Bitcoin is the most popular cryptocurrency and over the past couple of years, we have seen myriad versions of bitcoin. The BTC Lite is the newest kid on the block and is quite different from rest of the bitcoin clones we have seen so far. The bitcoin lite, or BTC Lite, as they like to call it is an ERC20 version of Bitcoin. So what does this mean?
BTC Lite has same supply as bitcoin but runs on the Ethereum blockchain. Bitcoin is far from perfect and often cumbersome for making small payments. It also takes a lot of time for the payment to arrive and costs around 7-10 dollars. All of these problems are solved by BTC Lite which is faster, cheaper and leaner than bitcoin.
A transfer between two users can be less than a cent. It is also very easy to store the BTC Lite token as there are many amazing Ethereum wallets that let you store ERC20 tokens and they work just fine for storing BTC Lite.
BTC Lite combines the advantages of both bitcoin and ethereum and brings them together in single coin/token. The BTC Lite is still in its early stage as it just a few month old coin. It purports to be a community-driven coin serving as a medium of exchange and a store of value. Who knows with increasing adoption and general awareness, this BTC Lite may go places.
The BTC Lite team has shown immense commitment to the project and released it on three exchanges and even revamped entire website.