Litecoin was created in 2011, is an upgraded version of Bitcoin. It operates on a changed version of the fundamental Bitcoin code. The two cryptocurrencies, hence, hold a lot in common. Yet, specific code and algorithm changes allow Litecoin to transact quicker and more inexpensively than Bitcoin.
What makes Litecoin an excellent cryptocurrency for smaller payments is purchasing goods and services or making payments. It is also a great investment asset.
Litecoin, Why Should You Buy this Encouraging Crypto Currency in 2021?
Litecoin is an attractive option to Bitcoin. However, when the latter sees its network saturated and transaction fees increase dramatically, investors will naturally turn to the cryptocurrency that most closely resembles Bitcoin.
Advantages of Litecoin
Litecoin has many advantages over Bitcoin.
Approval of transactions in two and a half minutes as opposed to ten minutes for Bitcoin, Low transaction fees, Also more scalable than Bitcoin and yet growing, A limit of 84 million LTC compared to 21 million for Bitcoin.
Disadvantages of Litecoin
Litecoin is slightly at a disadvantage related to Bitcoin.
Some investors don't see a significant difference between Bitcoin and Litecoin.
Charlie Lee, the litecoin inventor, exchanged all of its LTCs in 2017. that undermines confidence around the project.
Litecoin is highly correlated with Bitcoin.