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Litecoin (LTC) is the fourth most popular cryptocurrency in the world. The digital coin has many advantages that attract miners daily. What are the benefits of the currency, and how do you create Litecoin wallet for it? We will consider below in the article. Litecoin is a peer-to-peer virtual currency that permits you to complete trades worldwide with a commission that is almost zero. Simply put, Litecoin (LTC) is a global payment system that is decentralized and does not have any authority from states. A unique cryptographic cipher protects the network and lets users control their finances independently. The digital currency stands out because it takes less time to complete financial transactions than the well-known Bitcoin. In addition, Litecoin wallet is a dedicated auxiliary tool for commerce connected to the Bitcoin currency in terms of liquidity and trading volume.
Likened to other payment systems, the Litecoin wallet has a lot of advantages that allow it to stand out from other wallets:
A Litecoin wallet is chosen by almost everyone mining the most popular cryptos. This is not unexpected because Litecoin has the following amenities:
Even though Litecoin was created based on the Bitcoin crypto cipher, it cannot be called a coin that differs from the most popular currency only in name. Litecoin is a light version of Bitcoin. The main feature of this coin is that it eliminated the main flaw that Bitcoin had, namely the scaling problem.
Additionally, thanks to SegWit support, the number of transactions per minute has increased significantly. Litecoin wallet allows you to exchange currencies and transfer funds worldwide instantly. Based on this, using Litecoin is more convenient than Bitcoin, the throughput of which is quite low.
Since Litecoin is a cryptocurrency, it has no physical analog. However, this in no way speaks about the applicability of digital currency. So, LTC can be used as a unit of account for goods or services purchased online. On the other hand, if the user needs to convert cryptocurrency into cash, then the conversion can be carried out using unique online exchanges.
The user will be prompted for:
The single-guarantee nature of an LTC wallet allows you to exclude hacking by anyone completely. All transactions are entirely transparent, and fraud attempts are recognized and stopped at the very first stage of the transaction.
Theoretically, hacking the payment system is possible, however, if more than half of the users of the LCT network transmit false information during the verification process. To do this kind of work, attackers need to have extraordinary mental abilities and computer technology, the power of which should be much higher than all existing supercomputers.