Pros of Litecoin
- Popular alternative to Bitcoin
- Speedier way to pay with Litecoin
- Easy to understand fractional format
- More profitable mining conditions
Cons of Litecoin
- Less fluidity in Litecoin markets
History – The start of Litecoin trading
Litecoin was one of the first alt coins to come on the market. After the rapid success of Bitcoin, Litecoin was created by Charlie Lee. The Google employee imagined that Litecoin would grow to become a credible alternative to Bitcoin. As such, it would operate in a similar manner, but would include a few notable advantages that include things like faster trading times.
When Litecoin was launched in autumn 2011, many people were quick to note that it includes a source code fork of the Bitcoin core client. So if you’ve ever had any experience of Bitcoin trading, you’ll find it pretty straightforward to buy Litecoin.
As soon as Litecoin hit the markets it quickly proved to be one of the better thought-out cryptos. This was seen when its trading price had pretty much doubled in one single day just a couple of years after its launch. Litecoin has continued this impressive run of form which helps to propel the idea that this crypto is a ‘silver to Bitcoin’s gold’.
Development – Why so many people were quick to buy Litecoin
Litecoin was developed to be one of the fastest cryptocurrencies in terms of transaction times. This is because the coin was developed using the Segregated Witness soft fork that determines how transactions were formatted. The decision was made to do this as it was thought that Litecoin would primarily be used for small transactions compared to the likes of Bitcoin.
However, Litecoin trading has continued to grow at a respectable pace. While there’s plenty of debate about which is the best crypto to invest in, there is little doubt that Litecoin has remained a credible alternative to Bitcoin.
This is because there have yet to be any major security scares with Litecoin which isn’t the case if you decided to buy Ethereum. Plus actions like the Litecoin founder Charlie Lee selling the majority of his coins to avoid a conflict of interest helped to push Litecoin forward as a legit crypto to invest in.
Statistics & Major Facts – All about Litecoin trading
So why should you want to buy Litecoin? Well the major reason is that Litecoin transactions are seriously fast. This can be seen in the fact that it takes around two and a half minutes for a standard Litecoin payment to go through. If you compare this with the average nine minutes that it takes for Bitcoin transactions, you’ll see why more and more people are choosing to start Litecoin trading. Plus with the standard transaction fee of Litecoin being little more than $0.03, buying this crypto could work out to be great value for money.
We also think that it’s actually much more simple to buy Litecoin when compared to other cryptos like Bitcoin. If you’ve ever tried to use Bitcoin to buy things, you’ll probably know that it uses some pretty small numbers. This problem is only going to increase as the demand for Bitcoin causes further scalability issues.
All of this means that you’ll find it easier to deal with the Litecoin cryptocurrency. The fact that there are four-times as many Litecoins as there are Bitcoins means that you won’t have to go down a black hole of fractional computations just to figure out how much something is worth. It might be a small psychological advantage, but it can make all the difference in your decision of whether to buy Litecoin.
Security, Features, Use Cases
You’ll find that Litecoin trading operates pretty much in the same way as any other major crypto. If you’ve ever had the opportunity to buy Bitcoin Cash, you’ll see that Litecoin doesn’t have any major differences in how it can be used.
This means that you can trade Litecoin with other cryptos at an exchange. You could even go to a broker and trade on the value of Litecoin against foreign currencies or commodities. This means that you could enjoy Litecoin trading to buy or sell the crypto against anything from Indian rupees to gold or other cryptocurrencies.
Plus there are many people who are starting to use Litecoin to pay for regular online goods and services. This means that you could use Litecoin to buy anything from flight tickets to gaming merchandise. We should note that the American football team Miami Dolphins have started taking Litecoin payments too.
Litecoin is also one of the most popular cryptocurrencies to mine. This is because it uses a special kind of algorithm called Scrypt. As a result, Litecoin is a fair bit easier to mine than Bitcoin as you won’t require an entire army of computers to get anywhere close to profitability. Instead, you’ll just need a standard computer and you can benefit from actually earning your Litecoin rather than simply buying them. This is pretty useful especially when you consider that you can only buy XRP rather than mine that crypto.
We realise that most newcomers to cryptocurrencies probably won’t be ready to start crypto mining in 2023. But it’s the fact that Litecoin’s founders have effectively future-proofed this crypto to take account of things like mining that makes it such an attractive investment opportunity. So while Litecoin was supposed to be silver to Bitcoin’s gold, it may turn out to be something much more valuable.
