Man having understood the importance and value of time made his best attempts to being out life resolving solutions. Scientific laws and inventions were rubbed again and again to invent more and more. Time runs and doesn’t stop for anyone. Neither do opportunities. So when the fast pace of time was understood new inventions came out and the existing ones were amended.
Man was greedy and when he found he could still add more to the fact that he if time cannot be stopped at least enough methods can be adopted to avoid wastage of time.
Who knew that going to the commercial banks would be at one time considered wastage of time? But it happened. Man realised the amount of time every one of us waste in visiting banks for money transactions and transfers and worked out on to avoid that too.
The introduction of the digital currency called Litecoin proves the fact.
What is Litecoin?
• Litecoin is the latest person to person digital internet currency.
• Litecoin is an open source payment network accepted globally.
• It is created and held electronically.
• Unlike Dollars, Euros and Rupees, it is not printed.
• The thing that makes it different to conventional money is that it is decentralized.
• No single institution or an organization controls the currency.
• The currency is instantly transferrable without any wastage of time.
• Unlike commercial banks, it offers very low or no transaction fees.
• Litecoin is proved even better than the math based currency Bitcoin in terms of faster transactions and improved storage.
Litecoin is an open source software project released under the MIT/X11 license which gives you the power to operate, transform, and backup the software and to distribute, at your choice, changed copies of the software. The software is launched in a transparent process that allows for independent verification of binaries and their corresponding source code.
The Litecoin block chain is capable of handling higher transaction volume than its counterpart – Bitcoin. Due to more frequent blocks, the network supports more transactions without a need to modify the software.
As a result, merchants get faster confirmations, while still having ability to wait for more confirmations.
The litecoin store is an online retail website at which you can buy virtually everything using litecoins which you have stored in your wallet.
The online wallet encryption allows you safe your wallet, so that you can look at transactions and your account balance, but are required to enter your password before spending Litecoin. This provides protection from wallet stealing viruses and trojans as well as a sanity check before sending payments.
The Litecoin system is booked to produce 84 million litecoins, which are 4 times as many currency units as Bitcoin making is the largest aimed digital currency.