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What is Litecoin

What is Litecoin

Launched as Bitcoin Core’s hard fork, Litecoin represents a peer-to-peer cryptocurrency for instant payments with low transaction fees that can be sent to anyone anywhere.

Litecoin runs on a fully decentralized, open-source network that has no central management and is only controlled by its users. Compared to Bitcoin, LTC provides its users with faster transaction confirmation and improved storage efficiency.

Advantages of using Litecoin

Litecoin has all the advantages over traditional fiat payments as any other digital currency does. It provides its users with instant payments at very low commissions and enhanced security.

Moreover, Litecoin has a number of advantages above the most popular cryptocurrency Bitcoin. These are the following.

Kess time for processing a block

Litecoin allows miners to process a block much faster than Bitcoin does and thus shares a reward among miners much faster, too. It give Litecoin much higher capacity and each transaction takes much less time.

Decentralization

Litecoin creators implemented a mining algorithm that is different from the one that Bitcoin has which made it impossible to mine LTC on corporate hardware (ASICs). This gave regular users a possibility to mine Litecoin on their own machines and thus made the Litecoin cryptocurrency less centralized.

LTC definitions

Cryptoasset

It’s the name for any asset that is secured by cryptography. Most of cryptoassets have blockchain technology at their core.

Exchange

A website that gives you a possibility to purchase and sell cryptoassets.

Node

This is a public ledger to store all the transaction history.

Market cap

Market cap can be calculated by multiplying the total value of the coin supply by the price per coin.

Litecoin investment strategy

There are many ways to make good profits with the help of cryptocurrencies. Some of them are more risky than the others and it’s up to you to select which one suits you best. We don’t give any financial advice here, this article only contains the guide for information purposes.

The most simple and most secure strategy is “buy and hold”. It works both for beginners and for experienced investors. In this case, you just buy Litecoin and hold it on your wallets until its price grows.

There is a good service called TradingView that allows you to set up email notification for the price changes of any currency, including Litecoin. Once LTC price reaches a certain limit, you will receive an instant message. After that you can go and exchange Litecoin to Bitcoin or any other cryptocurrency.

Where to keep Litecoin

If you’ve selected Litecoin for the long-term investment, you should also decide where you’re going to store it to provide maximum security for your digital funds. As there are many options in the market to solve this task, we’re going to review the mosts popular wallets in this article to help you with the choice.

Hardware wallets

Ledger Nano S

This wallet is regarded as the most secure of all that are currently represented in the crypto space. This is a hardware wallet that no one else except for its owner has access to. It is compatible with Windows, Mac, Linux and Android phone and gives you a possibility to store unlimited amount of Litecoins on it.

Trezor

This is one more  hardware wallet with high level of security. It works together with encrypted password managers and supports 2-factor authentication feature.

Desktop / Mobile wallets

Exodus

This is a software wallet that works on Windows, Apple and Android. You can store most major altcoins and tokens on it, including Litecoin

Jaxx

This wallet can also be installed on most popular operating systems and, what’s more, there’s a Google Chrome application available, so you can manage your coins right from our browser.

Litecoin Core

This is an official LItecoin wallet that can be downloaded from their website. You can store your litecoins right on your desktop and manage their security yourself.

How to transfer Litecoin securely

You should pay specific attention to your digital money’s security when you make a transfer as nobody will help you to restore your funds in case you send them to a wrong address. Here are some rules you should follow when making payments with Litecoin currency.

Never type a wallet address manually

Typically, cryptocurrency wallets represent a ong mix of letters and numbers which makes it nearly impossible to remember them by heart and there’s always a big chance of mistake if you type them manually. That’s why you should always copy and paste them in order to avoid mistakes. If you send your funds to a wrong address, you will never see them again.

Check the transaction fee

A good Litecoin wallet will show you what the transaction fee is before you send off your money. Be very careful with it and always make sure that the fee is reasonable.

Double check the address

There are some malwares that are designed to steal your crypto funds. Some of them change the recipient’s address when you are about to transfer your coins to the one that belongs to hackers. That’s why you should always check several times that the address is correct before you press the “send” button.

Test before sending

This is good practice when sending your litecoins to someone else. Before you transfer the whole sum, send your recipient a small amount first and make sure that everything went smoothly. After that you can send the rest.