Litecoin is heavily modeled after Bitcoin, and many people end up thinking that they are somehow the same currency. However, Litecoin has a range of extra benefits in its core design – as well as some potential drawbacks.
Should you buy it? What is Litecoin? Here is everything you will need to know before you decide.
Litecoin (LTC) is a cryptocurrency that uses a similar peer-to-peer system like Bitcoin, designed around the same basic framework. However, Litecoin aims to improve some parts of the Bitcoin model that many crypto users struggled with, such as transaction times and fees.
Because of this, it is effectively “Bitcoin lite” – which is why it is called Litecoin. A smaller, faster, easier-to-transact version of Bitcoin that tries to iterate on the original model.
Litecoin has not become known as a copycat currency, though – many businesses are happy to adopt it, and there are plenty of people buying and selling it on a regular basis. Since LTC is meant to be easier and faster, it is a favorite among people who make a lot of transactions with crypto.
Not only that, but the LTC community is very strong, with plenty of developers and fans that are all working to make it more widespread. With so much support behind it, Litecoin can only get more convenient for its users as time passes.
Litecoin is easy to buy, using the same basic setup as Bitcoin. This simplicity has made it easy for plenty of Bitcoin exchanges to manage it, and its growing community is spreading it further and further.
To buy LTC, you simply need to sign in to your chosen cryptocurrency exchange and start trading for it, either with real money or other cryptocurrency types. This is exactly the same as most other types of crypto: you can get hold of it directly by simply buying it or carrying out a trade.
Remember that the current LTC price will change regularly, so you will want to wait for an ideal time to buy. Litecoin is quite a popular currency, so expect occasional dramatic swings in value for a while.
Litecoin is essentially an improved Bitcoin, so it can be mined in the same way too. This is done using high-powered computers that can solve many different complex math problems, producing Litecoin as a reward for keeping the entire system running properly.
Since the cryptocurrency industry has changed over the last couple of years, it has become less profitable to mine Litecoin yourself, but it is still an option. If you already have a ‘mining rig,’ then it can be worth doing for a little while.
Litecoin is more or less just “Bitcoin but faster,” and that is not a bad thing. While its value is independent of Bitcoin and it is not quite as well-known, it still has a strong community behind it and is continuing to grow with each passing year.
If you want to get started with a cryptocurrency, then Litecoin can be a great choice, especially if Bitcoin seems too slow and restrictive for you.