Bitcoin still dominates the cryptocurrency industry. But interestingly, some old altcoins like Litecoin continue to thrive despite the debate about their outdated concept.
Today Litecoin is the 5th cryptocurrency by market capitalization. It does not support smart contracts and its main purpose is to mimic the concept of bitcoin. It is a peer-to-peer cryptocurrency and a public blockchain. It is open source, similar to Bitcoin but using a different cryptographic algorithm. This gives this cryptocurrency the ability to process more transactions with shorter block generation periods and cheaper fees.
Pros of Litecoin
- Litecoin has been tested by time and managed to prove its reliability
- It is cheaper and often more stable than its counterparts
- Faster and cheaper way to conduct transactions compared to bitcoin
- its total supply is capped at 84 million LTC, which suggests that the deficit level will be maintained for a long time to come.
Cons of Litecoin
- Since it is still a cryptocurrency, it can also exhibit extreme volatility compared to traditional assets
- Does not support smart contracts
- Some investors despise this cryptocurrency because it is the 2nd most popular on the Dark Web due to its anonymity.
