Former Google employee Charlie Lee is the creator of Litecoin ($LTC). It is a P2P that enables rapid, nearly cost-free payments all over the world.
Since the platform is open source and decentralized, there are no middlemen. A split of Bitcoin, $LTC has some peculiarities. Lee wanted to build a network like that, but with quicker payouts. As a result, the block’s production time was four times faster for Litecoin. Instead of 10 minutes every block, it takes 2.5 minutes. The proof-of-work (PoW) method is used by Litecoin to process transactions and create new coins. It did, however, use the less energy-intensive but more effective Scrypt hashing technique.
However, Litecoin’s mining method makes it more accessible to miners more energy-efficient than Bitcoin, making it more environmentally friendly.
While Bitcoin can handle 7 transactions per second and Ethereum can handle 15, Litecoin is scalable enough to handle 56 transactions per second.
Pros:
Much faster transactions than Bitcoin
The platform’s fees are incredibly inexpensive.
Has demonstrated that it is trustworthy and persistent.
One of the top 20 cryptos is it.
Due to its almost universal listing on exchanges, $LTC is simple to trade.
Cons:
Its developer abandoned it since Ethereum’s halving isn’t as profitable as on the Bitcoin network, always coming second (or even third).
To start saving, exchanging, and receiving your $LTC in a quick and easy manner, create a litecoin wallet address.
Explanation of Bitcoin Cash ($BCH)
The same blockchain that supports Bitcoin is also used by Bitcoin Cash ($BCH). As a result of a “hard fork” of the Bitcoin network, the coin was introduced in 2017.
Some users of the Bitcoin network proposed changing the rules to allow Bitcoin to handle a larger volume of transactions. The majority of nodes abstained, which caused a hard fork that split the blockchain into two directions with a single origin: Bitcoin and Bitcoin Cash.
No matter how many miners are supporting it, BCH uses a larger block size of 8 MB to speed up the verification process together with a flexibly adjustable level of difficulty to ensure the chain’s survival and transaction verification speed.
Pros:
less expensive on-chain transactions
Compared to Bitcoin, it is more scalable, more popular in terms of trading volume and market cap, and extremely accessible due to its listing on all major cryptocurrency exchanges.
Cons:
Low uptake makes mining less lucrative than traditional methods
It frequently gets confused with bitcoin, which makes it less liquid than bitcoin.
Create a Bitcoin Cash address to start quickly and easily storing, exchanging, and receiving your $BCH.
Where Should I Keep My LTC and BCH?
The greatest alternative for storing your cryptos is a crypto wallet. One very important point is that your wallet does not store your cryptocurrency holdings. It is made to have the passkeys you require to access your cryptocurrency funds.
Both hot and cold crypto wallets exist. The first choice is software that runs on your computer or mobile device, and the second is hardware that calls up a flash drive. Hot wallets are convenient and simple to use, but they require a network connection. Since a cold wallet is not online, it is thought to be more safe but less practical.
You may manage your cryptocurrency assets with Simplehold.io while maintaining convenience and security. Try it out for yourself to judge.