How to Trade and Buy Litecoin
Litecoin was developed to offer its users one of the fastest and most stress-free ways to buy crypto online. We think that Litecoin trading is definitely one of the easiest ways to get into cryptocurrencies. Just take a look at our how-to guide below and you’ll find that you’ll be able to buy and sell Litecoin in next to no time.
Pick the best Litecoin trading website
Nearly all cryptocurrency trading websites will let you buy and sell Litecoin. The trick is to find the trading site that meets your needs best. This is where our Litecoin trading reviews come in as we’ve ranked and rated all of the most popular crypto trading sites so that you can see which one offers you the best way of buying Litecoin. Remember that each trading site will have its own fees that are added to each trade that you make. But if you do something like buy Binance Coin, then you might be able to get a discount on some of these fees which will improve the return you get from your trades.
Register and verify your trading account
You’ll always have to create an account to buy Litecoin. This can usually be done at most crypto trading sites in just a matter of minutes. To start with you’ll normally just have to provide your email address and then create a username and easy-to-remember password. Once you submit this, then you might be invited to provide more personal details so that the trading site can verify your account. This often means having to prove your date of birth, your home address and so on. All of this is done so as to ensure your online safety and the whole process should be carried out in a swift and efficient manner at all of our recommended crypto trading sites.
Funding your crypto trades
You’ll find that all decent cryptocurrency trading websites will either allow you to make deposits with a regular fiat currency or with a cryptocurrency. Some trading sites will allow you to deposit in Indian rupees, while other sites may require you to use an alternative currency. Depositing with cryptocurrencies is often the quicker option as you won’t be required to provide any further verification details. Here you’ll just have to find the address of the crypto trading site that you send your deposits to, enter this address into your wallet, pick how much you want to deposit and then the money should be in your account in just a few minutes.
All standard crypto trading websites will have a page that shows a leaderboard of all of the cryptocurrencies that you can buy or sell. There will also be information that updates you as to the price movements of all of the cryptos along with important facts regarding things like market cap, all-time high and so on. You’ll just have to click on a link saying something like Buy or Trade and then select what quantity of Litecoin to purchase. Once you’ve submitted your request, the Litecoins should be transferred to your wallet in just a matter of minutes.
Future Outlook – Our Litecoin price prediction
At the time of writing this guide, the current Litecoin price was $223.82. This was some way off its previous all-time high of $360.66, but the volatility of Litecoin is perhaps part of its charm. Like most cryptos, we’ve seen plenty of dramatic rises and falls in the value of this crypto. But don’t let that stop your decision to buy Litecoin. This is because Litecoin has enjoyed sustained growth over its ten-year history.
The fact that Litecoin has continued growing for over a decade is an impressive achievement in itself. While many people have remained sceptical about cryptos, our Litecoin prediction is that this cryptocurrency is going to continue to grow in value. After all, there were over 87,000 individual Litecoin transactions in the day prior to writing this guide. All of which means that there will be a bright future for anyone who wants to start Litecoin trading.
Reputation and Customer Feedback – No major Litecoin trading scams
Litecoin is a trusted open source P2P digital currency. It might not have the wide global profile of the likes of Bitcoin, but this has the benefit of not leaving you exposed to all manner of scams that tend to blight using the original cryptocurrency.
It’s important to note that there have never been any major hacks of the Litecoin cryptocurrency. When you consider the fact that Litecoin has been around since 2011, this is a fairly impressive achievement. The crypto has enjoyed a pretty good reputation online thanks to its creator selling most of his coin assets so as to avoid any kind of conflict of interest.
Above all, Litecoin is a simple, yet safe cryptocurrency. Much of this is down to the fact that Litecoin uses a proof of work ecosystem, but the surrounding context of this crypto has meant that you can simply use it in the way that you intend without getting too much unwarranted attention.
Overall Conclusion – Plenty of reasons to start Litecoin trading
It’s become clear that Litecoin is so much more than just another altcoin. This is because this crypto was developed to offer you faster transaction speeds, less severe transaction costs and it won’t cost you too much mental processing power to figure out how much one Litecoin is worth.
Investing in Litecoin could be a smart move for two big reasons. The first is that it’s a volatile asset which means that it is capable of some impressive price rises as long as you anticipate those equally dramatic price falls. Secondly, Litecoin has experienced relatively consistent growth over the course of its ten-year history. Plus with easy ways to mine Litecoin and a complete lack of any notable hacks or scams, we think that Litecoin is a great option for anybody wishing to start crypto trading.