Bitcoin is undoubtedly the king of all cryptocurrencies. But then, we have to admit there are some serious limitations in the BTC network. From sloth transaction speed to escalating fees to exorbitant mining infrastructure- Bitcoin does pose certain difficulties. And this is where Litecoin shows hope.

Essentially, Litecoin is a BTC clone. It’s one of the oldest altcoins that were created out of Bitcoin forks. In other words, Litecoin was forked out of BTC Core client to present a smarter version to the crypto users. The coin was developed by Charlie Lee, an erstwhile Google employee and also a leading figure in the Bitcoin community.

Litecoin is a Lighter version of BTC

The best part about Litecoin is that the coin was launched with the fundamental goal to create a lighter version of Bitcoin. Lee wanted a coin that would be “lighter” than BTC so that it can process transactions quicker and at cheaper cost compared to BTC. It led him to fork the Bitcoin blockchain and come up with a smarter clone named “Litecoin”. LTC is a P2P cryptocurrency based on open source decentralized cryptographic protocol.

Resolves exorbitant mining setup woes

One of the best things that I have always loved about Litecoin is its mission to democratize mining. Nakamoto himself wanted that Bitcoin mining should so economical than even a layman can perform it. If a new concept is only limited to some big fishes, it can never achieve widespread adoption. Nakamoto had always wished for mass adoption of Bitcoin.

But, Bitcoin uses SHA 256 mining algorithm that demands highly expensive ASIC mining rigs today. It makes the whole process extremely pricey for a layman. Litecoin was forked out to solve this basic problem. The coin follows Scrypt mining algorithm than enables any average Joe to participate in the mining process. It’s because the most important thing in Litecoin mining is “memory” and not raw processing prowess. You can always count of highly economical everyday memory cards to support the “memory” requirement in Scrypt-based mining.

Faster processing

Litecoin assures a much faster processing speed than its older cousin Bitcoin. BTC takes around 10 minutes to complete one transaction. On the other hand, Litecoin gets it done in just 2.5 minutes. In fact, Litecoin is backed by state-of-the-art Lightning technology that assures immediate fund settlement globally.

Cheaper fees

Litecoin fees are something around $0.04 per transaction while for Bitcoin it is a whopping $1 per transaction.

Resistance to unwanted flood attack

Flood attack in crypto is defined by a situation where a network is subjected to a flood of numerous spam transactions. Now, BTC network was vulnerable to flood attack. Lee knew that and was determined to fix the flaw in Litecoin. LTC is strategically empowered to save itself from flood attack.

Litecoin comes up with multiple unique and exciting features over time. One of my latest favorites about the coin is Atomic Swap. The concept refers to innovative cross-chain P2P coin exchange yet without the involvement of any third party. In other words, with Atomic Swap, you won’t need to go to any exchange to exchange your LTC with some other coin.

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