Litecoin – As most investors are looking for investment opportunities with Bitcoin or Ethereum, Litecoin (LTC Coin) seems to be starting to be a good choice alongside these two most popular coins in the world. Today’s article I Love Bitcoin will share basic knowledge for beginners about Litecoin. Find out below.
What is Litecoin (LTC)?
Litecoin (Sign: LTC) is an open source peer-to-peer electronic currency (Cryptocurrency) similar to Bitcoin. Litecoin is known as a fully decentralized global payment network that is not regulated by any banks or governments. Litecoin’s transaction speed is instant and the cost is almost zero. If Bitcoin was named “Yellow” then Litecoin is “Silver“.
Who is the creator of the Litecoin coin?
While the identity of the creator of Bitcoin is anonymized under the name Satoshi Nakamoto, the founder Litecoin digital currency very open and transparent. Charlie Lee is the “father” of Litecoin. Lee is a former Googler who has a vision and he wants to create a “more optimized Bitcoin version“. Lee is also very active on his social media channels and Blog.
The source code of Litecoin was officially released on GitHub on October 7, 2011. The Litecoin network also went live shortly after on October 13, 2011.
Difference between Bitcoin and Litecoin?
Technically, basically Bitcoin and Litecoin There is not much difference, but Litecoin was born later and has some advantages over Bitcoin as follows:
- Transaction speed: Litecoin’s block generation time is only 2.5 minutes, while Bitcoin’s is 10 minutes, this means Litecoin’s transaction speed is much better than Bitcoin’s.
- Algorithm: Litecoin uses Scrypt algorithm and Bitcoin uses SHA-256 algorithm. With SHA-256, making Bitcoin mining more and more difficult, and with Litecoin’s Scrypt making it easier for miners to access and more Chained than SHA-256.
- Supply Quantity: Total amount of Bitcoin is 21 million BTC, and Litcoin is 84 million LTC.
What is the current exchange rate of Litecoin virtual currency?
At the time of this writing, price 1 LTC = $50.74 USD, the market capitalization is $2,955,550,547 USD, the trading volume of the last 24 hours is $265,898,596 USD, compared to the peak of 366 USD, LTC has dropped about 7 times. You can see Litecoin Rate We update in real time to understand the price movement of LTC coin.
See also: Real-time 1,500+ cryptocurrency exchange rate table 24/7
Where is the safest place to create a wallet to store LTC Coin?
You have 5 options to store Litecoin cryptocurrency mine:
- Wallet on computer: Litecoin has versions for Windows, Mac OS and Linux. You can download it on your Litecoin official website below.
- Online web walletCurrently, the online wallet that stores LTC coin, I think Coinbase is the best wallet you should use.
- Hardware wallet or cold wallet?: This wallet is very safe but for newbies it will be a bit difficult to use, some hardware wallets for Litecoin such as: Ledger, Trezor, Jaxx, ..
- Mobile wallet: Litecoin also has a very good mobile wallet you can use which is LoafWallet:
- Exchange wallet: In addition to the above wallets, if you are a regular trader of Litecoin virtual currency, you can always store it on the wallets of other wallets. virtual currency exchange for convenience, but of course and long-term safety is not as good as the above wallets.
For me personally, I still use it Coinbase wallet to store LTC, very convenient and easy to use, also extremely secure. Coinbase supports both LTC, BTC, ETH, BCH and ETC. In addition, if you prefer wallets on your phone, then LoafWallet is a better choice. See instructions for Coinbase and LoafWallet wallets below:
See also: Top 10 best Litecoin storage wallets
Where to buy and sell Litecoin? Which exchange is the best?
Currently, there are many coin exchanges in Vietnam and the world that support it buy and sell cryptocurrency LTC, I will introduce to you some reputable and best-priced brokers below:
- Vietnam Exchange: You can buy Litecoin on Remitano, this is the only exchange that I think is the best, you can buy and sell in VND.
- International Exchange: With international exchanges, there are many, but the points you can use are Binance, CoinEx, Huobi, .. However, this exchange you can’t buy with VND but only use trading, ie you must have USDT, BTC, or ETH to buy LTC.
Should you invest in Litecoin?
At the present time (September 12, 2018) when the market goes down seriously, we can see a lot of investors are losing faith in the Crypto market, but I personally still believe in the market. this potential. Compared to Bitcoin and Ethereum nice Ripple Litecoin seems to be more “dead”, but you can still Invest in Litecoin with a small portion of its capital. Or trading is also a way make money with Litecoin, but this method requires you to have technical analysis skills.
There is also another way to invest is “Mining Litecoin“, this is also not a way for newbies to learn, to mine Litecoin you have to use “diggers”, which are computer hardware used to solve complex mining algorithms, which I will talk about in detail in this article. another post.
See more information about Litecoin coin
Ok. Here is the article “What is Litecoin? How is it different from Bitcoin? Where to create a wallet and Buy and sell LTC Coin? Is there a background to invest in Litecoin?“, hopefully with all this information will help you read an overview of Litecoin and then make the best investment decision. If you have any questions, please leave a comment below and I will help you. Do not forget Like, Share and 5 star rating to support ToiYeuBitcoin Please. Good luck.
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