Litecoin (LTC) is a decentralized peer-to-peer cryptocurrency with a public code running on the blockchain of the same name. It is a fork of Bitcoin, which was created as a virtual architecture that solves the issues of the very first digital coin and doesn’t strive to become the main competitor to the legendary bitcoin.
First of all, LTC is about scalability and high commission fees for each financial transaction made in the blockchain, which BTC lacks.
The History of Litecoin Cryptocurrency
Charles Lee, a programmer from Google (who also successfully worked at Coinbase) and the founder of the Litecoin cryptocurrency (the second fork of Bitcoin after Namecoin), presented his project on October 13, 2011.
A year and a half later, there was a significant increase in the coin’s value, followed by a deep correction. Then investor confidence in the coin increased again, which was immediately reflected in the price growth.
Autumn 2017 was marked by the release of version 0.14.2, with improved security and platform performance.
As of 2022, the current version is 0.21.2, which includes new features, bug fixes, and performance improvements. The update fully supports nodes, wallets, and mining for MWEB. MWEB is the largest Litecoin network upgrade ever, bringing LTC fungibility and scalability.
Key Features of Litecoin Cryptocurrency
Being a fork of Bitcoin, Litecoin cryptocurrency, as mentioned above, has many characteristics similar to the very first digital coin:
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- Anonymity;
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- Decentralization;
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- Blockchain technology;
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- Open-source code that is released for public viewing on GitHub, etc.
Let’s consider the parameters — innovative technologies that highlight the ecosystem, which were first integrated into the digital architecture as an experiment, and subsequently proved their viability and relevance. These include:
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- SegWit protocol (Segregated Witness).
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- Layer-2 protocol of the Lightning Network.
In addition to scalability, the LTC cryptocurrency solved the issue of high commissions by introducing an innovative development of the Lightning Network, an additional blockchain located on top of the main blockchain.
Where to Buy Litecoin (LTC): Switchere Exchange
If you’re wondering where to buy LTC, you should definitely think about buying it at Switchere. On our platform, you have an opportunity to buy LTC in the fastest and most convenient way. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
How to buy LTC with USD? At Switchere, you can buy crypto for fiat money or swap crypto for crypto. In addition to traditional purchases with a bank card, you can use alternative payment methods available (SEPA, SOFORT, Asian local banks).
Here is an easy step-by-step guide on buying LTC at Switchere!
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- Visit our website and log in to your account.
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- Choose the currency pair for exchange as well as a payment method and enter the amount. Don’t forget to check the transaction details by clicking on ‘Details.’ Once you’ve done, click the ‘Buy’ button.
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- Specify your Litecoin wallet address and click on the ‘Buy’ button.
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- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Elsewise, the transaction will be canceled automatically.
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- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased LTC will be sent to your provided wallet address accordingly.
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- Congratulations! The transaction is completed, and now you can check your Litecoin wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any troubles with the exchange process, let us know at [email protected].
Prospects for Litecoin (LTC)
The characteristic features of Litecoin (LTC) appealed to investors, especially the high speed of transaction confirmation and lower transaction fees. An important area of Litecoin’s activity is meeting the growing consumer demands in accordance with the situation in the cryptocurrency market, unlocking the full power of a blockchain, and strengthening a global payment infrastructure.
Partnerships always play a vital role in the world of crypto assets, which applies to any project. The reasons are that they are the driver for mass adoption. Litecoin boasts some crucial agreements. For example, Travala, a close partner of the Litecoin Foundation, allows all Litecoin holders in over 200 countries to book hotels. The company has also signed contracts with major crypto-fiat payment systems such as CoinGate.
The network is actively developing. Litecoin added Mimblewimble (architecture for transaction fungibility and privacy), Lightning Network layer-2 scalability solution, atomic swaps, and smart contracts.
Key Pros to Know:
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- Transactions are much faster than in the Bitcoin network.
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- Low commissions, which makes the coin convenient for payments.
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- Good reputation for almost ten years of activity.
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- Mostly positive price predictions, thanks to technological solutions and essential partnerships.
Conclusion
Litecoin is successfully traded on all major reputable cryptocurrency exchanges, where it can be purchased for your own investment portfolio. Litecoin has a chance to eventually reach the level of top cryptocurrencies, as evidenced by the following factors: a limited amount of emission, the use of innovative technologies, and popularity among users. Each of these factors can be decisive in deciding whether to buy LTC cryptocurrency or not.
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