Now a days, the cryptocurrencies are in trend, considered as the future of money transactions. That is why, nearly 180 cryptocurrencies recognized by various countries. Litecoin (LTC) is the 3rd most popular cryptocurrency after Bitcoin (BTC) and XRP.
What is Litecoin?
Litecoin (LTC) is also known as liter version of Bitcoin. It is launched by former Google engineer, Charlie Lee, in 2011. He changed the code base of bitcoin to increase the supply and for faster addition of blocks to blockchain.
Litecoin (LTC) is an open source, peer to peer, software based digital currency that enables the user to make payment anywhere in the world online. It is launched under the MIT/X11 license. It enables the user to run, edit and copy the software.
Like another cryptocurrency, tradingview litecoin too is not issued or controlled by any authorized body as in the case of fiat money.( e.g. Dollar or Euro). Therefore, it is fully decentralized and controlled by the user.
How LTC is created?
The creation procedure of litecoin is called Mining. This is the process of adding blocks of litecoin into the blockchain. Blockchain is the ledger system for keeping the record of every transaction made in network.
However, approximately 84 million of tradingview litecoin could be created which is four times more quantity than bitcoin supply. Here, the blockchain can handle greater volume of transactions than bitcoin blockchain.
Therefore, LTC transaction is faster, consequently, the faster confirmation for the user. It also improves the supply of ltradingview litecoin blocks in blockchain and user gets more litecoins.
Additionally, the wallet is the account of the user with a particular address and password key. This enables the user to do transaction and check the balance. One can control the wallet remotely by user’s mobile phone or computer.
How one can get LTC?
Before, we discuss the ways to get litecoin, one should be aware of the fact that investing in cryptocurrency is risk based trading. One should invest only the sum of money that he/she can afford to lose. One should not invest his/her important saving in cryptocurrencies.
Nevertheless, instead of mining the tradingview litecoin, one should buy them from any reliable exchange by using credit card, debit card or PayPal. Some examples of such exchanges are BitPanda, CoinMama, Coinbase, Bitbns, eToro or BitMax cryptocurrency exchange.
Additionally, these exchanges are providing trading knowledge and intermediary help to beginners.
Litecoin Vs Bitcoin:
Litecoin is considered as the ‘Silver’ of Bitcoin ‘Gold’. Its value and popularity is less than BTC, but it is easily accessible and transaction friendly. The differences explained below, make a more psychological point of view, to invest in LTC but still BTC is preferred cryptocurrency:
- The blockchain algorithm of litecoin is Scrypt which is faster and less complex than bitcoin algorithm SHA-256, so the transaction and confirmation time is less in case of tradingview litecoin
- The Mean block time of LTC is 2.5 minutes whereas it is 10 minutes for BTC.
- The mining limit of BTC could be 21 Million, whereas for LTC it could be 84 Million, which is four times more i.e. more LTC supply to users.
- Current value of LTC is $57 and for BTC it is $828.(it is varying with time).
- LTC has lower transaction fee than BTC.
- LTC’s Mining network is more decentralized than BTC, so the distribution of LTC is more egalitarian.
Risk related to LiteCoin:
Similar to other cryptocurrencies, LTC investment too have some risk involved. One should invest in cryptocurrency after learning its basics and after assurance of money that he/she can afford to lose. Some important risks are:
- It is a technology based currency so more prone to cyber attacks and theft.
- It is not issued by any authorized body, therefore the control and regulation is not done by some Government or Central Bank that is more reliable bodies.
- No consumer court can help is case of any fraud.
- Its value is volatile, it could change up to 30% in one month.
- It could promote black marketing and terror funding because the identity of user is not known.
“My vision is the people would usetradingview litecoin every day to buy things. It would just be the payment method of choice.”- Charlie Lee, Creator of LTC.
tradingview litecoin was launched only a decade ago, and got its record high value $375 on December, 2017. It got a very good response of investors.
Hence, it possibly, will have brighter future in cryptocurrencies. If one wants to invest in cryptocurrencies with a diverse manner, then he /she should make more investment in LTC.