin, offers Litecoin significantly
faster validation and settlement times of his enemy.
But Litecoin is not perfect, either. Although its founder,
Charlie Lee, is working full-time to encourage the development of Litecoin e
facilitate new registrations to traders, had some flub. For example, Lee
touted the planned development and launch of LitePay, a payment platform
specifically designed to support Litecoin, although developed independently of
Litecoin. Unfortunately, LitePay has never been at the height. Indeed, it
never even launched, with LitePay CEO Kenneth Asare informing Litecoin of
his intention to stop work on the platform and sell the company.
And yet, even with these sobs, few or no exchange media
coins have shown the ability to process transactions more quickly than
Litecoin.
