Crypto’s are growing in popularity at an astounding rate and a surprising amount of people are getting on board. Some don’t believe in them and like to shout “scam” whenever a conversation ramps up. But the truth is that cryptocurrencies make financial operations much quicker and more efficient. They can be used as a storage of wealth, to make payments for services and products, and to gloat about impressive ROI’s. However, I would like to focus on Litecoin right now and give you some insight into its popularity in Asia.
Similar to the bitcoin
What’s Litecoin? It’s an interconnected global payment network that operates by open code software. It’s fully decentralized and has no main governing authority. It was created in order to provide much faster transaction speeds than do many other digital coins.
Litecoin likes to position itself in a way similar to our beloved friend, the bitcoin. But its faster.
Superior speeds when compared to bitcoin.
Litecoin can handle transactions at a much higher speed than bitcoin, because of its faster block creation capabilities. Investors and businesses love this of course. But why are transaction speeds faster? Litecoin runs on the Lightning Network, which is a unique payment system that operates on Hashed Timelock Contracts. This pretty much means that the Litecoin network supports rapid payments, reduced block loads, multi-signature capabilities, as well as atomic swaps. It’s pretty much just better than the bitcoin for fin transfers.
For example, instead of waiting ten minutes to receive a payment, you would only wait for five. But, there is a drawback here, more blocks equal higher loads in the future. Thus, the network will passively become more stressed. This will need to be addressed somehow.
Asia’s love for the coin.
Despite Litecoin not being very popular in the western hemisphere, this is not the case in Asia. It has seen absolutely explosive popularity in countries like South Korea and Japan. 25% of all Litecoin trades are processed on Bithumb, a Korean exchange. Besides this, there are ATM’s being spawned all over Asian countries that support Litecoin operation. Additionally, Litecoin was recently listed on Gatecoin, a Hong Kong cryptocurrency exchange.
Back in April, Charlie Lee, Litecoins creator successfully incorporated the LTC foundation as a public company in Singapore.
However, it’s quite unfortunate that LTC lives on in the shadow of the bitcoin.