Several cryptocurrencies are floating in the market these days – the most popular being Bitcoin. However, in recent times, Litecoin has gained massive popularity among the crypto geeks who are looking for an alternative to Bitcoin due to it being expensive and out of reach.
Litecoin is the third-largest cryptocurrency – next in line to Bitcoin and XRP. Litecoin is also used as a platform to transfer cryptocurrency – much like PayPal. But it only supports the digital currency.
Keep reading to find out why Litecoin is popular among the masses despite options like Bitcoin and XRP being readily available to the public with better value.
Faster Block Processing Rate
Unlike its contemporaries, Litecoin is notorious for handling blockchain procedures at a faster rate. Litecoin can process a block in under 3 minutes while rewarding the miner for it simultaneously. Whereas Bitcoin takes more than 10 minutes (more than 3X to Litecoin) to carry out a similar procedure. This lead makes Litecoin more efficient when it comes to mining – hence more popular.
Bitcoin mining is done using processors that are highly intensive (and costly). This makes the acquiring of Bitcoin far less decentralized than what is being projected. Since many miners cannot afford to mine Bitcoin, it gives Litecoin an advantage. On the other hand, Litecoin uses a cost-effective unit for mining, which makes it popular among the new miners. As they can mine more coins with a budget-friendly system.
Cryptocurrencies are easy to transfer but there is a certain amount of fee applied to carry out the procedure. The fee varies from coin to coin. However, Litecoin’s transaction fee is far less than another cryptocurrency if you trade using auto trading platforms like bitqt. This gives the coin an edge over its contemporaries and makes it popular among miners.
Cheaper to Buy
Litecoin’s price stands at around 250 dollars which is not much considering other cryptocurrencies like Bitcoin (which is worth 60 thousand dollars). The availability of Litecoin has made it more popular – as many economists predict that Litecoin may take over Bitcoin in the future in terms of its accessibility. Since BTC is getting more expensive and out of reach.
Litecoin is highly flexible in its functionality. Since it is programmed on an open-sourced fork of the Bitcoin core client. The Litecoin platform is more adaptable to new updates in comparison to other platforms like BTC and XRP. In addition to this, the developers on the platform fix the bugs regularly which makes it tougher for hackers to infringe on the system.
Litecoin has been successful in introducing the lightning network. It makes the platform more secure – using a second layer protocol. This system reduces congestion in the blockchain. Reducing the time to perform a successful transaction. The lighting network allows Litecoin to transfer coins in less than a second while being a safer option.
There are numerous cryptocurrencies in the market. But Litecoin’s features make it more popular than some other cryptocurrencies like Ethereum and XRP. The main reason for its popularity is the better functionality of the coin. Litecoin is much cheaper to buy and trade on platforms where people use AI algorithms to boost their profits.
Moving on, the faster rate of transactions and lower fees add to Litecoin’s popularity. New miners prefer Litecoin over other cryptocurrencies due to these reasons.
Lastly, Litecoin can be mined using a cheaper system and its mining rate is quarter to that of Bitcoin – which ensures more coins in less time.
All these reasons add to Litecoin’s popularity. According to experts – these reasons can make Litecoin more popular than Bitcoin. As Bitcoin is already out of the reach of new miners. Therefore, future HODlers will prefer Litecoin over Bitcoin and XRP.