.jpeg)
Background
No doubt, Bitcoin was considered as the first
digital cryptocurrency before other alternative coins begin to unveil in other subsequent years. unlike Bitcoin which was created by anonymous group of individuals, the creator of litecoin is known as Charlie Lee who is a cryptography expert, who has worked with Google and coinbase.
The idea for creating litecoin was to provide users with much faster transaction processing time and less fee and speed of processing transaction than Bitcoin itself it was created in 2011.
How it works
Litecoin is an open-source blockchain network. it uses scrypts in its proof-of-work algorithm, it is also referred to as a bitcoin fork.
Litecoin works similarly to Bitcoin but it's an improved version of Bitcoin in terms of transactions it is considered to be faster than bitcoin which means lesser time is required to process block transactions on the litecoin blockchain.
In terms of making choices for traders, they choose litecoin since it also provides less fee for processing transactions there is no doubt litecoin blockchain is an improved version of bitcoin.
Mining
Like bitcoin litecoin can also be mined it's known that the appropriate processing time for mining Bitcoin could be 10mins while litecoin takes lesser time about 2.5mins for the mining process, this has make it more convenient for miners to use less sophisticated devices to mine litecoin such as GPU (graphical processing units) whereas using bitcoin to mine requires more expensive and sophisticated device.
With litecoin inception there has been pricing competition since traders and investors would prefer to spend less fee when making a transaction this has made litecoin to be adopted and embraced by more investors ans traders with also less power consumption for mining the coin.
Advantages
litecoin is considered to be four times faster than Bitcoin as it takes 2.5mins to process a block transaction.
It's an open-source decentralized blockchain which means it can be used by anyone to make an instant transaction.
it has less fee for making transactions.
making transaction using litecoin require no third party users.
Disadvantages
- One drawback about altcoin/cryptocurrency is an anonymity use case which is quite common for every cryptocurrency which sometimes provides illegal means of conducting transactions, that are sometimes untraceable.
Conclusion
Litecoin has been an improved version of Bitcoin in terms of transaction speed and fee for making payments. it is also listed in multiple exchange platform which has increases it use-value and adoption by traders and investors multiple wallets are created to conveniently store litecoin in the crypto space.
Thanks for stopping by.
Posted by me here
I am not sure there is a huge market for Litecoin anymore. There are other ways to transaction that are a lot faster than Litecoin.
The advantage that Bitcoin has is that it is finding itself as a store of value. This is not something that Litecoin will duplicate.
One of the features that might be of interest is the privacy and vaults. That could really change things.
Posted Using LeoFinance Beta
Sure you're right, transaction on tron blockchain has been far more cheaper compared to both litecoin and bitcoin blockchain.
I prefer using tron blockchain when performing any transaction.
Thanks for the feedback.
First, work on the formatting of your blog.
Pay attention to grammar like starting the sentence on a capital letter and spacing. I wouldn't bat an eye if it's a personal post talking about your daily life but you're trying to present an informative post, so better to make it look authoritative at least with right grammar.
The whole segment leading to this point can be summed into Litecoin is faster than Bitcoin and this is why people love it for yadayadaya. You can tell the message straight without adding several fillers. Those sentence fillers don't add value to the post. It just stretches it and drags away your reader's attention to somewhere else.
Most of the subsequent segments are like that. Telling several sentences while having a redundant thought behind them. Your article can be shortened to a few paragraphs and the content isn't eliciting any drive to get hooked.
You only placed 1 while introducing the segment in plural form. I was expecting several disadvantages.
Hey thanks i do appreciate your feedback, would put more effort towards writing more interesting posts.
I'm glad you read through the post.
Will tag you on my next post soon.
Don't bother. I don't get paid to review for my time. Your best bet to improve is just reading more of what works rather than sticking to your own concept of "interesting".
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share 80 % of the curation rewards with the delegators.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
Read our latest announcement post to get more information.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
Interesting information, I am definitely going to check this coin out. Thanks
Thanks for stopping by and reading through.