LiteСoin (LTC) Cryptocurrency Review

16-07-2021

Litecoin is a peer-to-peer cryptocurrency based on blockchain technology. The digital coin is a fork of bitcoin and is used for fast online payments and trading. Altcoin shares with BTC an open fundamental code, a decentralized payment network, and anonymity. Differences between Bitcoin and Litecoin include transaction processing time, hashing algorithm, and issuance order. 

Token name LiteСoin
Capitalization $ 8 143 236 353
Issue 84 000 000
Algorithm  Scrypt
Year of foundation 2011

Overview

LTC is called “digital silver,” while bitcoin holds the title of “gold” in the cryptocurrency world. The cryptocurrency supports SegWit scaling technology, which prevents unnecessary data from being written into blocks. This frees up space for new financial transactions and increases network throughput to about 56 transactions per second. 

Litecoin is considered a less resource-intensive asset compared to bitcoin. Coins can be used to pay for purchases at many merchants. Most digital assets go public after an ICO. Litecoin has not been pre-mined, so the cryptocurrency does not have holders of large amounts of coins. 

Litecoin
LiteСoin’s historical exchange rate

Features of transactions with LTC 

Litecoin blockchain provides high speed and a large volume of transactions. Traders can trade altcoin without long confirmation of transactions. The frequency of block processing by the system is 2.5 minutes compared to 10 minutes by bitcoin. This makes LTC more resistant to double spending attacks in a similar time frame to Bitcoin. 

You can easily find the best wallet option for storing altcoin:

  1. hardware (Trezor, Ledge);
  2. multicurrency (Block.io, Electrum, Jaxx, Exodus);
  3. official (LitecoinSore).

To protect your cryptocurrency wallet where your Litecoins are stored, use data encryption. In this case, you will be able to control the balance of your account and conduct transactions absolutely securely. To withdraw funds from the encrypted wallet you should use your personal password. 

Where can I buy LiteСoins

Litecoin digital coins are available at almost any cryptocurrency exchange, but not everywhere there is a wide variety of currency pairs. Transactions are available in your personal cabinet after you register as a trader and pass verification. LTC’s list of traded digital assets includes the largest exchanges: 

  • Binance;
  • HitBTC;
  • Huobi;
  • Bit-Z;
  • Bitfinex, etc.

Litecoin transactions can be made not only on the exchange but also in online exchanges. Such exchanges provide an opportunity to exchange altcoins for fiat money via the internet bank, plastic cards, and payment systems. Such resources, as a rule, do not require strict verification, which attracts the attention of traders. However, the rate there may not be the most profitable on the market. 

Trader’s reviews

Judging by traders’ comments, LTC can be considered a worthy alternative to bitcoin. Positive reviews are associated in most cases with low commissions, reliability, and safety of the LiteCoin network, as well as with the fast processing of transactions.

Litecoin reviews

Conclusion

Litecoin’s low fees, high transaction speed, and high demand make it a solid investment. An Altcoin is considered a classic cryptocurrency that many investors include in their portfolios.

Share article with friends


Technical Analysis

UP