Nowadays, people mostly talk about Bitcoin and it has always been on top among cryptocurrency discussions. Yet, this doesn’t mean that other crypto coins are not worth to invest in or are less useful (for instance, Bytom, Cardano).

Going back to our topic and leaving Bitcoin aside, let’s speak about Litecoin which is one of the famous cryptocurrencies. It is an early and high standard coin along with Bitcoin founded in 2011 by Charlie Lee. Litecoin is considered as the second most popular crypto coin. The main advantage of this cryptocurrency is its speed and that feature makes Litecoin a widely liked coin.

Litecoin isn’t a newly created crypto, but it is in a constant process of growing and becoming a better one. Currently, Litecoins are being created through mining.

Here are the Litecoin facts that are necessary and important to know.

  1. It’s a fast coin. As you know, the speed of international transactions is from 3 to 7 days, anything faster is better. In the case of virtual transactions, it takes just minutes to transfer one crypto to another. Maybe this will not be very attractive for many of us as people like to continue doing whatever they are used to do but, for example, for merchants, this will be great news as they are looking for faster ways. In comparison, transactions with bitcoin take 9 minutes, while Litecoin only 2,5 minutes. Again, for us maybe these 6.5 minutes aren’t of great importance, however, if you consider what merchants expect to earn from short-lasting transactions, this is a highly desired advantage for them.
  2. Safer than most. Litecoin uses the Scrypt algorithm which is not easy or simple to use, but it is secure and, through this algorithm, Litecoin keeps hackers away from its system. However, the Scrypt algorithm isn’t the only thing that keeps Litecoin secure. It is safe because mining Litecoins includes quite difficult mathematical problems and they take too much time to solve, so it is pointless for hackers to try so. Only a limited amount of people can mine Litecoin as it is a rather difficult process as mentioned before.
  3. Bitcoin VS. Litecoin. When you want to distinguish Bitcoin and Litecoin you can call them like “gold” referring to Bitcoin and “silver” referring to Litecoin. These two cryptocurrencies have many similarities. They are both the most popular and are very precious. Currently, Bitcoin is considered to be better but in the cryptocurrency world, everything is possible so one day Litecoin can reach the top.
  4. Litecoin to Vertcoin. In 2017, Litecoin and Vertcoin made an atomic exchange on the blockchain which means that you can easily exchange Litecoin to Vertcoin without the middlemen system. Apart from Vertcoin, Litecoin has tested this atomic exchange on the blockchain with Bitcoin and it was successfully managed.

Overall, Litecoin is a relatively safe and opportuneous crypto coin. If you want to learn how to manage Litecoin and other crypto coins efficiently, take a look at the best cryptocurrency portfolio tracker guide.

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