FIAT currencies have failed to give people control over their wealth. Inflation can disturb the value of currencies you hold in wallets and bank accounts. At times, we are reduced to mere hostages of our own wealth. The governments can take away our wealth by taking a powerful call. Sparing the apocalyptic thought, cryptocurrencies are fun to trade with. On a serious note, it helps fight all sorts of oppression. It makes money transfer quick, easy and cheap even across the borders. Bitcoin was the first ever crypto coin that boomed after the media hype, when it was launched. However, it has scalability issues and other shortcomings that led crypto enthusiasts to create other coins.
Emergence of LiteCoin
On quest of finding the perfect cryptocurrency, LiteCoin emerged in 2011. Introduced couple of years later than Bitcoin, it struggled to find footing right away. However, it became a top coin the following year through enormous market capitalization. It has tons of improved features compared to the original cryptocurreny. The transactions were successfully executed in less than 2.5 minutes. However, in case of Bitcoin, transactions take up to 30 minutes for successful execution. The speed of transactions made LTC, the crypto of choice for day to day payments and international money transfer.
Advantages of LiteCoin
One of the major benefits is that LiteCoin is extremely flexible with its blockchain. It allows for upgrades wherever there is room for improvement. The founder of LiteCoin promised that LTC will soon support fully autonomous transactions. We are talking Monero and Zcash level autonomy in transactions. It ensures greater level of privacy for users, thereby guaranteeing no authority can track the stash. In addition, LiteCoin is fully free of despotism. It will soon become completely anonymous with tons of upgrades waiting to happen. At the moment, the new gen cryptocurrency is super-fast and extremely cheap. Ultimately, it empowers you to quickly take control of your internet wealth.
Basic information
LiteCoin is an open source decentralized cryptocurrency. Users revere it for the near instant, borderless transaction anywhere, anytime. It piggybacks on the state of the art, infrastructure in the software side. Moreover, LTC draws in billions and billions of trade volume. It is a tried and tested medium of money transfer in the crypto space. The confidential transactions are still in development which will add up to the privacy and security. Most of the crypto blockchains do not offer complete confidentiality. Therefore, LiteCoin is pioneering one of the biggest developments ever seen in the crypto economy.
Little background
Unlike Satoshi Nakamoto, alias of Bitcoin creator, Charlie Lee is very much active on social media. The latter is the creator of LiteCoin, who envisioned creating a lighter version of Bitcoin. It explains the name, LiteCoin, denoting a lighter version of the original currency. His strong profile is built on him being an ex-Google employee. While Bitcoin was equated to gold and reserved for strength for the long term, LiteCoin is best suited for daily transactions. Its coin limit is 84 million, which is four times bigger than that of Bitcoin. It has a market cap of over $540 million, making it one of the top coins in the crypto space.
