What is Litecoin?, Quick Guide To Litecoin
What is Litecoin?. Litecoin is another cryptocurrency that is intended to be currency or money and is ultimately designed to kind of be the silver to gold with Bitcoin. The Creator is Charlie Lee and his vision for Litecoin is actually to be able to work side by side with Bitcoin via the Lightning Network. Some of the problems that we've had with Bitcoin that the community has not been able to come to a consensus on is scaling and how do we make the transactions, you know in inexpensive and really fast like it used to be in Bitcoin.
The way Bitcoin is designed people will argue this and say the white paper. The original white paper said it was supposed to be digital cash. It's ultimately grown into a store of value and digital gold. So what does that mean?. Well, do we transact in gold on a day to day basis?. No. Do you spend gold anywhere?. No. But if somebody said: “hey I have a ton of gold back here!”, they'd say you're rich and so it's no different than with the cryptocurrency market.
As Bitcoin continues to grow and is the ultimate store of wealth and the safest place to put your money, people will move Bitcoin around a lot less. It becoming the ultimate way to transact between each other. Because our wealth will be measured in Bitcoin. Because the transaction time is way faster than Bitcoin, and the transaction cost is way lower, we will actually be able to go ahead and use Litecoin via the Lightning Network. What the Lightning network is, is it as a system that they're working on to scale Bitcoin to make it bigger faster the way to send light coin to someone who accepts Bitcoin and kind of a switch. With the implementation of the Lightning Network you're gonna see Bitcoin and Litecoin scale and get a lot faster. In litecoin it's like a penny and it's way faster and so you're already seeing it in a real-world use.
A lot of people like to say the Litecoin is a test network for Bitcoin. That's not true, however light coin is extremely innovative and the leader Charlie Lee used to work at coin base and that's a big reason that coin base has Litecoin on it. There are three crypto currencies on coin base in November 2017 Bitcoin, Ethereum, and litecoin. That's a big deal, that's where the majority of Americans purchase their cryptocurrency is through coin base.
There's another big reason you could be a big fan to Litecoin because it actually being potentially the gap that allows us to all transact in cryptocurrency and pay each other back. Because it's faster and cheaper than Bitcoin is to move money around. For example, maybe if you're rich, do you walk around with hundreds all the time?. No. Because a lot of places like a gas station won't accept it, pizza place won't take it. But you do walk around with 1, 5, 10 and 20 dollars - well, consider litecoin 1, 5, 10 and 20 dollars and Bitcoin 100 and a 50 dollars bill, they both worked the same but one of them is better used in other situations than the other.
That’s some information about Litecoin cryptocurrency you should know. In the end, it’s your choice to choose which is the best cryptocurrency you gonna invest to. And as always, thanks for reading.