Do you really know about all the cryptocurrencies in the market ? How much do you honestly know about the currencies in your portfolio? Well, let me show you really quickly what all the underlying projects are about and what they are trying to achieve. After reading the article, you will have a solid overview of the project and more confidence in managing your crypto-investments.

Overview :

Litecoin(LTC) is a cryptocurrency created by Charlie Lee, a former Google employee and Engineering Director at Coinbase. It is used to transfer funds directly between individuals or businesses without the need for an intermediary such as a bank or payment processing service. Paying with Litecoin is easy as sending an email.

It is often referred as the little brother of Bitcoin or the silver to Bitcoin’s gold to give you a simple analogy. Why the name of Litecoin ? Simply because it is a lighter version of Bitcoin !

What problem Litecoin is solving ?

Same as Bitcoin, with Litecoin you have actually control of your money. Have you ever tried to withdraw like $10000 in cash ? Probably not, but even if you tried, your bank would deny it. Why ? Because you have a daily, weekly and monthly maximum amount of cash you can withdraw. Same goes for the amount you can spend daily, weekly and monthly. You have to ask them the permission and a good reason for spending more…

Hey, it’s your money ! Why on earth does your bank have the right to tell you what you can or can’t do with your own money ? Not only you pay them to keep your money “safe” but they charge you more fees for different type of transactions. ( for example international transactions)

So with Litecoin (and Bitcoin too), you don’t need permission to spend your money. As long as you have enough, you can do whatever you want. You no longer need a third-party like a bank to control your assets. What about security and trust ? Well blockchain my friend … Blockchain …

If you want some simple and yet very complete explanation about blockchain, here’s a very good read about it : “How to know more about Blockchain than 99% of the world”.

Litecoin better than Bitcoin ?

So we know now that Litecoin is very similar to Bitcoin but what are the actual differences ?

In terms of speed, it takes about 2.5 minutes to confirm a transaction and costs you about $0.05 for Litecoin. As for Bitcoin, it takes around 10 minutes and costs about $0.5 for the transaction fees.

Let’s be real for a moment, you can say that Litecoin fees are 10 times cheaper than Bitcoin, but does it make a difference for now ? I don’t think that they are a lot of people using Bitcoin or Litecoin to transfer 5 bucks.

Here some technical comparisons between the two of them :

Technically speaking, Litecoin is indeed better because of the cost and transaction speed, but Bitcoin is still the king because everybody has heard of it. There are a lot of other coins that are cheaper and faster than Bitcoin but no one knows of it.

It’s like there are tons of better singers than Justin Bieber but they are not famous enough to be heard of (sorry Justin I am a Hodler not a Belieber …)

Why do people still buy Litecoin then ?

Since Bitcoin is considered as a store of value, the same goes for Litecoin. You probably know that you don’t put all your eggs in one basket so diversify your portfolio won’t hurt you at all.

Litecoin for now is ranked at 7th place at Coinmarketcap with $3 220 000 000 market cap, even if it can’t compare to Bitcoin, it’s still one of the most solid cryptocurrency projects and probably a much safer bet than some low market cap coins.

These are by no means financial advice

What’s coming next for Litecoin ?

Litecoin is looking forward to implement “confidential transaction” which means that only the sender and the receiver can see the amount of the transaction because “Litecoin values these personal liberties and putting you in complete control of your money”.

I hope you have now a better understanding of Litecoin and if you want to get more information and official updates from Litecoin team, download Totem app in the play store !

And if you liked the article, feel free to follow me for more “cryptocurrency’s got talent” ! Next one will be : NEO !

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