Litecoin

Litecoin is a peer-to-peer cryptocurrency similar to bitcoin in many ways. Its main goal is to improve blockchain technology so that users could receive transfers with a minimum commission in a matter of seconds as well as to store currencies efficiently. Nowadays, BTC is considered an effective digital asset for investing, while LTC is believed to provide faster transaction processing.

Litecoin’s history

Litecoin was created by former Google employee Charlie Lee in 2011. This cryptocurrency is based on the bitcoin protocol but differs in the hashing algorithm, limited time on block transactions, and several other features.

Charlie Lee wanted to create a lightweight alternative to bitcoin. Its developers always claim that LTC can be considered digital silver, whereas BTC is digital gold.

Features and advantages of Litecoin

In addition to fast transaction confirmation and storage efficiency, Litecoin has the following advantages:

1. You can buy LTC with fiat money, while all other cryptocurrencies can only be bought with BTC. With LTC, you can also pay for goods and services.
2. Litecoin is a stable digital asset. This cryptocurrency has never been seen fluctuating sharply because bitcoin acts as a kind of shield for Litecoin. While bitcoin’s value changes abruptly, LTC remains stable or drops slightly.

LTC vs BTC

Although Litecoin’s features are akin to bitcoin’s in terms of transparency, anonymity, accessibility, and decentralization, it is still an independent cryptocurrency.

Litecoin’s differences:

1. Transactions are carried out via unique addresses. Unlike a Bitcoin address that always starts with the digits 1 and 3, and consists of 27-34 characters, a Litecoin address starts with the letter L and contains 33 characters.
2. There is a limited number of both BTC and LTC coins. That is, the volume of all coins in circulation is known from the beginning. There will be only 21 million bitcoins in existence. Meanwhile, Litecoin’s supply is capped at 84 million coins.
3. LTC is mined 4 times faster than BTC.
4. High protection against hacking is seen as Litecoin’s primary advantage over bitcoin. Cybercriminals have less time for an attack because LTC blocks are generated 4 times faster than BTC blocks. Thus, Litecoin is more protected thanks to its higher processing speed.

How to trade LTC

There are two ways of trading Litecoin:

1. You can buy LTC on a crypto exchange. The purchase of LTC is considered a long-term investment. Traders wait for the price to rise steeply in order to sell coins.
2. You can trade CFDs on cryptocurrencies and speculate on the difference in the value of Litecoin. Traders can either open long positions, anticipating LTC to increase against the US dollar, or short ones, expecting the price to drop. This is considered a short-term investment because CFDs are usually traded in the short term.

On this web page below the chart, you can find LTC outlooks from our analysts.

Where to store LTC coins

You can store Litecoin in the Litecoin Core wallet. It can be installed for free on your desktop. However, it will require sufficient storage space. Electrum-LTC is its lighter desktop version. Wallets such as Jaxx and Exodus allow you to store multiple cryptocurrencies, meaning you can keep your BTC And LTC in the same place.