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The cryptocurrency market has been around for only more than a decade, it has expanded exponentially. Still, even though thousands of new coins intend to address various issues, some of the older ones remain at the top. Of course, we all know Bitcoin is still dominating the industry. But, interestingly, some older altcoins like Litecoin continue to thrive, despite discussions about their archaic concept. Is LTC still trustworthy or is it just a scam?​

Understanding Litecoin​

What is Litecoin? Litecoin, shortened to LTC, is a modification of the bitcoin code created by a graduate of the Massachusetts Institute of Technology (MIT). It was Charlie Lee who created Litecoin as a digital currency in 2011. The initial aim of the Litecoin project was to address the concerns investors and developers had about Bitcoin. For example, there were many concerns about bitcoin being too centrally controlled and making mining difficult for firms that mine on a large scale. With Litecoin, these concerns were addressed and modified to be better.

Since its "debut," the coin has become a multipurpose coin as it is mineable and even used for peer-to-peer payments. However, it failed when it was initially launched as enterprise miners were acquiring the lion's share of its mining. Litecoin has since improved on these shortcomings and become a better coin.​

LTC Pros and Cons​


As mentioned earlier, Litecoin offers fast transactions with a capability of roughly 56 of them per second. Here are some of the other benefits you can expect:​
  • A smaller blockchain transaction history of roughly 20GB compared to its bigger brother, Bitcoin’s over 180GB​
  • Litecoin gets updates faster because it is used to test new technology before applying it to Bitcoin​
  • Small initial investment into Litecoin mining​

The Litecoin cryptocurrency offers many benefits and ease of use to its users, but it has its faults too. One of the main cons is its vulnerability for double spending. It is not an easy task, but for a malicious party with enough resources, it could be done. Fortunately, updates are being added constantly to prevent these issues. Here are some other disadvantages that should be mentioned:​
  • Prone to a 51% attack​
  • In the case when the network is overloaded, the chain could bloat and make future confirmations near impossible​
  • Branding Problems: Litecoin is pictured like Bitcoin, whereas it is faster and wiser. Even though it transformed Bitcoin, its uniqueness has not been acknowledged. Bitcoin has now adopted the SegWit protocol that has hurt Litecoin’s uniqueness.​
  • Lost Credibility: Charlie Lee sold his LTC holdings in 2017 at the high of Litecoin; Litpay service was redeemed defunct and was withdrawn, creating a negative impact in the market.​
  • Dark Web: Litecoin is used avidly by 30% of underground vendors which adversely affects Litecoin’s image.​

Litecoin dusting hack attack details​

The Litecoin (LTC) network is under attack and the Litecoin dusting hack attack puts the privacy of Litecoin holders at risk. This is done by sending a small number of cryptocurrencies to a large number of personal wallets from a single address.

According to a recent report by Glassnode around two hundred and ninety-five thousand (295,000) accounts were affected by this attack on Binance exchange. Moreover, the report revealed that the network had faced a similar attack back in April 2019.

Through the Litecoin dusting hack attack, the attackers aim to gain information about the target and once enough information is gained it can send a phishing attack to the target.

Binance had revealed it to users while warning them of such scams that can target their email addresses. In one conversation Jan Happel, the co-founder of Glassnode stated that the attacker operated from Russia and stated their intention was to advertise their mining pool. However, it is still uncertain whether there were underlying motives involved.

Litecoin is one of the largest cryptocurrencies by market cap as it has been operating since as early as 2011 while always traded among the top ten cryptocurrencies across the globe. Currently, Litecoin’s market capitalization is 4.82 billion dollars with each coin trading at seventy-six dollars ($76) at the time of writing.

Moreover, Litecoin is not the only cryptocurrency under attack as many scammers present in social media mainly – Twitter – have been posting fake giveaways by celebrities that have nothing to do with them. These scams include asking beginners to send Bitcoin or Ethereum to specific addresses.

Now that you have reached almost the end of this review. Is LTC A Scam? Leave your impressions about LTC at the comment section down below.
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