What is Litecoin?
Litecoin is digital cash built on an open-source, peer-to-peer basis. The project’s goal is to enable instant and cheap payments for all network users.
Since the internet currency is fully decentralized and community-owned, anyone can manage a Litecoin wallet and remain anonymous. As a Bitcoin fork, it operates on the proof-of-work PoW consensus mechanism, which utilizes cryptographic algorithms to secure the network.
Users around the world use Litecoin software and participate in performing complex mathematical calculations to validate transactions before they are added to the blockchain. This characteristic makes it possible for users with sufficient computer and network resources to engage in mining.
Platform maintenance is overseen by the Litecoin Foundation consisting of a core team of full-time and volunteer personnel, with advisors, content contributors, ambassadors, and developers in place.
Who created Litecoin?
Developer Charlie Lee created the crypto network back in 2011 (yes, that long ago!) after spotting some inherent weaknesses in BTC Bitcoin. At the time, Bitcoin took a full 10 minutes to generate and include new blocks, which was significantly slowing down the transaction network. Charlie reduced block generation to 2 minutes and 30 seconds. The coin adopted the Scrypt hash function that does not demand significant processing power compared to SHA-256 — the one hash function that the BTC network is operated on.
Charles believes Litecoin is not out to replace Bitcoin, only to serve as an alternative, the way silver compliments gold. In 2017, he reportedly sold and donated all his holdings. He owned about 20 LTC in 2021, which partly helped eliminate suspicions of his involvement in pumping the price when an overzealous employee tweeted that Walmart was partnering with the project to start accepting LTC payments, resulting in a price increase of up to 25%. Nowadays, he encourages everyone to participate in the project in any capacity they can.
What to do after buying Litecoin?
Opportunities abound for those who decide to buy Litecoin!
With the quick and reliable platform of Changelly, you can convert Litecoin to Bitcoin or 400+ other crypto assets in just a few steps and minutes. This is useful for many reasons, especially if you are serious about investing in the market and want to diversify.
Cannot decide what to do with your newly acquired coins? They won’t go anywhere — if you keep them in a trusted wallet. Some storage apps and devices even have in-built staking.
Since many merchants, payment processors, and other companies already accept Litecoin, you can use your Litecoin to buy goods and services.
To use LTC as a payment mechanism, simply send it to your intended recipient. Litecoin wallets for both parties are all you’ll need!
Crypto donations are available in many charities. So, you can donate your Litecoin to improve the lives of those who need it.
Why buy Litecoin?
LTC has been priorly listed on over 100 markets and exchanges throughout the world. It is used for various purposes, from micropayments and e-commerce to exchanges and peer-to-peer services.
Is LTC a good investment?
Because it is used to power innovative ideas in the payment area, LTC may be a rewarding investment option. The asset features quick transactions and is reasonably priced. Additionally, LTC scales to support the same throughput as Visa and can process more than a thousand sell/buy orders per second. It has also performed reasonably in the past.
Don’t forget to do your own research and assess your risk tolerance before you buy crypto, including LTC.
Is LTC reliable?
LTC has a seven-year history of solid technology and governance. It enables consumers and financial institutions to receive money effectively and securely.
Where to store your LTC?
You can keep and store the LTC digital currency online in exchange-provided wallets, however this method of crypto storage is not encouraged for safety reasons. Experts advocate utilizing hardware wallets to store big quantities of coins: this form of wallet is ideal for individuals who intend to keep them for an extended period of time.
Is LTC still available to buy?
Yes, and its maximum supply is limited to a number of 84 million coins.
Can I buy Litecoin with a credit card?
Yes, LTC can be instantly bought with a credit card on Changelly.
Can I buy Litecoin with a debit card?
One of the best methods to buy Litecoin online is a purchase with credit or debit cards. Please note that transactions with some local currencies may involve a slight conversion fee, depending on the provider. Changelly offers a range of reliable fiat providers with all the best LTC rates on the market.
Can I buy Litecoin with PayPal?
Changelly does not let you buy LTC through PayPal at the moment.
Can I buy Litecoin with a bank transfer?
Yes. Initiate a new transaction on Changelly, receive quotes, choose a provider, and on the checkout page, select the bank transfer payment method. Bank transfers involve lower processing fees than buying LTC with cards, but the processing time may be longer.
How quickly will I receive Litecoin after the purchase?
The network doesn't suffer from delays stemming from congestion — it was purposely built to be fast. That's why transactions are confirmed in the blockchain in just a few minutes. Usually, it takes about 5 to 30 minutes to have LTC coins credited to the wallet when purchasing Litecoin on Changelly.
Can I sell Litecoin for USD or other fiat currency?
Selling LTC for traditional money on Changelly is hassle-free. We partnered with Mercuryo to introduce this feature to our ecosystem (visit the Sell tab and enter the amount you’d like to sell and your bank details).
What is the minimum amount to buy Litecoin?
The current minimum amount to buy LTC is $30.