About Litecoin & Where To Trade It
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Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk.
Litecoin’s Latest Price
What is Litecoin?
Litecoin is an alternative cryptocurrency to bitcoin, created in 2011 by Charlie Lee, formerly of Google and Coinbase. Litecoin is often referred to as the “silver” to bitcoin’s “gold”. Litecoin functions in one sense like an online payment solution, where users can transfer units of value to one another…in this case “Litecoins”.
- Litecoin is created and processed in much the same way as bitcoin. Unlike bitcoin:
- transaction times come in at 2.5 minutes, compared to bitcoin’s 10 minutes
- there will ultimately be 84 million litecoins, compared to bitcoin’s 21 million
- Litecoin uses the cryptographical algorithm Scrypt, whereas bitcoin uses the SHA-256 algorithm, making mining more within the reach of everyday users.
Why the big fuss?
Because of its blockchain protocol, Litecoin can handle many more transactions than bitcoin (4 times, in fact), making it more suitable as an online payment system.
In addition, Litecoin’s transaction costs are minimal, costing 1/1000 of a Litecoin per transaction, regardless of its size. Compare this with Paypal’s 3%, and you can start to see its attraction.
What can I buy with Litecoin?
There is a growing number of outlets that accept Litecoin as payment. As yet, however, there is no definitive list we can point you to, so finding somewhere that accepts them is a bit hit and miss right now. Litecoin will need much greater take-up than currently to become a mainstream form of payment.
Where can I buy, sell or trade Litecoin?
We recommend you buy, sell or trade Litecoin at a trusted broker. Our favourite is at the top of this page. You can read our reviews of the top brokers here.
Caution: Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognise that for factors outside your control you may lose all of the money in your trading account.
Choose A Regulated Broker
eToro has an established reputation, especially amongst cryptocurrency traders. The option to automatically copy successful traders is particularly interesting for new traders. A new account is set up within minutes, and you can start trading with as little as $200 deposit.
VISIT SITE Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk.
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