“Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.”12 Litecoin does not have any central authorities and it is completely controlled through mathematics, which allows users to have full control of their finances. It is also meant to be a complementary source of digital currency to Bitcoin. Even though Litecoin is very similar to Bitcoin, there are some significant differences that separate the two. First, Litecoin created a “blockchain” which allows a larger volume of transactions to occur.12 This allows users to receive faster confirmations and to make larger purchases. Second, with every “block” made, users receive a extra 25 litecoins which Bitcoin does not offer. In comparison
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There are many benefits to digital currency or cryptocurrency. The one major benefit is that there are little to no transaction fees because there is no middle man to dictate the fees.2 This is a major cost especially for banks who conduct foreign currency exchanges. Ripple for example, has saved major banks about 60% in transactions fees.9
For consumers, digital currency does not require a release of their personal information in order to complete the transaction.6 This gives digital currency a higher sense of security especially with credit card fraud being such a common thing today. Cryptocurrency use a push mechanism that allows the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information. 10 Another huge benefit is that digital currency cannot be counterfeit or copied. Counterfeit currency is one major flaw with physical money that has required many technological advances to catch these counterfeit bills. Digital Currency could also be a good invest since it works like the stock market and other regular currencies with fluctuating rates and value. For example, one Bitcoin is equal to $752.77 …show more content…
For small business, this can be very beneficial to help them save money by not having to pay fees. Smaller businesses have a harder time staying afloat in the sea of other businesses and they want to take advantage of money saving opportunities. This could also work in the opposite way where the company makes the fee for their
There are many benefits to digital currency or cryptocurrency. The one major benefit is that there are little to no transaction fees because there is no middle man to dictate the fees.2 This is a major cost especially for banks who conduct foreign currency exchanges. Ripple for example, has saved major banks about 60% in transactions fees.9
For consumers, digital currency does not require a release of their personal information in order to complete the transaction.6 This gives digital currency a higher sense of security especially with credit card fraud being such a common thing today. Cryptocurrency use a push mechanism that allows the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information. 10 Another huge benefit is that digital currency cannot be counterfeit or copied. Counterfeit currency is one major flaw with physical money that has required many technological advances to catch these counterfeit bills. Digital Currency could also be a good invest since it works like the stock market and other regular currencies with fluctuating rates and value. For example, one Bitcoin is equal to $752.77 …show more content…
For small business, this can be very beneficial to help them save money by not having to pay fees. Smaller businesses have a harder time staying afloat in the sea of other businesses and they want to take advantage of money saving opportunities. This could also work in the opposite way where the company makes the fee for their