Litecoin (LTC)

When people think of cryptocurrencies, Bitcoin is typically the first thing that comes to mind. However, there are several other digital currencies out there, including Litecoin. So what exactly is Litecoin, and why should investors take it seriously? In this blog post, we’ll take a closer look at Litecoin and explain why it has the prospect of becoming an influential player in the crypto world. Keep Reading!

Brief History of Litecoin

In October 2011, Charlie Lee invented Litecoin’s digital currency. Since then, the asset has remained in the top 10 cryptocurrencies by market capitalization.

As one of the earliest altcoins on the market, Litecoin has a long history. Most of the alternatives from 2011-to 2013 are long gone, but Litecoin has endured thanks to specific tiny tweaks that make it more valuable and well-thought-out than Bitcoin.

The term “digital gold” is frequently used to describe Bitcoin. As a result, Litecoin became known as “digital silver.” It’s been dubbed the “little brother” of the Bitcoin network.

Charlie Lee, the man behind Litecoin, set out to create a more efficient and less expensive version of Bitcoin.

At this point, Litecoin had built up a large and active community thanks to its well-known founder and an effective marketing strategy.

A boost to Litecoin’s fame came when Coinbase hired Charlie Lee in July of that year. At the end of the same year, the price went up significantly.

Also, Litecoin’s value skyrocketed in May 2017 once added to Coinbase’s exchange list.

Because of its resemblance to Bitcoin, Litecoin has become a popular “test network” ever since. It was also the first platform on which some Bitcoin developers tried out their ideas before moving on to Bitcoin – This is still done today.

Since its inception, Litecoin has served as a testing ground for various new technologies, including SegWit, the Lightning Network, and Atomic Swaps. For the time being, Litecoin is only a symbolic currency.

What to consider when buying Litecoin

It would be best if you learn about the dangers associated with cryptocurrency before you put any of your money into it and limit the proportion of your total wealth that you put into it.

Litecoin, much like other cryptocurrencies, has the potential to be a very volatile asset.

Furthermore, industry professionals recommend investing a modest proportion of your total wealth in cryptocurrencies, including Litecoin.

How to Buy Litecoin

Like all other cryptocurrencies, Litecoin also has a few steps that you must know before buying it.

1. Select a cryptocurrency exchange

Like Venmo and PayPal, many other payment programmes allow you to buy Litecoin directly. Litecoin-specific wallets, such as the Google Play-based application Litewallet, also enable you to buy Litecoin.

Similarly, a Litecoin-specific programmes that lets you purchase and sell Litecoin is probably all you need to get started with Litecoin payments.

You’ll get the best return on your Litecoin investment if you register for a trading account at a crypto exchange.

Finally, your choice of a cryptocurrency exchange should also include Litecoin, which is prominent digital money. Similarly, you’ll want to examine the top cryptocurrency exchanges based on costs, security, and ease of use.

2. Buying Litecoin

To buy Litecoin, you’ll need to figure out how you’re going to fund your transaction. A debit card or bank account can be linked to your Litecoin account if you use a specific app for payments.

After funding your account, you’re now ready to make your first Litecoin purchase. In some cases, you may have to enter the ticker (e.g., LTC) and the quantity you want to buy to complete a transaction.

Finally, you may own a full or a partial number of Litecoins when your purchase is complete. As an example, if the price of Litecoin rises to $100 and you wish to invest $50, you’ll get 0.5 LTC. Similarly, one LTC would be yours if you spent $100 on it.

3. Storing the Litecoin

It’s possible that you’re not used to having multiple options for “storing” an asset if you’re new to the crypto world. Litecoin, on the other hand, gives you a variety of options.

You may save your Litecoin and other crypto purchases in the built-in digital wallets of most leading crypto exchanges. Some people opt to store their crypto in a digital wallet that is not connected to the internet to keep their crypto safe from hackers.

However, you may want to store your Litecoins in one of these offline wallets, which protect against hacking events and similar.

Where to Buy Litecoin: Best Crypto Exchanges For LTC

You can easily buy Litecoin on most of the crypto exchanges. Let’s check some of the best exchanges for Litecoin.

Coinbase

On the Coinbase platform, the onboarding procedure is simple and easy, making it easier for new investors to get involved in the cryptocurrency market. Also, its user-friendly design makes it simple to get about the platform and keep track of your crypto assets.

In addition, Coinbase offers a wide range of educational resources that are thorough and easily accessible.

Also, a Coinbase Earn programme teaches users how to trade specific cryptocurrencies and rewards them with free cryptocurrency, encouraging users to use these tools.

Some additional exchange’s safety features are that 98 percent of Coinbase clients’ crypto is stored offline.

Also, a $250,000 insurance policy protects custodial accounts, which require two-factor authentication on all site versions (in line with per-depositor FDIC coverage limits). Because of these comprehensive safeguards, Coinbase is well worth the additional fees.

Coinbase Pro, the company’s other exchange platform, may be an option for those who appreciate Coinbase but want more advanced trading and charting options.

