Thanks to the growing popularity of the cryptocurrencies, due to which the more favorable options for investing in them is also increasing, to know about which clearly, you can check this out! Using this favorable option, you can start investing in the popularly growing Litecoins, one of the dominating altcoins seen today in the cryptocurrency market, about which we are here to see in detail to benefit the beginners, abundantly!
What is a lite coin?
Litecoin is yet another popular cryptocurrency, launched in 20111 by the former Google employee Charlie Lee, who himself described these as the “silver” to Bitcoin’s gold. In other words, these Litecoins were designed in such a way as to emulate the Bitcoins basically with respect to its decentralization principle and security but with more added features and benefits as follows.
- Processing speed is higher
The problem with the Bitcoins is it takes nearly ten minutes to process the bitcoin blocks, which has created more issues in the recent times with respect to its confirmation process. Since the growing number of people in the Bitcoins have increased, this larger processing time has resulted in longer confirmation times, unfavorable leading to time delay and confusions. But, when you use the Litecoins, you are exempted from facing this annoying trouble as the Litecoin blocks can be processed on an average 2.5 minutes per block, interestingly! Therefore, the transactions involving the Litecoins are faster, and as well as cheaper when compared to those involving the Bitcoins.
- Uncomplicated algorithm
Another main reason for the faster means of the transaction using the Litecoins is their governing algorithm! Unlike the bitcoins and several other cryptocurrencies that is based upon the SHA-256 algorithm, which is very complicated in nature, the Litecoins is based upon the Scrypt hashing Algorithm, which is easier to compute and involves lighter workload that naturally, makes the confirmation process very faster. This, in turn, improves the speed of the transactions involved, appreciably. But, since the algorithm is easier to compute it doesn’t mean it is less secure, for which the lack of security issues in the real-world transactions involving the Litecoins is the proof!
- The availability of the coins
Another important advantage of this Scrypt hashing algorithm used by the Litecoinsis it allows the creation of more number of Litecoins, which is of in total, nearly 84 million Litecoins, appreciably. When compared to the Bitcoins’ availability this value is 4 times more than that, also confirming, yet again the 4 times faster rate of transactions confirmation using the Litecoins!