Features of Litecoin (LTC)

[notilo]

Litecoin is called the bitcoin of all altcoins. Mainly because it has similar functionality to Bitcoin and acts as a P2P monetary system focused on decentralization and security. It was supposed to be an ideal commercial digital asset for paying for services and goods in stores due to the instant confirmation of the transaction. Despite the similarities to the Bitcoin protocol, it differs in terms of the hashing algorithm.

Litecoin uses a proof of work (PoW) mining model to prioritize fast transaction speed and efficiency. This means that even consumer hardware can mine Litecoin as opposed to Bitcoin. Ultimately, Litecoin is a blockchain where participating nodes process transactions while miners ensure that all transactions are secured and verified in the ledger.

Anyone can use Litecoin or LTC to make cross-border transactions, store, speculate on its fluctuating price or make payments. Litecoin often attracts investors because it is often promoted as silver compared to bitcoin, which is called gold. 

Litecoin was created to solve several problems with bitcoin. In particular, to reduce the time required to validate a new block on its blockchain, as well as to maintain the reliability of storage. This advantage should have attracted more stores to use Litecoin as a payment system instead of Bitcoin. With the latter, shops have to wait approximately one hour before any transactions are confirmed after four or six blocks have been confirmed. With Litecoin, this waiting time has been cut in half, and sometimes as much as 75%, as it takes 2.5 minutes to confirm a block.

[korishkaz]

You're right. Litecoin has many advantages that make Litecoin a sought-after and popular cryptocurrency.
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