Litecoin Facts

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“Litecoin is the Silver to Bitcoin’s Gold” -“What is Litecoin?” from Miner Facts

This quote truly embodies what Litecoin is. Most people are introduced to the world of cryptocurrencies through Bitcoin, but Litecoin is almost as widely accepted as currency as Bitcoin. The article on CryptoCurrency Facts’ site explores Litecoin’s creation by the former engineer for Google and ex-employee of one of the most popular cryptocurrency wallet-exchange broker in the United States, Charles Lee. Litecoin’s algorithm is slightly different than Bitcoin’s, allowing it to gain popularity due to its base cost. The current success of Litecoin is without a doubt great. The claim that “Litecoin is the Silver to Bitcoin’s Gold,” is pretty on par.

 

“Smart contracts are on Litecoin” -“Litecoin (LTC): It’s Been A Crazy 2018 (So Far)” from Cryptocurrencer

Similar to the other article published by the CryptoGazette, this article delves into the contracts that Litecoin is getting into. The CEO of the Abra Global app made a deal with Charlie Lee to use Litecoin in their app. On a reddit AMA (ask me anything), the CEO went into detail about why the company chose Litecoin, mentioning its compatibility with Bitcoin and cheaper mining fees.

“Compared to Bitcoin’s 10 minute transaction time, Litecoin transaction time is fixed at 2.5 minutes.” -“10 Must Known Facts About Litecoin” from Bloq Times

The differences in transaction time may seem like a minor detail but it could mean everything when discussing the future of Litecoin. Because Litecoin’s transaction time is four times faster than Bitcoin’s, this could mean the newer cryptocurrency is more effective for virtual shopping and any transaction over the internet. While it currently isn’t likely Litecoin will overthrown Bitcoin as the best cryptocurrency, it is certainly on its way towards that goal.

“It has fixed amount of coins.” -“3 Important Facts about Litecoin” from Crypto Visibility

Most people who got into bitcoin wound up raising the overall cost for GPUs (mostly for computers but also for cellular phones) due to something called “mining.” Mining for cryptocurrency uses a device’s GPU to create the currency of choice. What is great about Litecoin is that it has a cap of 84 million Litecoins. Once those have been created, no more can be made. In comparison, Bitcoin has a cap of 21 million. The cap on these cryptocurrencies allow for some protection against factors such as inflation. If the cost of one Litecoin jumped to say, three million dollars, then people can’t simply continue to mine the currency.

“Litecoin founder Charlie Lee has cautioned investors against Litecoin Cash” -“Litecoin Cash Forecast: 7 Facts to Know Before the Split” from www.miningquote.com

At the end of January 2018, Charlie Lee tweeted, “Since on the topic of scams, any fork calling itself Litecoin something or other is a scam IMO. Litecoin Cash, Litecoin Plus* … all scams trying to confuse users into thinking they are Litecoin. This also applies to all Bitcoin forks trying to confuse.” Just as the creator of Litecoin said, cryptocurrencies such as Litecoin Cash are not the same as Litecoin. This is a good general warning to investors and followers alike to be wary of currencies that claim they are one thing but operate completely differently from how they are advertised.

“There is perhaps one good reason why Amazon (AMZN) needs a cryptocurrency for payments and another good reason why Litecoin could be the best fit for that.” -“Top Reasons Why Amazon (AMZN) Will Choose Litecoin (LTC) in 2018” from CryptoGazette

Amazon is expanding into new cities and Litecoin is one of the most well known coins around the world. The article explores the depths of how this connection could very well work for the better, as Amazon needs a cryptocurrency system but not with Bitcoin. Bitcoin has its own issues being the #1 cryptocurrency and can be a bit unstable at times.