LITECOIN (LTC)


Litecoin is a cryptocurrency, an open-source digital currency created in October 2011 by Charles Lee, a former Google employee, and it is safe to say that it was created as an alternative to Bitcoin. It is a peer-to-peer digital currency that allows payments at almost zero cost, anywhere in the world. Like other cryptocurrencies, its decentralised nature means that it is not dependent on central issuing bodies, governments or authorities, making manipulation almost impossible. Litecoin's main features are: it uses blockchain technology, but is nearly 4x faster (also in terms of confirmation time) than Bitcoin; it is currently the most ranked 6th in the world coin rankings; Proof-of-Work system re uses the Scrypt algorithm; it is extremely long-lived and operates at globally low cost and is highly secure. It has enabled SegWit and Lightning Network on its network with 100% support, which effectively ensure the resolution of a higher number of transactions on the network in a given time. There is a reason why Litecoin is one of the most popular cryptocurrencies: it is relatively easy to buy, at least when compared to other altcoins. Bitstamp is the easiest place to get Litecoin, even with a €1 transfer or credit card top-up. It is also possible to set a sliding stoploss. The disadvantage is that the number of Litecoin wallets available is relatively limited. As there is not a strong demand for Litecoin wallets, there are not many available. Perhaps the best wallet offering a package is Electrum LTC. It can be used on Mac, PC, virtually any device. The most secure hardware wallets are for example Ledger Nano S or Trezor.

Both devices support Litecoin and store them offline, away from hackers. Both devices are compatible with Electrum LTC. It is identical to Bitcoin in many of its components, and it is no coincidence that parallels are constantly being drawn between the two currencies. Litecoin can be mined using video cards or specially designed machines.