In the U.S., we often think of cryptocurrencies’ value relative to U.S. dollars, and their performance compared to traditional investments. Much of the demand and utility for cryptocurrencies is on a global level or provides localized benefits.
Consider countries where runaway inflation has ravaged the value of earnings and savings (Venezuela) or countries where bank assets can be frozen at any time (Greece). Cryptocurrencies have a value that reaches far beyond these limitations and can potentially become a more stable alternative to fiat currencies around the world.
Introduced in 2011 and described as a clone of Bitcoin, Litecoin began with the Bitcoin codebase. However, Litecoin brings a few unique traits of its own.
Among its distinguishing features is a finite supply of 84 million coins compared to Bitcoin’s 21 million. The cryptocurrency can also be mined up to four times faster than Bitcoin, which means that transactions settle faster because the process of mining involves verifying transactions and adding them to the cryptocurrency’s ledger.
Litecoin is often referred to as the cryptocurrency equivalent of silver (Bitcoin is gold). As such, Litecoin often targets smaller transactions. Read more from benzinga.com…
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