Litecoin was launched in 2011 and was founded by Charlie Lee, a former Google employee. It is a peer-to-peer cryptocurrency network based on the source code of Bitcoin. Litecoin is an open source software network released under the MIT / X11 license. In October 2011, Litecoin was considered an early altcoin or spin-off of Bitcoin, which is technically identical to Bitcoin, which has enormous potential in the gaming industry. It seems like a boon for blockchain developers, and it could become a game industry scope as well.
What is litecoin?
Litecoin was created for cheap and efficient daily transactions, while Bitcoin is used as a store of value for long-term purposes. Litecoin market capitalization is higher and the mining process is faster than Bitcoin. Like Bitcoin, Litecoin is a form of digital currency that uses blockchain technology. Litecoin is used to transfer funds directly between individuals and companies. This ensures that all transactions are recorded in the public ledger. It also allows the currency to be used as a decentralized payment system, free from censorship or government control.
How do I buy Litecoin?
- Buying Litecoin is a simple process. Because of its popularity, LTC can be obtained from the major exchanges of today. However, the process is different for each platform. The user has to register and can then start buying LTC straight away.
- Litecoin can be bought on cryptocurrency exchanges and stored in digital wallets, crypto custody providers, or specialized hardware. The great advantages like speed and the low fees make it attractive for companies and individuals. It can be used for digital purchases, peer-to-peer transfers and also as a payment system.
- Users can also buy Litecoin using fiat currency. Several exchanges offer a direct Fiat / LTC pairing. The users can add the fiat currency to their exchange wallet and buy Litecoin. After the purchase process, LTC appears in the wallet.
- Litecoin can also be bought through an intermediary. If the exchange does not offer an LTC / Fiat pairing, the user should first buy the bitcoin and then trade the bitcoin for Litecoin. Litecoin has become one of the most popular cryptocurrencies and can easily be exchanged for any coin or token.
- Before purchasing Litecoin, the user should purchase Litecoins from a digital wallet store. The first wallet for Litecoin is the Litecoin Core, which can also be installed on a smartphone or desktop.
- Users can purchase Litecoin from some of the Top cryptocurrency exchanges, for example Binance, Bitfinex, GDAX, Coinbase, HitBTC and Bitstamp.
Where can I keep Litecoin?
- There are several ways to save Litecoins. For example, if the user uses Litecoins for daily trading activities, they can be stored in an Exchange wallet.
- Other options for storing Litecoins can be cell phone and PC wallets. In most cases, these wallets allow the user to store Litecoins along with the other cryptocurrencies.
- If the user plans to do “Hold on for Dear Life” (HODL) or invest in Litecoin for a longer period of time, the hardware wallet is the best option. A hardware wallet can store cryptocurrencies offline in cold storage. This also makes it impossible for the hackers to access the stocks. For example, the Ledger nano S and Ledger nano X support LTC.
- A paper wallet is also an option for storing litecoins, which are lightweight and similar to savings or checking accounts.
According to coinmarketcap.com, Litecoin is not among the top 5 cryptocurrencies. However, it is widely accepted as one of the most popular cryptocurrencies in the digital space. In April 2013, the Litecoin price rose from $ 4.30 to $ 116.98 in May 2018. This shows an increase of 2620% over the past five years. As per Litecoin price prediction 2025, Experts say Litecoin can hit around $ 150 in the first quarter of 2021 and could also hit $ 260 in January 2022.
Litecoin was one of the first altcoins to emerge from the Bitcoin protocol. It is referred to as “silver to bitcoins gold”. Litecoin has seen a great deal of variability since its launch in 2011. However, it did quite a good job of laying a strong foundation. The reason for the successful growth lies in the quick adjustment and flexible strategy. Although cryptocurrencies are new and volatile, investors should be careful before investing in cryptocurrencies.