What is Litecoin?

Litecoin is the ‘Silver’ to Bitcoin’s ‘Gold’. To put it simply Litecoin is a cryptocurrency much like Bitcoin. Litecoin a peer to peer cryptocurrency which can be used to send and receive payments. The payment fee of Litecoin is less compared to Bitcoin; which makes Litecoin very suitable for micro transactions.

Litecoin was developed by Charlie Lee, a former Google employee, in October 7 2011. It was designed similar to the working principle of Bitcoin. But now Litecoin has added some extra features to it called Segregated Witness and Lighting Network. These two technologies are a good solution to scaling problems that may arise in the future. As of now, Litecoin doesn’t have a scaling problem. And since Litecoin had already implemented SegWit and Lighting network, in future’s also Litecoin may not have been any scaling issues. This is what exactly that gives Litecoin the upper hand; Bitcoin still hasn’t been able to implement segwit angle lighting network in their system.

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