Litecoin 101, explaining litecoin for beginners.
So litecoin was created in 2011 by a chap named charlie lee, he and the team wanted to create what is effectively Bitcoin but a lite version. Resulting in faster transactions,cheaper sending and the Currency is also more decentralized.
Litecoin was supposed to be used as more of an everyday transaction currency as apposed to Bitcoin which is concidered more of a stored value asset. So the fee's should be low enough to enable everyday purchases at the store or even with online shopping.
(short side note : a lot of large companies such as apple, tesla and even amazon are starting to by into crypto)
It's a decentralized currency for peer-peer payments and transactions. With litecoin in particular these transactions could be anywhere on the globe and due to the fact that litecoin runs on "lightning transaction system" the funds/assets should arrive in the recipients cryptowallet. very fast. In 2017 litecoin sent the first transaction using "lightning transactions" they sent 0.00000001 litecoin (photon) from Zurich all the way to San Francisco and it took less then a single second to complete the transaction. Now that.... is fast.
The most common way most Cryptocurrency's validate transactions is Proof of work (POW), then there is Proof of stake which works very differently but ill save that for another time. Litecoin uses proof of work to verify the transactions.
THREE THINGS LITECOIN DID DIFFERENTLEY:
1. Faster transactions
2. Much cheaper costs to transfer (as little as 2p)
3.It is more decentralized
Litecoin is open source meaning anyone who know's what they are doing can access the coding and propose changes to the still active team behind litecoin. Although they built litecoin almost the same as Bitcoin, there is one big difference being that litecoin is written using a completely different code.
THREE REASONS FOR LITECOINS PRICE:
1. the cost to mine eg: equipment, electricity and bandwidth.
2. Litecoin is scarce and has a limited supply of just 84m coins.
3. simple rules of supply and demand apply also.
To conclude, in my opinion Litecoin is a great currency with real decentralized currency, it is very fast, cheap to use and has a strong footing on the Crypto market. It's likely according to experts and well informed people such as Elon, Bazos and others that Litecoin will survive for a long time. It has been here for a long time and that makes it very trusted among the community.
If you are considering purchasing some Litecoin may I suggest Binance as its the worlds leading cryptocurrency trading platform AND with this link you will receive 10% of your first deposit back. If you use this link or not im not fussed, i just strongly suggest https://accounts.binance.com.
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