What is Litecoin ?
Litecoin, also known as the lite version of Bitcoin, is a peer-to-peer cryptocurrency capable of faster transactions at affordable rates. The cryptocurrency works parallel to Bitcoin with a little deviation to mining. Litecoin’s algorithm makes it easier for common people to mine Litecoins and earn money.
Charlie Lee – a former Google engineer, is credited as the founder of Litecoin cryptocurrency that came on October 7, 2011. Just after the 4 days of its launch, the Litecoin network was hosted. It is believed that for the total supply of Litecoins to come into existence, it will take more than a thousand years.
Primary features of Litecoin
- It is decentralized that ensures no centralized authority (or a group of people) trying to control the measures.
- It works on the ‘Proof-of-Concept’ consensus algorithm.
- It has a market capitalization of almost $10 Billion that makes it one of the Top 15 cryptocurrencies in the world.
- Litecoin (LTC) is a peer-to-peer cryptocurrency providing a seamless exchange of funds.
Is Litecoin a promising cryptocurrency?
Litecoin (LTC) is designed to seamlessly transfer funds between people at low transaction costs. If you are looking to buy a Litecoin, then you can check for third-party cryptocurrency exchanges like Coinswitch Kuber.
How to use Litecoin coins?
Litecoin ensures greater security, speedy transactions, and a trustless approach. You can use Litecoin (LTC) in the following ways:
- Mining: Earn Litecoins by mining them on your personal computer.
- International Transfers: Litecoins could be transferred easily to family and friends with low fees & fast processing speeds.
- Online Payments: Litecoin is accepted at thousands of stores worldwide, both offline & online.
- Investment: Litecoin has grown exponentially in the past, which makes it a good bet for investments.
Pros & Cons of Litecoin coin
- Low-Transaction fees: Litecoin has very low transaction fees as compared to other cryptocurrencies that make it widely adopted.
- Speedy process: The transaction processes in almost one-fourth of the time it takes in Bitcoin.
- Open-source: Due to the open-source nature of Litecoin, changes can be easily implemented to adapt to the market.
- Reliable: Being one of the oldest cryptocurrencies in existence that was created as a fork in Bitcoin, Litecoin looks extremely reliable to its investors.
Dark Web: Litecoin was found being used as a mode of payment on the Dark Web.
Trade Litecoin coin on CoinSwitch kuber
- You can start investments and trade with just Rs.100.
- Allows instant withdrawal and deposit directly to bank accounts.
- Trade-in Litecoin (LTC) at zero fees.
- Intuitive and straightforward UI.
- Easily track your transactions and manage your portfolio.
Litecoin ICO summary
Litecoin didn’t have an ICO in general, but on October 7, 2011, it was released via an open-source client on Github. Litecoins could be purchased on coin exchanges, or you can earn them by mining.
FAQ's on Litecoin
- How does Litecoin cryptocurrency work?
Litecoin involves the creation and the transfer of digital coins via an open-source, cryptographic protocol. Blockchain is the technology behind LTC that makes it decentralized, immutable, and transparent.
- How to buy Litecoin cryptocurrency?
You can buy Litecoins online on any cryptocurrency exchange. Furthermore, you can earn Litecoins by mining them from your computer.
- How Many Litecoins Are There?
There are only 84 million Litecoins so far.
- How to invest in Litecoin cryptocurrency?
You can invest in Litecoin using the CoinSwitch Kuber app.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.