Binance

As the world’s largest cryptocurrency exchange by volume, Binance.US has many of the same advantages as its parent firm. It’s a significant draw with a maximum cost of 0.1 percent maker/taker. As your trading volume increases, this charge gets cheaper and lower.

Buying and selling other cryptocurrencies on Binance.US can be done at a discount by using the company’s cryptocurrency (BNB).

As a result, you can save money on currency conversion fees to buy directly from the exchange’s cryptocurrency offerings.

Also, many of the platform’s additional features for expert users include discounts and purchase options such as limit orders and stop-limit orders. These advanced features make the platform an excellent choice for traders who want more control over their trades.

Best Crypto Wallets for Litecoin

Since Litecoin is the ‘other’ Bitcoin, multiple wallets are available for storage.

Exodus

In addition to serving as a wallet and exchange platform for cryptocurrencies, Exodus provides a wide range of features.

With Exodus, consumers have access to a range of cryptocurrency wallets and customer service and the ability to trade cryptocurrencies on an exchange that is linked to their accounts.

Guarda

Multicurrency wallet Guarda now includes Litecoin functionality on a variety of devices.

Users may keep their money safe on desktop, mobile, and web browsers. Also, some traders will find the extensive range of alternatives appealing.

Moreover, customers can still get assistance from Guarda in a problem or misplaced funds, even if it is not a custodial service.

Furthermore, you can set up several wallets for different currencies for different users.

Best Hardware Wallet for Litecoin

Like hot storage, cold storages or hardware, crypto wallets also come in a variety for Litecoin.

Ledger Nano X

The Ledger Nano X is a multi-coin cryptocurrency hardware wallet that supports Litecoin and many other cryptocurrencies. The Nano S and any other Ledger alternatives are also multicurrency wallets, and they are both available via Ledger.

The Ledger Nano X, much like other hardware wallets, places a significant emphasis on maintaining a high level of security. After installing the appropriate software on your computer, you may connect these wallets to your personal computer and then send and receive monetary transactions from that location.

Furthermore, these wallets are challenging to hack remotely because the Ledger utilizes offline storage. When cryptocurrency holdings are used online, it also provides two-factor authentication for added security.

Trezor Model T

Trezor is another USB flash drive-based hardware wallet.

Compared to “hot wallets” or online crypto wallets, the Trezor wallet provides additional security and safety by holding crypto assets offline in “cold storage,” one of the significant advantages of hardware wallets. Also, it is possible to use it for a wide variety of cryptocurrencies.

Similarly, thousands of cryptocurrencies are supported by these wallets. The Model T is expensive, but the manufacturer also offers more affordable options.

Trade or Sell Your Cryptocurrency

Selling Litecoin is more straightforward than buying it for the first time. The process of selling Litecoin varies with the exchange, but here are a few general steps.

• Opening exchange app or webpage.
• Login to your account.
• Deposit your Litecoin.
• Wait for the clearance of your deposit.
• Open an order form and fill it out.
• Start selling.

Dogecoin Price

Litecoin Price Prediction

All cryptocurrencies tend to change their worth with time. Litecoin is no exception. So, the following are a few predictions by crypto experts:

Price prediction of Litecoin by 2022

Litecoin will be traded at an average of $83.55 in the middle of autumn 2022. Crypto experts also predict that the LTC price will fluctuate between $80.43 and $94.71 in October 2022.

Price prediction of Litecoin by 2024

Litecoin’s price is predicted to range between $170.76 and $209.25 in 2024, according to cryptocurrency specialists’ technical analysis of the currency. The typical anticipated cost of trading is $177.03.

Price prediction of Litecoin by 2031

Cryptocurrency analysts have predicted the price of Litecoin, and they will soon make their predictions public. Similarly, the maximum LTC price of $2,723.11 will define 2031. Likewise, the price might fall to as low as $2,292.82. The average trading price is therefore predicted to be $2,373.71.

Litecoin Supply, Volume, Market Cap, Change

Is Litecoin a Good Investment?

Litecoin may have a higher reward-to-risk ratio than other crypto assets because it’s behind the rest of the market. It has more upside while other coins have exhausted bullish momentum.

So, should you invest in it? The answer is both yes and no. Yes, you must invest in it, but only a suitable amount you can risk losing. And no, you must never put all your money on Litecoin.

Famous Personalities have Invested in Litecoin

Following celebrities and famous people have been backing and endorsing cryptocurrencies like Litecoin.

• D’Amelio
• Kutcher
• Elon Musk
• Bill Gates
• Witherspoon

Conclusion

Litecoin is a cryptocurrency that has gained much traction in recent months. Here, we have looked at what it is, what to consider when buying it and where to buy it.

Finally, if you’re looking for a way to invest in cryptocurrencies, Litecoin may be a good option – only if you invest an amount you can live without.

Similarly, it would be best if you remember that cryptocurrencies could make you a winner overnight – and also a loser within hours.

So, be careful and Happy Trading!

Last modified: September 5, 2022