Litecoin (LTC) – What is it, how to buy, price chart

What is Litecoin

Litecoin (LTC) is a cryptocurrency that was created in 2011 as the “silver brother” of Bitcoin. Litecoin shares many basic features with Bitcoin, such as a pre-determined maximum coin supply (84 million), a Proof of Stake mining mechanism, and the gradual release of new coins, including a four-year halving period.

History and origin

The creator of Litecoin is Charlie Lee, a former Google and Coinbase engineer. He created Litecoin by utilizing the open-source code of Bitcoin, only modifying some aspects and parameters. Thus, he created a cryptocurrency that was faster and cheaper than Bitcoin. Soon after its creation, Litecoin was labeled as “digital silver” alongside “golden” Bitcoin.

Why buy Litecoin

• Fixed money supply: Litecoin is rare because its finite money supply is predetermined and the coins are not overpriced.
• Faster transactions: Litecoin has a shorter block time (2.5 minutes) than Bitcoin (10 minutes), which allows for faster transaction confirmations.
• Lower transaction fees: transaction fees on Litecoin are significantly lower than on Bitcoin.
• More affordable mining: Litecoin mining is more affordable for ordinary users with less powerful hardware.
• Adjustable anonymity: with the MimbleWimble upgrade, it is possible to send transactions anonymously. It can be set to not record transaction history and also hide sender and recipient information, including the amount sent. It is therefore a configurable Privacy Coin

Investing in Litecoin:

Litecoin is a volatile asset whose price can fluctuate wildly. This makes it both a risky investment and a potentially profitable one. If you are considering investing in Litecoin, it is important to do your own research and weigh your risks.

Buying and selling Litecoin:

Litecoin can be bought and sold with Czech crowns and convenient bank transfers at our Simplecoin exchange.

What do I need to buy Litcoin?

A Litecoin wallet is required to hold (store) Litecoin. It will give you control over your Litecoins and no one can confiscate them as long as you have a deposit for that wallet.

We can recommend the Coinomi wallet, which can be downloaded to iOS, Android and PC via the official site here.

How to buy Litecoin

To buy Litecoin on the Simplecoin exchange, all you need is a Litecoin wallet. After that, you can already buy up to 200 Euros worth in 10 days anonymously without registration. For a higher investment, you need to upload two identity documents. Details can be found here.

Litecoin chart

Advantages over Bitcoin

Litecoin has several key advantages over Bitcoin:

• Faster transactions: the Litecoin network writes transactions to its blockchain faster, about every 2.5 minutes.
• Cheaper: LTC transfer fees are many times lower compared to bitcoin.
• You can have more of it: from a psychological point of view, the fact that you can have all of Litecoin or buy more of it can also be considered an advantage. With BTC, you usually only buy fractions of it due to its high value.

Money supply

Litecoin’s money supply is 84 million LTC, which is 4 times more than Bitcoin. This means that Litecoin is less deflationary and has the potential for more growth in the future.

Conclusion

Litecoin is an established cryptocurrency with a number of advantages over Bitcoin. Fast transactions, low fees and affordable mining make Litecoin an attractive alternative for users looking for an efficient and affordable payment method.

Learn more:

Litecoin official website: https://litecoin.org/

Litecoin Foundation: https://litecoin-foundation.org/

MimbleWimble: https://github.com/mimblewimble/grin

A signpost to other cryptocurrencies:

Bitcoin (BTC) 

Ethereum (ETH)

Litecoin (LTC) 

Dogecoin (DOGE) 

Ripple (XRP)

Bitcoin Cash (BCH) 

USD Coin (USDC) 

Zcash (ZEC)

Important Notice:

This page is for informational purposes only and does not constitute investment advice. Investing in cryptocurrencies is risky and you should consider the risks before embarking on any investment.