Litecoin Cryptocurrency: A Complete Guide for Absolute Beginners
The rush to collect cryptocurrencies continues well into 2017.
If you are new to the crypto space, you might have heard of only Bitcoin.
But there are hundreds of altcoins (or alternative cryptocurrencies) other than Bitcoin. Each altcoin comes up with its own unique technology and vision to change the world.
One such cryptocurrency goes by the name of Litecoin.
Fun fact: Litecoin prices surged more than 1000% in last one year.
Litecoin is the world’s first altcoin. Like Bitcoin, Litecoin also exists on the internet as digital money. No one can feel, touch, or mint it.
But there are still fundamental differences between both currencies.
What Is Litecoin Cryptocurrency Used For?
What Is Litecoin
Litecoin is a cryptocurrency like Bitcoin, but it is based on an entirely different protocol. It was conceived to act like pure digital money.
The official Litecoin site says:
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Litecoin is also open source, decentralized, and backed by cryptographic math to secure transactions.
Litecoin was not made to compete against Bitcoin, but instead to act as a complimentary payment solution alternative.
Think of Litecoin as the silver to Bitcoin’s gold.
When bitcoin implements segwit and lightning networks wouldn't litecoin become useless? Yeah it is faster now but there is no difference in technology in the long term. Calling it the silver to bitcoin is a bad analogy tbh.