What is Litecoin? And how to buy it?

Since Ethereum transitioned to Proof of Stake, Litecoin has risen to the top of the Proof of Work rankings, attracting significant interest from investors.
But before you get excited and buy Litecoin, you must first understand how the cryptocurrency works, the size of the ecosystem, and why it is so popular.

What is Litecoin?

The Bitcoin-inspired blockchain and cryptocurrency was introduced in 2011, with a focus on faster transactions – 2.5 minutes per block.
Litecoin also has a maximum supply cap of 84 million.

How does Litecoin work?

Like Bitcoin, Litecoin is also a proof-of-work cryptocurrency. Where miners solve puzzles to verify the validity of transactions and are rewarded in the process.
Also, like any other decentralized network, Litecoin is immutable.
Litecoin’s MimbleWimble security upgrade also strengthens its presence as a decentralized cryptocurrency, enhancing fungibility and privacy.

What are LTC payments?

There are several reasons, including faster transactions and mining support, that make this Proof-of-Work (PoW) cryptocurrency popular.
Since it follows the vision of BTC as a payment system, many stores, including Snel.com, eGifter, Travala, and more, accept Litecoin.
Litecoin, like Bitcoin, also follows a halving structure. This approach is expected to impact the price of LTC positively.
While the last halving event occurred on August 2, 2023, the next one is expected to be in July 2027.

Litecoin vs Bitcoin

LTC is a popular cryptocurrency, but let’s see how it compares to the biggest player in the cryptocurrency ecosystem – Bitcoin.
Any comparison between Litecoin and Bitcoin makes sense because both networks strive to support payments, can be mined, and are proof-of-work cryptocurrencies.
However, LTC mining follows the Scrypt language, while BTC adheres to the SHA-256 algorithm.

Litecoin Ecosystem is a simple cryptocurrency with an ecosystem consisting of LTC nodes, a chain of developers, ATMs, explorers such as Blockchair, nodes, and LTC trading exchanges.
However, the wallets and mining setups deserve the most attention.

The Litecoin Foundation is also a key part of the LTC ecosystem, promoting the adoption and development of Proof of Work (PoW).

Best LTC wallets

If you want to buy LTC, you first need to choose a LTC wallet to store your cryptocurrencies.
In terms of choice, the official LiteWallet is the best choice, followed by Exodus, Trezor – the hardware wallet, and Guarda. Ease of use and security should be prioritized over everything else.

Litecoin mining

Litecoin miners make up a larger part of the ecosystem. If you are interested in mining Litecoin to obtain LTC without purchasing it, joining a mining pool may be a good option. Or you can invest in specialized mining hardware to get started.

How to buy Litecoin?

Most reputable global exchanges, including Binance, KuCoin, Coinbase, and Kraken, allow you to trade multiple LTC pairs.
No matter which exchange you want to join, you can buy LTC in 4 easy steps – set up an exchange account, verify KYC, fund your account, and search for LTC to place a market or limit order.
Buying LTC through decentralized trading platforms, such as Pancakewap and Biswap, is also always an option if you prefer to remain anonymous.

How to sell LTC?

There are several ways to unload your LTC on decentralized exchanges, where you can exchange the same for any other cryptocurrency.
On centralized exchanges, you can sell LTC on the market or at a set price, and exchange it for fiat currencies.
However, if you have LTC in an external wallet, you will need to deposit it into the exchange’s LTC wallet address.
You can then sell the pair of your choice directly by accessing your Litecoin wallet.

Investing in Litecoin: Does it make sense?

If you want to buy LTC with a longer time frame in mind, our LTC price prediction may be useful.
Our price analysis predicts that the price of LTC could head towards the $300 mark by 2028, making it a suitable investment option for those looking to hold the cryptocurrency.

Does Litecoin have a future?

LTC is starting to attract the attention of investors. Relying on the speed of transactions, the reputation as digital silver, the support of mining as an additional means of earning, and the high liquidity of trading.
Buying LTC with the future in mind can be a wise choice.