Sirwin
Sirwin

Litecoin - the silver standard?

By CryptoPhil | Crypto your day | 4 Mar 2021


Bitcoin is often referred to as the gold standard of the digital world. Easy to buy and sell and without storage costs. The problem is, transactions are very slow and expensive which makes Bitcoin impractical for buying everyday goods.

With Litecoin in contrast a person is able to make a payment instantly and with near to zero cost. Litecoin is a cryptocurrency designed and launched by Charlie Lee in 2011. Its design is closely based on the role model Bitcoin, but tries to make the system leaner and lighter. Especially with regard to the processing speed in the network nodes, Litecoin achieves noticeable improvements. The processing rate of the Litecoin-blockchain is four times faster as the processing rate of the Bitcoin-blockchain (a new block every 2 minutes and 30 seconds; Bitcoin needs 10 minutes). This means that Litecoin is able to transfer more value on the network than Bitcoin in the same period of time. Also, it uses a less computationally intensive hash algorithm for proof of work: scrypt. All this makes Litecoin easier and better to use on a daily basis. 

So is it appropriate to call Litecoin the silver standard of crypto currencies? I would say yes!

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CryptoPhil
CryptoPhil

Crypto Guy from Germany


Crypto your day
Crypto your day

Just the thoughts of a crypto enthusiast from Germany.

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