The comparison between Litecoin and Onecoin doesn’t stand a ground as Litecoin is a far more reliable investment option than Onecoin can ever be. Here’s an explanation of the same.
It’s been a few years since Onecoin entered the cryptomarket. As crypto-experts would know well, this virtual currency has already established itself in the market. Onecoin developers claim that it not only has the potential to attract lucrative turnovers for online investors, but is also capable of providing easy access to all products and services of the Onelife network. Unfortunately, there are a few glitches in the Onecoin network that first-time investors might overlook. The concept is no doubt appealing, but there’s no proper back up or explanation of the Onecoin venture. What is the basis? How does it operate? The vague answers to these crucial queries seem to suggest that Onecoin is but a failed attempt in the competitive cyberspace and the hype around it is more of a baseless claim made by technical novices. Investors may see that their account balance is getting updated with time, but that doesn’t mean they own that same amount. Unless you request a payout from the network, you cannot control your investments. The crux is, Onecoin is not a currency per se, or rather a reliable currency which operates on a blockchain network. This is evident from the fact that you cannot use Oncecoin to pay your bills.
Litecoin was developed in 2011 by Charles Lee, an MIT graduate and an ex-employee of Google. It has incorporated the conventional Bitcoin Blockchain in its design and allows feasible payment options for online users. Like Bitcoin, it is a public ledger that is based on an open-source, decentralized network. Launched as a probable upgrade for the faulty Bitcoin network, Litecoin has successfully installed the SegWit upgrade that allows faster transactions for users. Its block time is limited to 2.5 minutes which is in stark contrast to Bitcoin’s lengthy 10 minutes. The good thing is, Bitcoin miners would not face any difficulty in mining Litecoin despite the fact that it is based on the Proof-of-Work Scrypt algorithm unlike the Secure Hash Algorithm (SHA256) as that of Bitcoin. The market cap for Litecoin is a whopping 84 million, which very well explains its popularity over and above Litecoin. Initially worth 7 cents, its value has increased simultaneously with that of Bitcoin. It is now globally accepted by merchants and online traders.
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