Three years after Bitcoin was introduced to the market, Charles Lee introduced Litecoin, a tweaked version of Bitcoin, which he claims to be an improved version of BTC in terms of speed, cost, and sustainability. Today, Litecoin has made its way into the list of the most important and globally utilised cryptocurrencies making their mark in the dynasty of digital assets!
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Swift, cost-effective, and flexible utilization is what you can expect in Charles Lee’s version of Bitcoin. Litecoin or LTC is making a noise in the crypto realm because of its fast and cheap transactions that you can use almost anywhere. Individuals and big corporations alike have started using LTC because it boasts a lightning-speed processing of transactions that clocks around 2.5 minutes! You don’t even have to put a dent in your wallet when you use LTC because it’s cheaper compared to Bitcoin and other cryptos out there.
This innovation by Lee was made possible by the technology he used called scrypt. Instead of using the same platform as Bitcoin, he developed a formula that can process more transactions compared to BTC. And since scrypt is a memory-sensitive program, it eliminated all possibilities of a mining pool in the blockchain, making LTC more decentralized and open to people who want to become miners in the network.
Often termed as the silver to Bitcoin’s gold, Litecoin offers an improved, if not more efficient, performance compared to BTC. Here are a few reasons why you should invest in Litecoin:
The speed of Litecoin is kind of like the speed of light itself. Promising a short confirmation time in transactions and, compared to Bitcoin’s 10-minute processing time, LTC can carry out transactions at a fraction of the time.
The security of the Litecoin functions in the same system as Bitcoin (that being the blockchain). This means that LTC can process transactions, payments, and users like you can remain anonymous. The only information people will see on the public ledger is your wallet ID.
This feature is perfect for players from countries who restrict gambling because their identities will remain anonymous. You don’t have to provide sensitive information if you pay using LTC. Payments can be easily settled in a few minutes just by the ID of the recipient.
Using Litecoin will require less fees compared to Bitcoin. At the moment, the current transaction fee of LTC stands at 0.0158 while BTC is at 0.645.
Purchasing altcoins using fiat money can be difficult because of liquidity issues since Litecoin has now been in the market for an extended period of time. This means that there is already a stable amount of liquid assets to allow a smoother Litcoin purchase. You can purchase LTC using USD, EUR, CNY, GBP, and many other currencies and there is a huge variety of locations that allow you to purchase LTC using fiat money:
Coinbase is the quickest place for you to purchase your LTC using your credit card. Usually available in the United States, Canada, Europe, UK, and Singapore, most users prefer Coinbase when purchasing LTC because the platform requires far less fees and steps.
CoinMama is another platform you can use to purchase your LTC coins. Many countries use CoinMama because it just recently added a feature where you can directly purchase LTC from their platform.
BitPanda is an Austria-based company that allows you to purchase LTC using your credit card amongst other payment options. It mostly serves countries from the European continent.
CEX.io is considered to be one of the oldest and most established crypto exchanges in the market today. It supports LTC users from different parts of the world and accepts payments through credit cards as well as other options.
Where to Store Your LTC Coins
There are various LTC wallets you can make use of to store your coins. You can choose from the various wallets in the market with unique and varying degree of security and purpose. If you’re looking for a place where you can easily access your coins, here are a few styles of crypto wallets you can start to get you head around
Web wallets are connected to the blockchain site. You can access this wallet without downloading any app or software. You just have to provide a username and password to secure your account.
A desktop wallet is an application that can be directly downloaded onto your desktop. Unlike web wallets, you have full control over your account because its not connected to the internet or any blockchain site.
Mobile wallets are directly downloaded to your android or iOS platforms. Mobile wallet is probably the easiest place to access your coins because it’s stored on your mobile phone.
There are still countless currencies you can make use of on your crypto journey. But if you’re looking for a crypto you can utilise and trust for various transactions (like payments and purchase), LTC is your best option because of its cost-effectiveness and future-orientated trajectory that is sure to deliver amazing results in time to come. If you want to get your hands on LTC, head on over to Bitcasino.io and go toward the Lite.