Hello fellow Steemians,
Today on Ninelives we are going to delve into the realm of one of the most well known cryptocurrencies, Litecoin.
Why do we call this 9 Lives? Because a cat is said to have 9 lives, it's not because we can resurrect from the dead, but that we are remarkable at surviving 🐱 Litecoin is also remarkable at surviving as a leading Cryptocurrency and you are about to discover 9 reasons why.
Litecoin is a fork of Bitcoin: Litecoin was forked from Bitcoin in 2011 and is very similar, but it's faster and is mined differently. Just like how cat's and tigers forked from each other a while ago, have some differences but are very similar creatures.
Charlie Lee: He founded Litecoin and is still the Managing Director of Litecoin. Charlie Lee was an engineer who went to MIT, worked at Google and also works for Coinbase. I am unsure if he likes cats.
84 Million coins: Once all the Litecoin is mined, there will be a total supply of 84 Million. This is 4 times as much as Bitcoins supply. Every new block that is mined creates about 25 Litecoins, this amount is halved every 4 years.
Open sourced: Litecoin allows you to run, modify, copy and distribute it's software. You are free to do with it as you please. I like to do as I please🐱
Litecoin is fast: Well it's 4 times faster than bitcoin as the confirmation time is 2.5 as oppose to 10 minutes, it is also cheaper to send. Lightening is supposedly going to change this, but perhaps Litecoin will scale with it as well as bitcoin.
Scrypt: Litecoin uses an algorithm called Scrypt which is different than SHA256 used by bitcoin. This makes it difficult for the mining titans who have impacted the decentralization of bitcoin, to ruin Litecoin by simply mining it. So it is even more decentralized than bitcoin.
Charlie Lee sold/donated all his Litecoin: He said it was to avoid a conflict of interest, which is interesting as many founders of other coins have no problem keeping millions to their name. Cats are greedy, we would never do such a silly thing as give away all our coins.
Silver: Litecoin is said to be to Bitcoin as silver is to gold. Easier to mine, cheaper and supposedly better for smaller transactions. Cats prefer gold as it is shinier and more rare.
Litecoin is Secure: Since the Scrypt algorithm is more complicated than bitcoin's SHA256, it is both more difficult to mine and more difficult to hack. Neither will be any match for quantum computers so once bitcoin becomes hackable, it won't be long for Litecoin to fall.
If you made it this far, thank you for taking the time to read the Ninelives of Litecoin. If you think Litecoin is an excellent investment, please share your comments with us. If you think there is something important I missed, also drop a comment.
In no way is this intended to be financial advice. I do not recommend you purchase Litecoin and although I have used it in the past to transfer coins from one exchange to another, I currently hold no Litecoin. If you invest in Litecoin, you could lose all of your investment.
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Bye for Meow 😸 mRrrrrrrrrr.....