Introduction To Litecoin

Litecoin was created back in oct 2011, by Charlie Lee to solve lots of problems that bitcoin was facing in early days. What Charlie Lee did he reduced the block time of bitcoin from 10 mins to 2.5 mins by doing he was able to confirm transaction lot faster in a network than bitcoin and was able to lower the cost of a transaction, litecoin was also the first cryptocurrency to use script algorithm which is different from bitcoin algorithm why this is important is because back then when bitcoin was gaining popularity lots of people where building specialised mining hardware and gaining monopoly over the network thus bringing bitcoin mining away from desktop PC to specialised mining hardware.

Litecoin using script algorithm that requires different types of a miner and meant to be mined on a desktop for longer and eventually they also took out especially hardware but still way cheaper in term of both initial purchase and operational cost. It is also important to understand that litecoin is a fallout of bitcoin that means all the mechanism including in bitcoin were modified into litecoin. Another notable point is that litecoin is traditionally a bit more flexible than bitcoin and lot faster to adopt new technologies than bitcoin.

Bitcoin has so many miners, people and so much of money is involved that it will impose lots of resistance in up gradation of network and that in a long run litecoin has a possibility to overcome bitcoin in term of both popularity and global market shares.

Bitcoin has the larger group of people and lots more ungoverned miners that even if any change required to upgrade the protocol or network, it may get the negative response from the miners as they fear that their territory may get threaten by doing so. Whereas, as far as litecoin is concerned they have far lesser and organized miners that enable them to be in consent with each other to evolve themselves along with progressing technology.

One major issue involved with bitcoin is the trust factor, as the founder of bitcoin and developer of blockchain database, Satoshi Nakamoto is an unknown person/group of people or organisation that nobody knows and is believed to own up to one million bitcoins or more, that has an approximate value of 61 thousand crore rupees. If this many bitcoins released into the system then it will destroy the soaring value of bitcoin and will be a non-recoverable economic set back to the entire globe. Whereas litecoin if far more trustworthy and has a steady growth and will out value the bitcoin in near future. There are around 400 different types of cryptocurrencies available in the market and major factors that are necessary to inflate the value of any cryptocurrency are the fixed quantity, adoption to technology, popularity, branding, funding, and active developers. Litecoin is now a talk in the world market, it has gained huge popularity, has better and upgrade technology has active and better developers that help it to improve its valuation in past few months and has gained approximately 2000 percent growth within a year.

Other famous cryptocurrencies are also gaining similar valuation such as Ethereum, Dash, Ripple and etc but since it has been consistency in his steady growth has given investors enough faith and confidence to invest easily in this currency.