When Bitcoin became successful in the digital world, people and developers strived to present new digital coins, and we intend to introduce Litecoin.

In history, some companies have endeavoured to create their own digital currency, but they have not succeeded because all of them have one problem: clients’ money. However, cryptocurrencies are decentralized with no central servers, no central controlling authority, company or government. This system is the most popular by far we have seen.

Litecoin’s Feature in Digital Currency

Another problem that needs to be made here in classic currencies is client verification. Needless to say, it’s good for counterfeit problems; however, not all people are criminals! Many people abhor the long verification process of opening a simple account and sending or receiving money from others in digital currency. Surprisingly, verification is not needed to open your wallet. Therefore, all you need is a simple email address, download their application, and install it on your mobile phone or desktop.

To send money from one country to another country, you are not required to verify anything. Sending money is very simple.

Safety and lack of fraud is very important in cryptocurrencies and double-spending will be controlled by blockchain technology

Double-Spending in CryptoCurrencies

Spending the same amount twice means double-spending and this is a fraudulent technique. The classic solution was a trusted third-party company like banks. Third-party Companies keep records of balances and transactions. This method was helpful, but what would happen if a third-party company attempted to scam its clients? Third party companies have full control over your funds and they can misuse all your personal details additionally.

A Brief Look at New Currencies Like Litecoin

Litecoin is Bitcoin’s brother. Litecoin was released on GitHub on October 7, 2011, by Charlie Lee. Litecoin has various hashing algorithms, which are called “Scrypt”. It can generate blocks four times faster than Bitcoin. The maximum number of Litecoin is 84 million coinsLike Bitcoin, it is a peer-to-peer Internet currency that is open source and fully decentralized. Notably, the Litecoin symbol is LTC.

When Litecoin was released, the price was 0.01$; today, the twelfth of April 2018, the Litecoin price is 113$. Also, the Litecoin price was 354$, which means it has grown 3.5 Million percent after 6 years!