|Circulating Supply||60,131,875 LTC|
|Max Supply||84,000,000 LTC|
Anyone interested in cryptocurrency trading will certainly want to know a bit more about Litecoin, a cryptocurrency that has been around since 2011 that is still going strong today. Listed on a large number of currency exchanges and with a market cap of $7.6 billion, this currency averages a daily trade volume of close to $800 million.
When it was first listed, it was worth $3 per coin and today you could sell them for $183 each (was actually as high as $300 just before Christmas in 2017). As you can see, that represents some investment if you were fortunate enough to have picked some up early enough. Many predict the value to carry on increasing too, so they could well be worth the investment even today.
Read on to find out more about this popular cryptocurrency coin and why you should certainly consider investing in it.
What is The Litecoin Coin (LTC)
Litecoin is a cryptocurrency that was created to go along with Bitcoin rather than directly compete against it. For that reason, it is commonly called Bitcoin Silver as it uses many architectural features that are pretty much identical to that of Bitcoin.
It does have some benefits over the cryptocurrency it has modeled itself on however and we will talk about that in more detail a little later.
LTC, like BTC, is a peer-to-peer, open source cryptocurrency that was launched in 2011 by Charlie Lee. The currency is not governed by any central or governmental authority and has been created with the core aim of providing faster transaction times and lower costs compared to using the banking systems when sending fiat currencies.
Essentially, when sending transactions via LTC, the sender and receiver are essentially speaking directly without any governmental intermediaries making the process slower and more expensive.
Whats Special About Litecoin (LTC)
Any decentralized cryptocurrency will be faster than that of traditional banking methods but LTC has to be considered one of the fasted. It also contains low fees and good levels of security as well as the benefits it has over Bitcoin that we have listed below.
- Faster than Bitcoin – Payments are processed faster using Litecoin than they are using Bitcoin. This is due to the blocks being generated four times quicker than its rival as each is generated every two and a half seconds.
- More Coins Available – Compared to the 21 mullion Bitcoin coins available, Litecoin actually has 84 million. This is almost four times as many and should mean that the currency remains very stable on the exchanges.
- Lightning Network – This is a coin transfer protocol that Litecoin has tested and implemented via Vertcoin. This means that transfers can be completed within a second.
- Better Security – Litecoin also offers better security when compared to Bitcoin. Linked to the faster block generation mentioned earlier, there is far less chance of a ‘double spend’ attack occurring.
Litecoin might not have attracted as much publicity as Bitcoin or have a brand that is as recognizable but arguably, it is the better coin and cryptocurrency. Who knows, with time it might just see another boom in value which will put it closer to the value of BTC.
Where to Buy Litecoin (LTC)
Litecoin is consistently in the top six or seven when it comes to the market cap of coins and for that reason alone, you are not going to have too much trouble finding an exchange to trade with it. It is also a very reliable coin that has been around for some time while others have faltered in that timeframe.
If you are looking for somewhere to buy and trade LTC, you will not go wrong with checking out some of the below cryptocurrency exchanges:
If you want a reputable crypto-to-crypto exchange to trade your Litecoin, Binance is certainly one you should consider. You will not be able to buy the currency using fiat currencies here, however, and will instead have to use other cryptocurrencies to get some.
Coinbase is popular on a global scale simply because there are more than thirty different fiat currencies that can be used to purchase cryptocurrencies. The fees are fairly competitive and you will have plenty of different cryptocurrencies to trade with on there.
Another good option is Gate.io, a cryptocurrency exchange that only just launched last year. It offers a good collection of coins to trade with even more being added on a regular basis.
Kraken is a cryptocurrency exchange that has always been popular with traders. It was first launched in 2011 and it allows the use of credit cards in the USD, GBP and JPY fiat currencies.
GDAX is a cryptocurrency exchange that will suit the more experienced traders out there as it supports a few of the more advanced trading options. Credit cards can be used and it also supports BTC, BTCC and ETH alongside LTC.
Investing in Litecoin (LTC)
While the price of LTC has not escalated at quite the rate that Bitcoin has over the years, it has still gained massively in value. Many may actually feel that Litecoin is the safer option to invest and trade in too, simply because the swings in value are not going to be nearly as dramatic as they are with the BTC.
If you believe in this cryptocurrency like many others do, we certainly suggest that you look into investing in it.
Do I Need a Litecoin Wallet
A wallet should definitely be considered if you want to have more protection for your portfolio of cryptocurrencies. This is an unregulated industry, after all, so you will have to take your own responsibility for the protection of your assets.
Your cryptocurrencies could be worth a lot and possibly worth even more in the months and years ahead, so keeping them secure should be one of your biggest priorities. It is for that reason that we suggest that you do not keep your currencies on cryptocurrency exchanges for any length of time. Hacking is a serious threat and you could lose everything.
Use these exchanges to buy and trade your currencies but when done, get them off the exchange and keep them in a wallet. You basically have two options here, hardware wallets or software wallets with the former being the best option in our opinion.
For the ultimate in security, hardware wallets are the best choice for some distance. They will cost money upfront though and for that reason are probably best for serious traders or those that really value the protection of their cryptocurrencies. These keep your cryptocurrencies by your side and away from the internet.
- Ledger Nano S
In the cryptocurrency industry, the Ledger Nano S is the wallet that is the most popular as it offers good value protection for what it costs. It can be connected to your computer for when you need to send out some crypto but whenever you are receiving it, it does it automatically without needing to be connected.
Trezor is another good hard-based wallet but this one is quite a bit more expensive compared to the Ledger. It does look a lot more sturdy and is made from better materials, however. It can also store a good range of cryptocurrencies on top of the LTC.
If you are a more casual trader or you cannot find a hardware-based wallet that supports the storage of some of your coins, you will probably want to find a good software-based wallet instead. These are not as secure as hardware wallets but are definitely the next best thing to use for the storage of your portfolio of cryptocurrencies.
Exodus is one of the best software wallets around as it can store a wide range of different coins. It can be used on Windows, Linux and OSX computers and is a client that is downloaded. This client will allow you to store and manage your portfolio.
Jaxx is another great software-based wallet and it will be a much safer place to store your cryptocurrencies compared to that of in the wallets at the online exchanges. It also supports the storage of dozens of other coins.
Pros & Cons
Litecoin is one of the most traded coins on the many cryptocurrency exchanges that you will find online and also one of the most well-known. For that reason, it is definitely a coin that you should do a bit of research on before considering whether you want to invest in it.
Below we have listed what we feel are the biggest pros and cons of this coin:
- Scaleability is better than BTC
- 4x Faster confirmation times than BTC
- Cheap transaction fees
- Is pretty much a clone of Bitcoin
- Development is not overly proactive