There is no doubt about the fact that the Bitcoin is at the center stage of cryptocurrency. Since the inception of cryptocurrency eight years ago, you will agree with me that the word Bitcoin rings more in an average man’s ear than the word cryptocurrency. This then led me to the question, How about an alternative to Bitcoin? Let me put this straight to you at this point that the best alternative to Bitcoin is Litecoin.
I am sure the question must have up popped up right now in your mind. A candid advice from me to you is that you do well to concentrate at this juncture, as I bring to you why Litecoin, another altcoin, is the best alternative to Bitcoin.
A quick look at Litecoin
Litecoin is a P2P cryptocurrency which means peer to peer. It is an open source software with no central authorities. Litecoin is widely known for its zero cost and instant payments and also includes great features such as the ability for miners to control their finance solely.
Having mentioned that, Litecoin operates on an improved storage efficiency and it is fully decentralized. What more could you expect from the digital currency which was developed in 2011 under the MIT/X11 as an improved technology?
Now the common ground between Litecoin and Bitcoin
I’m sure you are aware, that Satoshi Nakamoto developed Bitcoin and the P2P technology which all other cryptocurrencies are currently trailing including Litecoin. With the removal of third parties and substituting trust for verification, Bitcoin is on a path of improving transactions generally.
Who then is Charles Lee? He is an MIT graduate and the developer of Litecoin. One would see that Mr. Lee also trailed the path of Nakamoto’s Bitcoin just like other cryptocurrencies. He developed Litecoin such a way that it operates on zero cost and instant payments too! Now, see this.
- When you think about the elimination of third parties in Bitcoin, Litecoin provides you an opportunity control your finance solely.
- When you think about how Bitcoin nodes accepts block only when transactions are valid, you should remember that Litecoin operates as an improved version of Bitcoin
- When you think about Bitcoin simplified payment verification, you should be reminded that Litecoin allows independent verification of binaries and its corresponding source code.
- When you think about Bitcoin transaction volume, you should also be reminded that Litecoin is attributed to trade volume and industry support much more than Bitcoin.
- When you think about the time it takes Bitcoin to confirm transaction, you should be aware that it takes Litecoin 20% of the time it takes Bitcoin to confirm transactions.
The When and the Thinking moment Is Over
Mr. Lee saw a hole and decided to fill it up by developing Litecoin. No wonder the phrase an “improved version of Bitcoin” remains the best description of Litecoin by miners of cryptocurrency. Having showed you the common grounds both cryptocurrencies share, I should be retiring my pen by now.
However, before I do that, I would still love to share with you three more advantages over the Bitcoin on a parting note.
- Bitcoin’s limit of production is 21 million while Litecoin is 84 million. A good one!
- Litecoin can be mined on wider base since its algorithms are memory intensive and not just faster processing chips like Bitcoin. I bet you don’t know this
- Litecoin rewards its miners 25 new Litecoins per block. I guess you might want to have a rethink!
At this juncture, you will agree to the fact that Litecoin is a proven and tested form of cryptocurrency other than Bitcoin and this rewards it the best alternative to Bitcoin.