Litecoin is a cryptocurrency that was created to improve the technical characteristics of Bitcoin. The founder of Litecoin Charles Lee aimed to create a ‘Light version of Bitcoin’.
What is Litecoin?
Litecoin is a decentralized open source peer-to-peer cryptocurrency. Litecoin network works on the Proof-of-Work consensus algorithm. It is very similar to the BTC algorithm. The Litecoin algorithm is called Scrypt. The algorithm produces coins four times faster than that of BTC. The Litecoin algorithm has a transaction processing speed of the corresponding coins in the amount of one coin every 2.5 minutes, which is 4 times faster than Bitcoin. In addition, the issue of Litecoin is also 4 times more than BTC, and is 84 million. An important advantage of Litecoin is greater protection against intruders, due to the high speed of block generation and the speed of transaction confirmation.
How does Litecoin work?
Litecoin is a peer-to-peer virtual currency, which means it is not governed by a central authority. Litecoin’s network offers instant, near-zero cost payments that can be conducted by individuals or institutions across the globe.
What moves Litecoin price
Thought many investors note, that regularly LTC price follows the trends of BTC – when BTC growth, LTC growth too and when BTC drops, LTC goes after it, it should be noted, that most of the cryptocurrencies do the same, due to the importance of Bitcoin and its influence on other coins.
What really makes the price of LTC go up and down is supply and demand, no matter how corny it sounds. Though some kind of speculations from big players or influencers might occur, the price line and its direction is generally affected by the number of traders willing to buy it and the numbers of vendors selling it.
Why should I trade Litecoin?
Litecoin has experienced both rapid growth and lightning-fast falls throughout its existence. But since LTC has not sunk into oblivion, and on the contrary has been able to significantly increase in price since the launch, it makes it clear that the prospects for further growth are very great. The key factors influencing the choice of LTC for trading are:
- The characteristics of the coin and the fact that the LTC team is working tirelessly to improve the platform, make LTC a profitable investment tool.
- In addition, LTC is an extremely volatile asset, which allows traders to use various trading strategies to earn money.
- LTC is a very popular asset with a market capitalization of $9,214,966,282. The issue of LTC is limited, which will eventually lead to an even greater increase in value.
Speaking about the volatility of LTC, we can give one of the examples. So, for example, in July 2020, the cost of LTC was about $40, and to date, July 2021, the price for one coin reached $136, and this is taking into account the fact that the price has now fallen sharply. Just recently, in May 2021, a record high of the price was recorded and it reached $412. It should also be mentioned that the all time low was set in January 2015, when the coin was trading at $1.11. As you can see, LTC quotes have increased many times.
Where to trade Litecoin?
Currently, the most popular and frequently used exchanges are the following:
- Binance – The commission when buying Litecoin is only 0.1%, which is why the exchange constantly attracts new customers.
- 7b – This reliable and convenient crypto broker provides its users with 24/7 chat support, the best rates, and more than 2000 cryptocurrencies for trading.
- Bittrex – According to statistics, since the date of the platform’s formation, no hacking or theft from the cryptocurrency service has been recorded, so it is considered one of the most reliable in the world.
How to trade Litecoin using the 7b crypto broker app?
While beginners might face some difficulties during their first trade, we have prepared a step-by-step instruction, which will assist you to start trading LTC in 7b. Due to the user-friendly interface and intuitive interface, you will complete your first trade without any problems:
Step 1. Download and sign up in 7b crypto broker.
Step 2. Deposit your account with the required amount of cryptocurrency.
Step 3. Enter the “Markets” page
Step 4. Search for LTC
Step 5. Open LTCs card
Step 6. Enter the required amount of LTC and swipe up
Step 7. Receive the success notification
FAQ
Is Litecoin a good investment?
Yes, during its history, LTC has shown that it has a stunning upward trend. Once the cost of LTC did not exceed $5, but in recent years the cost has not fallen below $29. Now the coin is trading at $136, and the historical maximum reached the level of $412.
How do I invest in LTC?
If you have decided to invest in LTC, now is the time, since the cost has fallen, and as you know, after a sharp decline, rapid growth often occurs. On 7b, to purchase, you need to log in to your account, select LTC from the list of cryptocurrencies, select the cryptocurrency you want to buy it with, enter the amount, and confirm the transaction.
How to trade Litecoin for beginners?
The main rule for beginners is not to invest more than 30% of the available funds. It will also be useful for novice traders to keep a log and record all operations with cryptocurrencies in order to accurately track their progress and gaps. On 7b, everything is quite simple, select a trading pair, set the transaction details and confirm it.
How to buy Litecoin cryptocurrency?
Have you decided to buy LTC? 7b is the best crypto broker to buy at the most competitive rates on the market. To make a purchase, log in to your account, select a trading pair, for example, BTC/LTC, enter how much you want to spend and receive, and confirm the transaction.
What is Litecoin Blockchain?
Litecoin is the ‘Light version of Bitcoin’, which processes transactions 4 times faster with minimal fees. The platform was one of the first to integrate SegWit.
