Litecoin (LTC) is the younger brother of Bitcoin. While Bitcoin represents the Gold of Cryptocurrency, Litecoin serves as its silver counterpart. LTC is one of the earliest cryptocurrencies, and its existence has had a huge impact on the crypto world. Considering its long years in the crypto space, we can also call it a father in the industry.
Litecoin is one of the most reputable coins ever to exist. It remains in the list of top ten cryptocurrencies with a huge dominance. Considering how the crypto space has evolved, its impact throughout the last five years has been of great value, and we hope it remains the silver counterpart to Bitcoin's Gold in years to come.
What is Litecoin?
Litecoin is a peer-to-peer digital payment system with a large market distribution. It is the first-ever altcoin to step into the limelight, and its existence is fruitful to crypto Holders worldwide. Unlike fiat currency, this coin stems from a decentralized system. It is independent and uncontrollable. Although its value may fluctuate due to some surrounding factors, Litecoin remains one of the top cryptocurrencies with great long-term potential.
The former Google software developer Charles Lee is the founder of Litecoin. He introduced LTC into the crypto space to serve as an improvement upon Bitcoin. Lee borrowed the core code for Bitcoin and added a few changes to improve Blockchain adoption. Now, LTC is accepted globally as a certified digital currency. Its real life application is to serve as a reputable means of payment for goods, services, and all sorts.
Ever since LTC got licensed under MIT/X11, its market cap has gained more value. Newer currency units are generated through a cryptographic protocol daily. By adopting Blockchain, it remains in safe and decentralized storage.
How It Works
The founder aimed to introduce a quicker exchange process by reducing the block time approval for each transaction. Therefore, LTC approves batches every 2.5 minutes compared to Bitcoin's 10 minutes block time approval.
Charles Lee also reduced the cost of processing each transaction. Litecoin is four times faster than Bitcoin. The inventor dropped the fee to 1/1000 LTC. Thus, you only need to pay a transaction fee of 0.0001 percent to validate any trade, irrespective of the size. This fee structure is 50 times smaller than Bitcoin's.
This minimal structure fee sets the path right for current market leaders, as they tend to profit more from third-party charges. Its total supply is surplus. Thanks to the developers of this project, not so many old currencies are as advantageous as LTC is.
How to Buy Litecoin
Buying Litecoin is as simple as you can imagine. It follows the same process as other cryptocurrencies. You can purchase LTC on any reliable cryptocurrency exchange where it's listed.
You can either use fiat or digital money as payment when you want to buy. While LTC is available for purchase through a credit card, debit, and fiat currency, most sales come from Bitcoin.
Litecoin Core is the first crypto exchange platform for this coin. Other crypto exchange platforms where you can find LTC are:
How to Store Litecoin
Storing Litecoin shouldn't be difficult at all. Tons of options are available to choose from. For small daily trading activities, it's better to leave the currency in an exchange wallet. But if you want a safer method, a PC or mobile wallet does it all.
For a major LTC investment, it's better to consider an advanced safety option. Hardware storage has been pretty effective for quite some time now. This method works for investors and large crypto companies who'd like to store huge amounts of currencies.
What You Should Know Before You Buy Litecoin
In 2011, Litecoin launched into the crypto space with a complementary motive towards Bitcoin. It is 4x faster than Bitcoin and was designed to improve shortcomings in the industry. Before you consider investing in this coin, here are some cool things to note;
● Litecoin processes transactions 4x faster than Bitcoin.
● Litecoin inventor chose the future of this coin over a huge conflict of interest.
● LTC is widely available. It has higher supply limit than Bitcoin.
Is Litecoin A Good Investment?
Should you consider investing in this digital asset? Of course, Litecoin is volatile like every other cryptocurrency but it has intrinsic value. With a market cap of approximately $12.3B, LTC is here to stay.
However, bear in mind that while LTC seems to be a profitable investment, the chance of getting losses is not inevitable. It would be best to do your own research and stay up-to-date with reliable crypto exchange and news updates. Coinlist is a great resource for that. It's home to the latest news and happenings around the crypto space. You can't afford to miss the next update.