Is Litecoin really the Crypto for Africa?
The people of Africa have shown tremendous interest in digital currency. Although there have been times when the African government showed resentment towards the use of cryptocurrency in the country, still people managed to buy crypto.
Platforms like bitcoin rush website provide ease of use to the customers so they can easily buy and sell cryptocurrency in such times. Litecoin has established itself as a strong competitor against bitcoin in Africa. However, the real question is ‘Is Litecoin the cryptocurrency for Africa?’
Extremely Private Transactions
Litecoin is famous for its extensively private transactions which come in handy for Africans. The extension blocks to Litecoin’s chain allow the user to mask their identity while making any transactions. During protests when the government banned the use of cryptocurrency in Africa and punished people for using it, Litecoin’s private transaction helped people continue using crypto.
The MimbleWimble technology of Litecoin helped Africans achieve the goal of privacy in transactions. Litecoin foundation also launched GitHub code for peer-to-peer review.
Faster and Cheaper
Litecoin is the oldest Altcoin in the market and has gained considerable popularity over time. The reason behind this increasing popularity of Litecoin is its faster and cheaper rates which benefited the Africans. Litecoin has four times more supply than bitcoin and each of its blocks can process more transactions as compared to bitcoin.
Thus, it leads to faster confirmation and transfer of transactions. It is great news for the merchants of Africa who require micro-payments immediately. It just takes 2 to 5 minutes to complete a transaction and that too at low charges.
Litecoin is also the right currency for the people of Africa because it has a lower price as compared to other cryptocurrencies. It is almost half the price of bitcoin as the price from which you buy half bitcoin, you can buy a complete Litecoin.
Furthermore, these small-cap cryptocurrencies tend to generate a higher percentage of profit as compared to high cap cryptocurrencies. The reason behind this logic is that new users seek instant gratification with more profit.
All major exchanges in Africa offer Litecoin as a cryptocurrency to the users for investing and trading. Thus, it is easily available and accessible to the inhabitants of Africa. Whether you want to buy Litecoin with a credit card or debit card, it is easily available.
It also indicates that new investors can buy Litecoin easily without encountering timely and complex procedures. Another advantage of having Litecoin registered on many exchanges is that it makes currency highly liquid. The higher the liquidity of a cryptocurrency, the greater its demand for trading in the open market.
More Democratic Mining
Litecoin is encoded with the Scrypt algorithm which solves the mathematical problem on its blockchain and discovers the next transaction block. It uses Central Processing Units (CPU) for mining which is more affordable than the Graphics Processing Units (GPU) used for Bitcoin.
Thus, it makes Litecoin mining more accessible and affordable to the general public of Africa. It also makes the process more democratic for the involved parties.
As discussed earlier, Litecoin has low transaction fees as compared to other cryptocurrencies. The reason behind this adds to the advantages of Litecoin i.e., no middlemen are needed.
The transactions are completed without the meddling of any third party. It not only reduced the transaction fees but also made the whole procedure less complicated. Litecoin can also be exchanged for other cryptocurrencies on the blockchain using the ‘Atomic Swap’.
While there are many cryptocurrencies out there, still you need to choose the one that best fits your needs. Litecoin is the oldest Altcoin and has a reputable position in the market so Africans can rely on it easily.
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