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.