Litecoin (LTC), is a peer-to-peer cryptocurrency founded by Charlie Lee in 2011. Although it has many similarities to Bitcoin, its source code is derived from the original Bitcoin code.
Litecoin was created to be a more cost-effective medium of exchange and become more useful in daily life. Bitcoin, o
n the other hand, was more commonly used as a long-term store of wealth. Litecoin has a considerably greater coin limit market cap and a much faster mining process. This implies that transactions are quicker and cheaper, but smaller in size.
Bitcoin and Litecoin are both digital currencies. Litecoin is a digital currency that may be used to instantly transfer money between people or companies through the internet. Since all transactions are recorded in a public ledger, the currency may run an unrestricted decentralised payment system without the interference of a central authority.
In October 2011, long-time Bitcoinist Charlie Lee published the project’s whitepaper, which launched Litecoin’s meteoric journey to popularity. Lee, a former Google employee, has been following Bitcoin since its inception.
As time went on, Lee came to appreciate the value of Bitcoin, but he also saw places where improvements could be made
to encourage the broad use of blockchain technology. Transaction times, fees, and the removal of concentrated mining pools were the emphasis of Lee’s new features.
Litecoin achieved a market value of $1 billion in under two years. On December 18th, 2017, Litecoin officially hit its all-time high of $360.93.
In the capacity of a financial investment vehicle
Traders of all skill levels have found the Bitcoin market to be enticing. The recent rise in value is enticing to potential buyers. Volatility in pricing may lead to significant profits for those who are ready to take a chance. This is where Litecoin stands out because of its strong performance in comparison to other cryptocurrencies.
Transacting across national borders
It is possible to send money to other countries swiftly, securely and cheaply using Litecoin, which has a lower transaction charge than conventional methods.
As a Day to Day Payment
Litecoin seeks to be a viable digital currency that eventually replaces fiat currencies for everyday transactions as a daily payment mechanism for users. Litecoin is currently only accepted by a small number of brick-and-mortar and online merchants. However, this might change in the future.
Advantages of the Litecoin Currency
In many aspects, Litecoin is the same as its larger and more established sister since it is a fork of Bitcoin. Litecoin, on the other hand, is a more lightweight version of Bitcoin because of its unique characteristics.
On social media and Github, a coding site, Litecoin’s developers work together to maintain the currency’s infrastructure. Because Litecoin is open source, you can build a clone of it for free and modify the code to use it for apps or even create your own lightweight cryptocurrency. However, for the great majority of individuals, the best option is to continue with the established cryptocurrencies.
How do you purchase it?
Litecoin, like Bitcoin, may be bought using fiat money or digital currencies on a variety of cryptocurrency exchanges. Before making a purchase, you’ll need a digital wallet to keep your money safe. This is only one of several cryptocurrency wallets available, including the original one, Litecoin Core, which can be loaded on a computer or a mobile device.
In terms of crypto exchanges for purchasing, Bitfinex, Binance, HitBTC, and Bitstamp are just a handful of the more popular ones.
Although Bitcoin is the most common payment method for purchasing Litecoin, Coindesk.com reports that bank transfers and debit or credit card transactions are other acceptable methods of payment.
While the cryptocurrency market is still in its infancy, investors need to exercise care when making judgments, especially when it comes to which bitcoin exchange is most suited to their requirements. Returns may be beneficial, but there will always be drawbacks — and you should always do your own research to prevent falling victim to a scam.