Litecoin (LTC) is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. The digital currency was created based on the Bitcoin (BTC) protocol but differs in terms of the hashing algorithm used, its supply limit, and the average block generation time.
It is one of the most popular cryptocurrencies. Logically, many people ask, “Where to buy Litecoin (LTC)?” — this blog post gives the answer and provides a step-by-step how-to that lets you buy Litecoin easily.
Quick Guide
Here’s an overview of the preferred crypto exchanges with Litecoin (LTC) listed. If you know how to buy cryptocurrencies, you can simply select your preferred exchange. In case you are just getting started, you can scroll down to where we share all details about how to buy Litecoin (LTC).
Binance
Binance is the biggest cryptocurrency exchange offering many features and advantages.
MEXC
MEXC is an industry-leading exchange that offers the lowest fees to buy and sell cryptocurrencies.
BYBIT
BYBIT is a leading crypto exchange that offers many features regarding leverage trading.
KuCoin
KuCoin is a leading exchange that offers more than 750 cryptocurrencies — more than any other.
OKX
OKX is the all-rounder that offers a good mix of tradable crypto tokens, usability, and trading fees.
Before we dive into the details about how to buy Litecoin (LTC) we want to provide you with some essentials about the Litecoin. Remember, it is essential to understand the asset you’re planning to buy before you invest!
What is Litecoin (LTC)?
About Litecoin
Litecoin (LTC) is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. The digital currency was created based on the Bitcoin (BTC) protocol but differs in terms of the hashing algorithm used, its supply limit, and the average block generation time.
Litecoin operates on a blockchain and uses the proof-of-work consensus mechanism, similar to Bitcoin. However, while Bitcoin uses the SHA-256 hashing algorithm, Litecoin uses a newer algorithm called Scrypt. This makes Litecoin mining less susceptible to being monopolized by custom hardware solutions, as the Scrypt algorithm is more memory-intensive, favoring systems with more RAM over raw processing power.
One of Litecoin’s major differences from Bitcoin is its quicker block generation time (2.5 minutes, compared to Bitcoin’s 10), allowing for faster transaction confirmation. The total number of Litecoins that can ever exist is also higher – capped at 84 million, compared to Bitcoin’s 21 million.
History Of Litecoin (LTC)
Litecoin was launched on October 7, 2011, by Charlie Lee, who envisaged the cryptocurrency as the “silver to Bitcoin’s gold.” The main motivation behind Litecoin was to offer a cryptocurrency that improved what Lee saw as limitations in the Bitcoin protocol.
In November 2013, Litecoin experienced a massive surge in value which saw its market capitalization reach $1 billion. This event solidified Litecoin’s place as one of the leading cryptocurrencies.
One notable milestone for Litecoin was becoming the first of the top 5 (by market cap) cryptocurrencies to adopt Segregated Witness (SegWit) in May 2017 and, later that year, the first to execute a Lightning Network transaction. These updates aimed to increase the block size limit on the blockchain and speed up transaction processing times, further enhancing Litecoin’s usability.
Use Cases of Litecoin (LTC)
Litecoin was created to provide a more scalable and convenient version of Bitcoin. Hence its use cases align with its foundational design.
- Currency and Microtransactions: Just like any other cryptocurrency, Litecoin can be used as a digital currency for transactions. Due to its faster block generation time, it is more efficient at processing microtransactions and real-time trading.
- Payment for Goods and Services: More and more businesses are accepting Litecoin as a payment method. These include both online and brick-and-mortar businesses, thus, increasing the everyday utility of Litecoin.
- Remittance: With its fast transaction times and low fees, Litecoin is an excellent tool for remittance. It enables users to send money across borders quickly and cheaply, solving a problem that conventional banking systems have long struggled with.
- Investment and Trading: Many investors and traders have added Litecoin to their cryptocurrency portfolios. Its strong market presence and technological foundation make it an appealing investment to some.
Litecoin’s established position in the cryptocurrency market, combined with its advanced features such as faster transaction confirmation time and higher total supply, position it as a cryptocurrency with significant real-world applicability and potential for future growth.
Litecoin (LTC) Price Chart
Analyzing the current price movement is an important step before investing. Therefore, you should closely examine the chart below before discovering how to buy Litecoin.
