Litecoin was created as an alternate to Bitcoin that offered more reliability, featuring lower network valuation and faster transaction speeds than its rival. Long term crypto holders who don’t wish to convert into fiat or other cryptocurrencies may use staking strategies in order to generate yield without relinquishing control of their keys.
Litecoin is a cryptocurrency
Litecoin (LTC) is an alternative cryptocurrency similar to Bitcoin. Based on blockchain technology, Litecoin allows for instant and secure transactions while offering lower mining rewards, faster transaction processing times, and a smaller maximum coin supply than its competitor.
Litecoin stands out among cryptocurrency platforms because of its dedicated team of developers working full time on its project and contributing to Bitcoin ecosystem by creating upgrades such as Lightning Network and SegWit.
Litecoin prices have entered a bear market, yet haven’t reached the support level formed by the blue trend line on a weekly chart. This indicates that they could soon recover; should this occur, LTC/USD could reach $140. It should be remembered, though, that investing or trading cryptocurrencies can be risky and should only be done with money you can afford to lose.
It is a peer-to-peer payment system
Litecoin is a digital currency that uses blockchain technology to record a decentralized public ledger of transactions, enabling individuals to send and receive the cryptocurrency without being subject to central authority intervention. Furthermore, it acts as an asset store that can be used as payment for goods and services.
Bitcoin Cash is similar to its namesake cryptocurrency in many respects but was introduced as an attempt to improve on some of its shortcomings. Notable differences include faster transaction speeds (it can process 56 transactions per second versus 7 for Bitcoin), as well as being able to create new blocks every 2 and a half minutes, making it more widely accepted than its predecessor.
Accessibility of LTC is also one factor behind its growing popularity, enabling traders to buy and sell it easily on various exchanges and available in a range of fiat pairs including USD/LTC, EUR/LTC and KRW/LTC.
It is a digital asset
Litecoin is one of the oldest and most enduring pure cryptocurrencies. As an excellent alternative to Bitcoin, Litecoin boasts lower transaction fees and faster confirmation times while being simpler to mine with software-based mining performed on commercial computers instead of costly application-specific integrated circuits (ASICs).
Like Bitcoin, Litecoin is designed for transactions and acts as a peer-to-peer digital asset. Like its counterpart, Litecoin has a fixed supply and is mined by users who verify transactions on the blockchain through proof-of-work verification; each time this occurs a reward of new coins is given out in the form of new ones being mined by miners. Furthermore, its block transaction time is less than that of Bitcoin making it ideal for micro transactions and point-of-sale payments.
Litecoin’s developers take security seriously and understand the risk associated with 51% attacks. Incorporating features like Segregated Witness into its blockchain helps limit orphaned blocks caused by slow transaction processing speeds and help limit risks such as 51% attacks.
It is a store of value
Litecoin, commonly referred to as the “silver to Bitcoin’s gold,” is a peer-to-peer cryptocurrency designed for instant, near zero cost payments. Created by Charlie Lee, an ex-Google employee in 2011, Litecoin’s source code closely mirrors that of Bitcoin but its block size limit and mining process differ substantially – thus earning itself the nickname Litecoin is “silver for its gold.”
CMC Markets allows traders to trade the LTC/USD pair through spread betting and CFDs that provide leveraged trading; only a fraction of their total position value needs to be put down before opening a position is established – thus magnifying both profits and losses for traders.
Coinbase makes purchasing cryptocurrency simpler than ever thanks to their user-friendly exchange platform, where you can purchase various coins and store them safely in your personal wallet – an essential step for any cryptocurrency investor. Alternatively, there are digital wallets such as eToro or Uphold dedicated specifically to cryptocurrency storage that allow investors to buy crypto from multiple exchanges securely.
