Litecoin was first introduced in 2011 and it has been copied from the Bitcoin core program. However, the Litecoin project offers a better transaction speed and its total supply is greater than Bitcoin.
The total amount of LTC is capped at 84 million. Litecoin has gained considerable traction among investors on account of its proximity to the Bitcoin blockchain.
The project is recently reported to have gained a record 170.5 million unique wallet addresses. In this manner, the project has leaped forward leaving behind a mega crypto project like Ethereum.
Litecoin was introduced four years before Ethereum. One of the biggest leaps in Ethereum addresses was noted in 2017 with a 20 million forward.
Abra is a wealth management company that is dedicated to cryptocurrencies. The CEO of Abra, Bill Barhydt, has recently talked about the reasons that explain the traction around Litecoin.
He told the media that the reliability of the Litecoin project is what makes it important within the crypto sector. He also highlighted the decentralized p2p facility of Litecoin.
Barhydt claimed that Litecoin had been providing these services for the crypto investors uninterrupted for 10 years. He highlighted the Uptime metric for Litecoin that reveals its operational duration without any outages or breaks.
Bitcoin, the core blockchain that gave birth to Litecoin is said to have an Uptime of 99.98%. The only noted outage in Bitcoin took place in 2013.
Litecoin is Good for Performing Peer-to-peer Transactions
Speaking on the efficiency of Bitcoin, the CEO of the crypto wealth management company also claimed that Bitcoin is best for wealth conversion. He however professed that he prefers Litecoin for peer-to-peer transactions and payments where the option is available. He also claimed that Litecoin is better for testing new technologies.
He claimed that the Litecoin blockchain has kept getting faster in comparison to Bitcoin. He noted that in terms of block time, the hash algorithm Litecoin has been making progress.
He also talked about the progress happening in Litecoin that has assisted Bitcoin as a software. Litecoin managed to remain in the top 15 cryptocurrencies by market cap competing neck-to-neck with all the major altcoin projects.