How to buy Litecoin LTC ?
History Of Litecoin LTC
Litecoin was created by Charlie Lee, who used to work at Google. The test LTC version was launched on October 7, 2011, and its code was posted on GitHub. But Lee says that the official birthday of Litecoin is October 13th.
Until 2013, Litecoin was not a very well-known startup, but in January it showed a 20-times growth! By the end of that year, the cap of this crypto project reached $1 billion. This fact changed the game rules and LTC became extremely popular for buying and a cryptocurrency that potentially could replace Bitcoin in case of its depreciation.
Initially, Litecoin LTC had neither a company nor a team: the project was being developed only by its founder Charlie Lee. Later several great experts joined him: Xinxi Wang (a Singaporean developer, crypto investor, and the founder of Coinnut), Franklyn Richards (a British developer involved both in Litecoin and Zulu Republic), Zing Yang (an adviser of Untitled INC).
Litecoin LTC Technology
Popular Litecoin LTC
Charlie Lee modified the original code of Bitcoin to make quicker, cheaper, and safer operations possible. Unlike Bitcoin which works on SHA-256 to hash information in blocks, Litecoin LTC uses another encryption algorithm (Scrypt). Its main difference from the previous one is that it depends mostly on the computer's RAM.
Initially, this peculiarity of Scrypt made it possible to make LTC mining "ASIC-resistant". It should be noted that early miners easily earned coins with the help of central processors and video cards. But the situation changed in 2014, after Bitmain, a mining giant, had developed an ASIC miner for Scrypt.
The system uses the PoW algorithm meaning that miners solve mathematical tasks to generate new blocks and receive a reward for this which is at the same time the creation of new LTC. The LTC code contains the maximum amount of 84 million coins. The total amount of reward coins decreases every 840 thousand blocks.
Why Litecoin Is So Popular
The Litecoin blockchain is approximately four times faster than Bitcoin, i.e. it can process one block every less than 3 minutes. The network speed (a metric that indicates how many transactions can be processed per second) is about 56 transactions per second.
In early September 2017, Litecoin added support for the Lightning Network technology which improved the scalability of the network and made it possible to transfer LTC without paying a fee. A few months earlier, there was another soft fork, Segregated Witness (SegWit), which doubled the block size.
The Litecoin crypto project has been developing all the time. This made LTC a value making currency: Litecoin is one of the leading coins along with Bitcoin and Ether. Buying Litecoin is often chosen as a long-term investment due to its relatively stable position and grounded prospects for future growth which are described below.
Pros And Cons Of LTC
Before we take a look at the future of LTC and you could decide whether to buy Litecoin, let us review the pros and cons of this coin. LTC has much more advantages, so we would like to start with listing them:
- Faster block generation and higher security compared to Bitcoin. The higher speed of the network makes transactions safer too due to receiving enough verification data as a result of faster block formation.
- In 2014, Bitmain released an ASIC that can solve tasks on the Scrypt algorithm. But even despite that Litecoin is better for mining than Bitcoin.
- No pre-mining and coin centralization. Most cryptocurrencies become available only after ICO, but not Litecoin.
Remember that buying Litecoin or any other cryptocurrency is not risk-free. So keep in mind the following cons. First of all, the Litecoin blockchain is not provided for smart contracts. Besides, its mining is not especially profitable for individual miners. On the other hand, you can buy LTC on an exchange, and it will be a great and rather safe investment.
Perspectives Of Litecoin LTC
Now it is time to answer the question concerning why the idea of buying Litecoin on an exchange may work. In 2020, the price of LTC rose to $82. Many crypto experts predicted its temporary decline to $50 with further growth to $100. Despite this level has not been reached yet, the sources of the previous prediction do not go back on their word. The crypto market can be unpredictable and you should understand risks.
LTC has a great reputation and the project is known for using innovations. The chance that the forecast turns out to be successful, but with a delay is high. But it is fully up to you whether to buy LTC or not. Trust not only the forecasts and calculations of experts but your own intuition too.
How To Buy LTC
There are many ways to buy LTC online using other cryptocurrencies, fiat money, or a credit card. If you do it on a trusted exchange, this operation is quick and absolutely safe.
LTC is listed on many crypto websites, such as CoinBene, BCEX, Binance, Bitstamp, xBTCe, etc. It is impossible to mention all of them since the coin is available almost on all exchanges. Which one is better to choose?
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