Litecoin (LTC) is a decentralised peer-to-peer cryptocurrency that allows for instant transactions to anyone on earth at, virtually, no cost. Moreover, the Litecoin Network(b) is based on a blockchain that features faster transaction confirmation times, a more rapid block generation, and increased storage performance. Litecoin (LTC) is a decentralised peer-to-peer cryptocurrency that allows for instant transactions to anyone on earth at, virtually, no cost. Moreover, the Litecoin Network(b) is based on a blockchain that features faster transaction confirmation times, a more rapid block generation, and increased storage performance.
Litecoin is a great coin, which was conceived as an open source project, and released under the MIT/X11 license. Currently, if you want to mine Litecoin, each block completed is awarded 50 Litecoins. The Litecoin Network is scheduled to halve rewards every 840,000 blocks. So mining the coin is a good option. However, there are other ways to obtain Litecoin.
The invisible hand
Litecoin market cap is around 2.4 billion dollars. That makes Litecoin one of five most valuable cryptocurrency on earth based on market cap. That also means that the coin enjoys a high trade volume and a lot of liquidity. Therefore, instead of mining, you can opt for obtaining Litecoin through buying in at an exchange.
Unfortunately, buying Litecoin can be a cumbersome process. Most exchanges do not sell Litecoin directly. The most common way to purchase or selling Litecoin is buying Bitcoin first and then turning it into Litecoin. However, there are some exchanges where users can purchase Litecoin directly. Here is the list of the current exchanges where you buy or sell Litecoin without the need of obtaining BTC:
⦁ Kraken ⦁ SnapCard ⦁ LitecoinLocal ⦁ Bitrush
⦁ BTC-e ⦁ Bitfinex ⦁ Poloniex ⦁ ShapeShift.io
We all need wallets
Before you purchase these coins, you need a Litecoin walle to put your newly acquired cryptocurrency. There are several types of wallets available. However, in a nutshell, they all work similarly. Digital wallets have an encryption that allows you to view transaction and account balance safely. But if you want to complete a transaction you have to share your private key.
Obviously, sharing your private key must be done with some level of caution. Some scammers look to insert a malware on your wallet and gain access to your coins. With that in mind, here are some of the best available wallets you can get if you want to keep your Litecoins protected:
⦁ Hardware wallets ⦁ Ledger Nano S ⦁ TREZOR
⦁ Desktop wallets ⦁ Electrum LTC ⦁ Litecoin Core
⦁ Mobile wallets ⦁ LoafWallet ⦁ Jaxx
These are some of the best options available at the moment. That said, always make sure to do your homework and check what the best option that suits your needs. There is the possibility to get a Litecoin paper wallet as well. You have to go to liteaddress.org and on a separate secure and completely offline computer print the key. It is not advisable, but it is a possibility.
Get your news while they are hot
Staying up to date is paramount when it comes to crypto coins. All coins are subject to speculation and volatility, and Litecoin is no different. Places like cryptocoinsnews, coindesk, cointelegraph, r/litecoin, or even Litecoin’s twitter account (@litecoin) are excellent places to be informed into when is the best moment to buy or sell the currency. Although, if you want in insider secret, follow BTC news as well. Bitcoin’s latest blockchain protocol has spark traders to move to ETH and LTC. So if you want to know when to buy or sell, look no further than how BTC traders are behaving.