Nikolas Sargeant
Hassan Maishera
Review
Learn more about Litecoin.
Litecoin Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Litecoin.
Background
The first cryptocurrency that came out was Bitcoin in 2009, created by a person and/or group by the pseudonym Satoshi Nakamoto. However, Litecoin’s creator Charlie Lee has been very much active in the open on both social media and his own blog. Charlie Lee is a cryptography expert, who’s worked at big computer tech companies like Google and Coinbase. Charlie created Litecoin in 2011 with the vision that it was going to be a lighter and faster version of Bitcoin. Whereas Bitcoin might be regarded as “digital gold”, Litecoin certainly then becomes “digital silver. This is because the transactions are cheaper, and because of its speed, it’s more meant for utilising in an everyday environment. So, on October 7 in 2011, Charlie released Litecoin via an open-source client on GitHub. Being a fork of the Bitcoin Core client, the network went live approximately a week after its release.
How it works
When explaining Litcoin it’s very hard to not compare it to Bitcoin. This is of course due to the fact that it is a “spin-off” of Bitcoin or a fork as it it is called in the crypto space. When it comes to transacting it works similarly to Bitcoin. apart from the cost. Sending a Litecoin costs about 1/50th of what it costs to send Bitcoin. Because of this competitive pricing model, it’s more attractive to trade and rationally it also has a more sustainable outlook for the future. Also, adoption as a currency is somewhat easier because of the pricing.
Apart from trading and purchasing the currency it can be mined, much like Bitcoin. Just like it’s predecessor, a good computer would be enough to mine coins slowly. But a serious miner would, just like any other currency, use a GPU (Graphical Processing Unit) to rapidly solve the equations that make up the blockchain.
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