PUBLISHED
July, 26 2023
CATEGORY
Litecoin
The cryptocurrency space has a big problem.
The problem is it’s trivial for anyone on the planet to create and publish a cryptocurrency. The original point is with cryptocurrencies leveraging blockchain, people can easily look into the veracity of a transaction.
So, while the intent was to allow people to trust cryptocurrencies make it extremely difficult for people to value them because there are so many (over 9900 at last count, https://bit.ly/3mSEcem)
So, what makes Litecoin different from other cryptocurrencies?
The most critical difference for Litecoin is the vast adoption. When Bitcoin was launched it did the first hard work of adoption Litecoin was launched in 2011 3 years later. This means for over 10 years, vendors that accept cryptocurrency make sure Litecoin is also an option for their customers. The power of crypto is adoption.
The more people that use Litecoin, the easier it is to use Litecoin.
Adoption is one aspect that took years to achieve but there are other reasons why Litecoin is so different. Without being technical…speed is the key!
A blockchain operates by recording every new change. A new block is added and the network checks and verifies the change. For Bitcoin, this happens roughly every 10 minutes.
This is great when you are purchasing a house, or Lamborghini. Not so good when you are buying a loaf of bread. Litecoin’s block time is roughly 2.5 mins. This difference is actually quite huge.
Shoppers are used to quick transactions. But, let’s be brutally honest about card transactions. Many stores have issues with their machines and you have to swipe 2x..they have to print a rejection receipt. This is 3 - 4 mins. So, if you think about it, 2.5 mins is very reasonable. Online marketplaces like cheapair.com have zero confirmation time. Any store that accepts crypto, accepts Litecoin. It has made a good name for its availability , quickly and lastly its economy!
And the one other reason that makes Litecoin different from other cryptocurrencies..the fees are ridiculously low. 10x lower than Bitcoin and so low people don't notice them. Again the standard is for people that are used to transferring money/fiat. The standard is wire transfer. This is a very costly endeavor. The transfer fees can be 10 - 30% of the value transferred (and a week to settle).
Not a unique situation, but someone once sent 99 million USD worth of Litecoin for the cost of $0.40. (https://yhoo.it/43ZWjzM) . This is one of the key strengths and differences of Litecoin and it is one of the favorite reasons people use it. Nothing feels worse than when your transfer shrinks the money you are sending. It is a horrible feeling and Litecoin makes the feeling disappear. It is simply amazing. Please do the best and start using Litecoin by getting and installing Litewallet! Write down and store your 12 words as they are the key to your Litecoin and please tell a friend!
About the Author:
Kerry got his first Bitcoin in 2016 working for a client wanting a new mobile app. Sadly, he had to pay bills with it. But he quickly found Litecoin and the Litecoin Foundation and has been a member since 2017. Working with Charlie Lee and discussing plans over pizza, he has grown the Litewallet brand and team with volunteers in 6 time zones and 5 countries.
The problem is it’s trivial for anyone on the planet to create and publish a cryptocurrency. The original point is with cryptocurrencies leveraging blockchain, people can easily look into the veracity of a transaction.
So, while the intent was to allow people to trust cryptocurrencies make it extremely difficult for people to value them because there are so many (over 9900 at last count, https://bit.ly/3mSEcem)
So, what makes Litecoin different from other cryptocurrencies?
The most critical difference for Litecoin is the vast adoption. When Bitcoin was launched it did the first hard work of adoption Litecoin was launched in 2011 3 years later. This means for over 10 years, vendors that accept cryptocurrency make sure Litecoin is also an option for their customers. The power of crypto is adoption.
The more people that use Litecoin, the easier it is to use Litecoin.
Adoption is one aspect that took years to achieve but there are other reasons why Litecoin is so different. Without being technical…speed is the key!
A blockchain operates by recording every new change. A new block is added and the network checks and verifies the change. For Bitcoin, this happens roughly every 10 minutes.
This is great when you are purchasing a house, or Lamborghini. Not so good when you are buying a loaf of bread. Litecoin’s block time is roughly 2.5 mins. This difference is actually quite huge.
Shoppers are used to quick transactions. But, let’s be brutally honest about card transactions. Many stores have issues with their machines and you have to swipe 2x..they have to print a rejection receipt. This is 3 - 4 mins. So, if you think about it, 2.5 mins is very reasonable. Online marketplaces like cheapair.com have zero confirmation time. Any store that accepts crypto, accepts Litecoin. It has made a good name for its availability , quickly and lastly its economy!
And the one other reason that makes Litecoin different from other cryptocurrencies..the fees are ridiculously low. 10x lower than Bitcoin and so low people don't notice them. Again the standard is for people that are used to transferring money/fiat. The standard is wire transfer. This is a very costly endeavor. The transfer fees can be 10 - 30% of the value transferred (and a week to settle).
Not a unique situation, but someone once sent 99 million USD worth of Litecoin for the cost of $0.40. (https://yhoo.it/43ZWjzM) . This is one of the key strengths and differences of Litecoin and it is one of the favorite reasons people use it. Nothing feels worse than when your transfer shrinks the money you are sending. It is a horrible feeling and Litecoin makes the feeling disappear. It is simply amazing. Please do the best and start using Litecoin by getting and installing Litewallet! Write down and store your 12 words as they are the key to your Litecoin and please tell a friend!
About the Author:
Kerry got his first Bitcoin in 2016 working for a client wanting a new mobile app. Sadly, he had to pay bills with it. But he quickly found Litecoin and the Litecoin Foundation and has been a member since 2017. Working with Charlie Lee and discussing plans over pizza, he has grown the Litewallet brand and team with volunteers in 6 time zones and 5 countries.
