Litecoin (LTC) is one of the many cryptocurrencies that have been able to establish themselves in recent years. Charlie Lee, a former Google employee, created Litecoin on October 7, 2011.
Litecoin is a peer-to-peer cryptocurrency of the first generation, which enables fast and cheap real-time transactions worldwide. Litecoin is one of the oldest cryptocurrencies after Bitcoin. Litecoin is a so-called fork separated from the Bitcoin blockchain.
Litecoin is one of the few coins that have been created from the very beginning. What makes Bitcoin’s clone so special? What is Litecoin used for? Today, we’ll try to find out!
What is Litecoin Cryptocurrency Used for: What Are the Key Options?
The Litecoin cryptocurrency gained significant value in 2017. The Litecoin price climbed over 7,700 percent, marking an all-time high at more than $350 from time to time. In the meantime, Litecoin has fallen slightly compared to its highest level.
According to Ronnie Moas, founder and analyst of Standpoint Research, the end of the development is far from being reached. Moas expect the Litecoin price to double in the coming years.
What is Litecoin cryptocurrency used for? It’s necessary to note that LTC technical structure is similar to that of the best-known Bitcoin cryptocurrency, but stands out due to faster transaction processes. In addition, in the case of Litecoin, it’s possible to conduct higher transaction volumes as the blockchain can generate a higher number of blocks.
All transactions are recorded decentrally in the blockchain. Every user can monitor all the processes of other users at any time — all kinds of manipulation should be prevented.
Litecoin Cryptocurrency: The Most Important Thing to Know in Brief
Before answering ‘What is Litecoin used for?’ question, let’s consider important things to know about Litecoin in brief.
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- The Litecoin technology is comparable to Bitcoin’s one. However, particularly fast transaction processes are possible with Litecoin.
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- Investors who want to buy Litecoin should pay attention to LTC pros & cons and then make a decision.
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- To buy ‘real’ Litecoin, you need a wallet.
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- Be sure to choose a strong password for your wallet.
The Easiest Way: How to Trade Litecoin CFDs
If you still wonder what is litecoin cryptocurrency used for, then you should think about Litecoin CFDs. As with all cryptocurrencies, it’s also possible to trade Litecoin via CFD. In CFD trading, investors deal with the rate of the Internet currency, so they don’t physically hold litecoins.
If you want to buy or sell a Litecoin CFD, you can use the Plus500 platform. Plus500 also offers deposits by credit card and PayPal, as well as a very quick account opening. Of course, you can also choose any other CFD broker.
What is Litecoin Used for Today: Trading & Exchange
‘What is litecoin used for today?’ is another popular question. If you, as an investor, intend to invest directly in the digital currency and own ‘real’ litecoins, then there is no regular purchase.
Buying LTC isn’t comparable to how it works when trading with more common forms of investment such as shares or funds. The Litecoin purchase requires a rather lengthy registration process on corresponding platforms. Moreover, an account for trading has to be opened.
Just like with Bitcoin, a digital wallet is required to buy Litecoin. Once you create it, you will be able to manage your own litecoins as well as to conduct transactions. In the meantime, various online exchanges offer digital silver, along with other cryptocurrencies.
In most cases, registration and further verification are necessary. For example, Internet money can be purchased on the Avatrade, Kraken, or Coinbase exchanges. The LTC is mainly paid in fiat currency, even using different payment methods (such as credit card and PayPal payments).
If you still wonder what is litecoin used for today, then there are many other additional options. Let’s consider them!
How to Invest in Crypto Certificates?
If an investor intends to invest his money in certificates in order to avoid opening an account on trading platforms, he can also buy the digital money on various exchanges. With a certificate, you can participate in the development of the digital currency without the need for a securities account.
How to Exchange Litecoin for Bitcoin?
Another option in addition to the Litecoin purchase is an exchange of Litecoin for Bitcoin on corresponding trading platforms. In this way, it would be possible to participate in Bitcoin marketplaces, since there are still no marketplaces for Litecoin trading. This means that as a private individual, you can also buy Bitcoin one-to-one from another person.
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