Cryptocurrencies grabbed great attention in the first decade of the 21st century. With the passage of time; their popularity increased day by day. Meanwhile, COVID-19 arrived and it has uplifted the importance of cryptocurrency trading. Even many countries are introducing their own digital currencies. However, it is hard to choose one currency to invest in. TOP10.DIGITAL is bringing all the necessary information almost about each cryptocurrency. Either it is Bitcoin, Ethereum, NEO, or Ripple. Hence today, we have come up with Litecoin Cryptocurrency. This article will be helpful to understand Litecoin.
What is Litecoin Cryptocurrency?
Litecoin is an open-source peer to peer cryptocurrency. It enables instant payments anywhere in the world within seconds. While its symbol is LTC or Ł. It is also worth mentioning that LTC is very similar to Bitcoin in many aspects. While its factor is that the cost of transactions is very low. We can say that it is nearly zero. Apart from this, Litecoin is also a decentralized payment network. It empowers individuals to control their own finances. Moreover, it is one of the mathematics-based cryptocurrency.
Who created Litecoin LTC?
The credit for creating LTC goes to Charlie Lee. He was a former employee of Google as well as Engineering Director at Coinbase. Initially, he released Litecoin via an open-source client on Github on October 7, 2011. However, it went live on 13th October 2011. Further, Litecoin was a source code fork of Bitcoin but with different primary features. While it experienced real growth in Nov 2013.
What is the difference between Litecoin and Bitcoin?
As we have earlier said that LTC is similar to bitcoin. However, there are differences too between the two digital currencies. The major difference is that Litecoin produces more coins than Bitcoin. Also, its transaction speed is four times faster than Bitcoin. However, both cryptocurrencies use different cryptographic algorithms. Bitcoin uses the SHA-256 algorithm while LTC uses Scrypt.
What is the price of Litecoin Cryptocurrency?
Like other cryptocurrencies, Litecoin has also experienced ups and downs in the price. Initially, its price was under $1. However, a major breakthrough was when its price reached $39 in Dec 2013. Again there was a downfall in its price. But it stabled itself and in 2017, it reached an all-time high $322. Then ups and downs came and price differs for various years. However, In Jul 2020, its price is $57.15.
How can I buy LTC?
There is a very simple process to buy Litecoin. First of all, create your Litecoin wallet; then find a cryptocurrency exchange that deals in Litecoin. After that, you will have to deposit funds to the cryptocurrency exchange. They will transfer LTC in your account. Further, you can transfer LTC to your wallet.
Is it secure trading LTC?
There are different rules and regulations for cryptocurrencies in different countries. However, where it is applicable, it provides you security. You can trade LTC safely. However, third part and wallet developers may have some loops. Otherwise you can rade Litecoin without any risk.
Conclusion
TOP10.DIGITAL has brought you the basic and important details about Litecoin Cryptocurrency. However, you can analyze and compare it with other cryptocurrencies if your are planning to trade. However, it is sure that digital currencies have a bright future.
Click here to visit official site of Litecoin.