What Makes Litecoin A Chosen Alternative Over Bitcoins In The Present Times?
Posted: Apr 27, 2018
Bitcoin was the first cryptocurrency of the world, and that naturally gave it a kind of edge in the competition. But since Bitcoin was one of the earliest to arrive on the scene, it also came with several drawbacks of its own. The digital currencies, like litecoin, which came after Bitcoin had many of the glitches fixed. Though bitcoin still continues to be one of the most viable digital currencies, people are getting increasingly interested towards the other types of digital currencies, the foremost of which is the litecoin.
The Top Three Reasons To Invest In Litecoin
Litecoin was created on many of the same characteristics as a bitcoin, but certain tweaks and tricks have made it emerge as one of the foremost competitions of bitcoin. The following are the top three reasons why you should consider investing in litecoin.
1. You Get A Better Blockchain
Litecoin has an amazingly fast transaction speed, and each transaction is confirmed in a record time of not more than 2.5 minutes. It takes ten minutes to confirm one transaction of bitcoins. Both the merchants and users want a fast transaction. Thus, the speed suits them both. The blocks in the litecoin blockchain get smaller by drawing of signature data from the transactions. Thus, you get a better blockchain at work which facilitates the high transaction speed.
2. The Rounded Numbers
The number of coins that can exist in the world, in case of any digital currency, is finite. But the total amount of the coins that exist differ from one digital currency to the other. Litecoin has more coins in the market as compared to bitcoin. Thus, the consumers who want an effective, simple digital currency can opt for litecoin. The number of litecoins circulating in the market is high enough to ensure that you would not need to count the decimals when paying for the next time.
3. The Simple Algorithm
Digital currencies are about codes that use algorithms. The algorithms of litecoin make it simple for the mines to use the system. For mining bitcoins, you need to use a far more complex algorithm than litecoin, and in return, you get fewer coins than litecoin. The algorithms also directly or indirectly affect the ltc price. The bitcoin algorithms are so complex that everyday miners find it too difficult to crack. Even they are considering shifting to litecoins.
Litecoin is definitely one of the top contenders to win the race of digital currencies, and it would be a wise decision for you to invest in it. Make sure you consider all the pros and cons well before taking such a financial decision.
Fareed is a graduate of computer science engineering, a writer and marketing consultant. he continues to study on Nano technology and its resulting benefits to achieving almost there.