Litecoin (LTC) description for beginners. All you need to know!
litecoin guide

Litecoin (LTC) description for beginners. All you need to know!

By Foxhunter | hunter24 | 21 Feb 2020


In this Litecoin (LTC) description for beginners, you'll be able to find all essential information about this cryptocurrency, which will allow you to get to know it from its simpler and more understandable side. Without all the technical details regarding blockchain, chains, transactions, etc. I am aiming for you to get to know Litecoin in the easiest way, so you learn all the basics involved. I want to keep it simple!

What is Litecoin?

Litecoin (LTC) - Litecoin is the peer-to-peer cryptocurrency that enables almost instant, near-zero cost payments to anyone in the world. Litecoin is the open source, global payment network that is fully decentralized without any central authorities. It is worth to know that there is very large community behind LTC and that there are hundreds of developers constantly working at Litecoin blockchain development. Thanks to that, it is one of the best evolving cryptocurrencies.

It has been available since 2011 and its creator and first developer is Charlie Lee - extremely important person in cryptocurrency world. Charlie Lee graduated as the IT specialist on MIT (Massachusetts Institute of Technology) and his career had been related to technology and programming long before cryptocurrencies came into existence. After 2007 he was working for Google, he was co-creator of projects like Chrome OS and mobile app for YouTube service. After the creation of Litecoin, up until June 2017 he was the Technology Director at Coinbase market. Currently, he is the chairman of Litecoin Foundation.

Today, Litecoin can be bought on over 165 cryptocurrency markets. For years, it has been positioned on leading places of cryptocurrency rankings.

 

Good to know: Litecoin is technologically very similar to Bitcoin, because it was created on the base of Bitcoin source code. The difference lies in 'the lightness' of Litecoin.

Saying simply: the time of LTC block is 4 times shorter that BTC. Because of that the transactions are 4 times faster (!) and their cost is much lower (less than 5 cent, despite the amount of LTC being sent). Additionally, in June 2017, another improvement got introduced- so called Segwit (Segrageted Witness), which has speeded transactions up and reduced their cost even more. Another interesting fact is that Litecoin, comparing to Bitcoin, is more resistant to so called flood attack (the type of attack that aims to block the network with too many transactions, which will make them unable to be processed).

 

Litecoin is Proof Of Work cryptocurrency, what means that it is being mined. Litecoin can be mined with the use of special miners (adequately configured set of graphic cards, adjusted to mine LTC), but you have to remember that the mining is expensive if it comes to equipment and electricity use, so many people prefer to just buy it, instead of mining.

The maximum amount of coins: 84,000,000 LTC

Although Litecoin will never become 'the king of cryptocurrencies' like BTC, it undeniably has lots of technical advantages, like speed of transactions and faithful community, which sees much more in this cryptocurrency than only a 'Bitcoin fork' based on the same code.

 

Where buy Litecoin (LTC)


You can buy Litecoin in many cryptocurrency exchanges and markets.
Using bank transfers, for example: Coinbase, Bitbay  ,
Using Credit Card, for example: Coinbase, Binance  , Changelly
Or using cryptocurrencies on hundreds of others Cryptocurrencies Exchange Platforms

Where to sell Litecoin?
For example here: Coinbase, Bitbay.

 

Remember that investing in cryptocurrency is a high risk activity: nobody knows whether a price of particular cryptocurrency will go up or down. If you are planning to buy Litecoin, or other cryptocurrencies - don't assume that you will definitely earn.

Unfortunately, it is a new business sector and there are a lot of changes happening every day. There is no profits guarantee and the probability of losing is high. So remember, that you are the only person responsible for you decisions. Never spend your life savings on cryptocurrencies. You shouldn't buy them using your last funds, or a loan which you won't be able to pay off. Be careful and don't spend more than you can afford to lose!

 

Where to store Litecoin (LTC) ?


Here you have lot of options, choose the best for you and your coins safety.
Hardware wallets (the most secure!): Ledger  , Trezor
Desktop Wallets: Litecoin Core, Exodus , Electrum-LTC  ,
Mobile Wallets: Jaxx, Coinomi, Lite.IM
Web wallets: Coinpayments , Cryptonator
Free Lightning Network wallet: https://zap.jackmallers.com/

Where Litecoin (LTC) is accepted?
You can find a lot of shops, internet services and much more companies accepting LTC, here: https://cryptwerk.com/pay-with/ltc/

Frequently asked questions:

How high can Litecoin (LTC) go?

Lots of people ask ''How high can Litecoin go''? Although every investor who buys LTC would like the price to grow as high as possible, there has never been and there will never be a definite answer to this question. All predictions regarding the future price of LTC (same as every other cryptocurrency) are only speculations which do not have to happen in real life.

Is Litecoin a good investment?

It is difficult to unequivocally say whether the investment in Litecoin is good or not. It may turn out that the price of this cryptocurrency will significantly increase in the future, so it may be a good time to buy it now. But unfortunately, it may also drop. The price of each cryptocurrency is influenced by the market, buyers, sellers, number of transactions, acceptance of this particular cryptocurrency, events that relate to it, as well as what governments think about it. All those factors are variables, and what we have today, does not have to stay identical in the future.

That's why Litecoin LTC may be a good investment, but it does not have to be. The time will tell.


Official website: https://litecoin.com/
Discussion about Litecoin LTC: https://litecointalk.io/ , https://bitcointalk.org/index.php?topic=47417.0 ,
Litecoin actually price, historical charts, and much more: https://coinpaprika.com/coin/ltc-litecoin/
Litecoin twitter: https://twitter.com/LitecoinProject


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Important:I am not an investment advisor!
I am just the publisher, and I’m not taking responsibility for any cryptocurrency or company, listed out here. When you join or invest in a cryptocurrency, o rany other program of your choice, it is only your responsibility. It means that I am not responsible for your loss. The information provided here is based only on my own research, and you don’t have to agree with them!
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Foxhunter
Foxhunter

Writer and reader:) Hello guys!


hunter24
hunter24

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