| Litecoin Posted: 22 Apr 2019 05:13 AM PDT Recently, since Litecoin as been running, we have seen alot of "Litecoin is a useless shitcoin" fud. I'm gonna try to show why Litecoin is useful: Security: Litecoin is the second most secure Crypto behind Bitcoin. Why is this the case? High levels of mining Decentralization and Scrypt algorithm. Having Litecoin run on Scrypt for its hashing algorithm is the ultimate reason why I believe it is the second most secure behind Bitcoin. The way I understand it, having a different algorithm than Bitcoin (SHA256) prevents bitcoin miners from attacking Litecoin. Not only this, but Litecoin has the most hash power against other Scrypt coins. This makes it very very difficult to attack Litecoin. This cannot be said for other Proof of Work coins outside of Bitcoin. Speed/Fees: As I write this, on average transaction fees for a Litecoin transaction is 4 cents and about 2.5 - 5 minutes for a transaction to be considered confirmed. Extremely cheap and fast, it can be shown best by the most recent $99 million transaction with only a $0.40 fee and 2.5 min confirmation time. Lightning Network and Bitcoin Compatibility: With the invention of LN, Litecoin fees and transaction speeds can be reduced even further. Much of the criticism of Litecoin is it becomes useless since Bitcoin will use LN to increase speed and lower fees. This argument does not mention that Litecoin will also benefit from LN as well. Naturally, Litecoin is the cheapest and fastest on ramp to Lightning Network. What's really cool about the LN though is the compatibility with the two coins. With atomic swaps, you can swap Bitcoin into Litecoin and make a payments much quicker than with Bitcoin alone. The way I see it , Bitcoin is your savings account and Litecoin is a spending account. This is not to say Litecoin is not a good store of value, but Bitcoin is more scarce and more secure making it a stronger store of value to Litecoin, which is more suited for making payments. The Lindy Effect/Network Effect: Per Wikipedia, "The Lindy Effect is a theory that the future life expectancy of some non-perishable things like a technology or an idea is proportional to their current age, so that every additional period of survival implies a longer remaining life expectancy." This applies to both Litecoin and Bitcoin. They are the two oldest coins, genisis blocks created in 2011 and 2009 respectively. Both have survived the test of time creating more confidence that it will continue to survive into the future. Per Wikipedia, "A network effect (also called network externality or demand-side economies of scale) is the effect described in economics and business that an additional user of a good or service has on the valueof that product to others. When a network effect is present, the value of a product or service increases according to the number of others using it." What this means is as the user base/community continues to grow, it becomes easier for it grow further. Litecoin has grown a massive community over its 7 and half year existence staying a top crypto since the beginning, making its future growth easier. In Summary: Litecoin is the second most secure, second oldest cryptocurrency designed for payments and to complement Bitcoin, not compete with it. The speed to security ratio stands out from other PoW coins and is only second to Bitcoin. The longevity and strong community of Liteocin increases the likelihood it will survive into the future and with the use of Lightning Network, Litecoin can complement Bitcoin even further. Obviously there are other properties that make Litecoin a strong cryptocurrency, but these in my opinion are the more important ones. Let me know if I stated anything factually inaccurate or have varying opinions, thanks ! submitted by /u/iDONATELLO [link] [comments] |
| Stuck/Unavailable/Lost Funds 1 Litecoin reward Posted: 22 Apr 2019 11:07 AM PDT So I was sending my Litecoin to MWZX4DEgYrfAaczE8vfZJiPeXWi9gyLxPF from my Jaxx Liberty wallet on 4/10. Pic here I was not able to use the address to view the broadcasted transaction, but I was able to use the TX ID (181c98312d915428e56cd645ca350d1f06b9186f567b4da5829ae623c878041b). After about a day or so I was no longer able to use a block finder to watch the pending transaction. It's been almost 2 weeks I cannot view the transaction in the wallet that I sent to nor can I track it on the blockfinder it anymore. It shows it still as "pending" in my own wallet but unavailable for sending. It's a lot of money and I am happy to pay anyone 1 Litecoin if they will help me recover the funds. submitted by /u/RabbitMann101 [link] [comments] |
| Hodl Hodl launches crypto-to-crypto Wednesdays this week Posted: 22 Apr 2019 05:41 AM PDT |
| New Litecoin hardware wallet coming soon. Posted: 21 Apr 2019 03:54 PM PDT |
| Litecoin transfer... Posted: 21 Apr 2019 03:31 PM PDT How long do transfers take? I'm using a website that needs litecoin and I just sent a transfer about 15 min ago still says pending. submitted by /u/thevinamazing [link] [comments] |
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