All You Need to Know about Emerging Alternate Currencies – Are you planning to invest in alternative currencies like NFTs and crypto? In today’s world, we’re looking at an entirely new generation of commodities, from crypto to video game collectibles to an online random shape generator.
Investing in cryptocurrency can be a tedious task when you have no detailed knowledge about these digital currencies. In this piece, we’ll help you learn about Litecoin, one of the more popular cryptocurrencies currently.
Table of Contents
What is Litecoin?
Litecoin is the ninth-largest cryptocurrency, popularly called the “lite version of bitcoin.” It was founded in 2011 after the launch of bitcoin. There are no requirements to have an intermediary like banks, etc., for completing payments. The value of one Litecoin was 310.73 US dollars in April 2021. It has seen a vast growth of more than 8200% hike in the price and a 3600% hike in the market cap.
It differs from bitcoin in the basic features like coin limit, transaction processing speed, and functioning algorithm. It adds a new block to the blockchain quicker than bitcoin. Bitcoin has a maximum limit of 21 million coins, while Litecoin is 84 million coins.
Best Uses of Litecoin
It is great to go with Litecoin in case you’re looking for any of the following uses:
Litecoin has great transaction processing speed as compared to bitcoin. It takes only 2.5 minutes as compared to 10 minutes on bitcoin. Thus, it is helpful for professional traders who want to make quick purchases on cryptocurrencies.
Acquire the whole coin
It is easy to acquire a whole coin as opposed to owning a fraction of a coin. The availability of 54 million coins makes it possible to acquire whole coins in Litecoins that go for bitcoins. Thus, if you’re looking for profitable deals from cryptocurrencies, it is recommended to go for Litecoin. You can learn more about the acquisition process from online tutorials.
Litecoin offers centralized mining that is available to all users. The use of the Scrypt algorithm makes it resistant to ASIC, and hence mining is accessible to all users. Litecoin and crypto influencers with great Instagram story ideas further confirm the ease of using Litecoin.
Affordable transaction costs
There are no middlemen in completing Litecoin transactions. The transaction fees are way lower than bitcoin that makes it a favorite for affordable cryptocurrency trading.
Quick Facts about Litecoin
- Litecoin is a form of digital money that can be directly exchanged for different cryptocurrencies on the blockchain using a concept called the “Atomic Swap.”
- The highest price of Litecoin was 310.73 US dollars in April 2021, and it rose from 237.57 US dollars’ price of December 2017.
- There were 66,134,058 Litecoins in circulation up to October 2020. There is a maximum limit of 84 million coins.
- The last Litecoin halving took place in August 2015, in which the mining rewards were reduced from 25 coins to 12.5 coins per block.
Where to Buy Litecoin?
After having a detailed look at the best uses of Litecoin, you may start looking for different places to buy it. Different modes include –
- Direct purchasing from different persons.
- Using crypto ATMs.
- Going for different online exchanges.
With this blog, you have all the required information about Litecoin, its uses, facts, and where to buy it. So, make a sound decision on where and how to invest in using Litecoin.