Litecoin has become one of the world’s most beloved cryptocurrencies since its debut. Since its introduction, its adoption and usage have skyrocketed.
Global economic conditions and monetary policy decisions can have an effect on the crypto market, while inflation data should also be closely tracked.
FXCM’s Trading Station platform enables Litecoin/USD trading.
What is Litecoin?
Litecoin is one of the oldest and most enduring cryptocurrencies currently in circulation, known for being peer-to-peer digital currency that uses blockchain. Unlike traditional currencies that are controlled by central banks, cryptocurrencies remain decentralized without risk of censorship or fraud.
Charlie Lee, an MIT graduate and computer scientist, founded Litecoin in October 2011 to combat Bitcoin’s slow transaction speeds and lack of scalability. To accomplish this goal, Lee modified its original code while adding features that allow faster confirmations and lower fees.
Like Bitcoin, Litecoin is another cryptocurrency operating on a blockchain-based system to process and verify transactions. Like its rival Bitcoin, its mining network utilizes proof-of-work algorithms to prevent double-spends and other attacks while upholding uptime. With an approximate maximum supply of 84 million coins available at any given time, Litecoin can often be seen used for day-to-day purchases due to fast transaction speeds and low fees – it also serves as an investment vehicle, with investors hoping for long-term price appreciation potential.
What is LTCUSD?
LTCUSD is the currency pair representing the price of Litecoin against the US Dollar. Litecoin, created to allow instant and low cost peer-to-peer payments between individuals, was founded by former Google employee Charlie Lee in 2011 and currently ranks amongst the five largest cryptocurrencies by market capitalization.
Litecoin has often been described as the “digital silver” to Bitcoin’s “digital gold”. Designed to enhance several aspects of Bitcoin, such as speed and transaction costs. On average, transactions take nine minutes for verification versus 2.5 for Litecoin transactions processing; additionally Litecoin’s maximum supply stands at 84 million coins while Bitcoin only allows 21.
Like other cryptocurrencies, Litecoin has experienced dramatic price fluctuations over the years. As with other coins, its long-term survival depends on adoption by businesses and regulators as well as competition from other cryptocurrencies.
How to Trade LTCUSD
Trading Litecoin requires an in-depth knowledge of how the market functions and an examination of the fees charged when placing trades – this could significantly decrease profits.
Contract for difference (CFD) trading on LTCUSD allows traders to speculate on price movement without actually buying digital currency, making this form of speculation an attractive means of accessing crypto markets with low margin requirements and affordable spreads.
Day trading LTCUSD can involve many strategies, from technical analysis involving different time frames and candlestick patterns, indicators, and tools that help find potential trade setups, to fundamental analysis using news or economic data as indicators about what may lie beneath. Day trading provides you with numerous methods for diversifying your portfolio while making money both up and down markets.
How to Buy LTCUSD
Investing in Litecoin can be accomplished in multiple ways: directly via crypto exchanges with fiat currencies like US dollars or euros; or alternatively by purchasing stablecoins like USDT beforehand and then subsequently trading them for Litecoin on either its spot market or derivative market.
Paxful offers various payment options including Visa and Mastercard to make it easier to buy cryptocurrency p2p trading easier, including exchanging with private buyers or sellers without incurring fees associated with other forms of transactions.
However, when purchasing cryptocurrency via these platforms, be mindful to store them safely. Due to their highly volatile nature, experts advise investing a fraction of your net worth into digital assets like Litecoin; you should always conduct in-depth research before making any final decisions and diversify your cryptocurrency portfolio so as to limit price movements for each individual asset in your portfolio.
