How and where to buy Litecoin?

Litecoin has never enjoyed the same fame as Bitcoin or Ethereum - nor have we ever looked at breathtaking 5-digit price records. So why does Litecoin have a bunch of devoted fans and despite the fact of its low price and unimpressive capitalization, it still remains on the tongues of cryptocurrency junkies? Why still buy Litecoin in 2021, how and where to buy Litecoin? You will find out all in this article, welcome!

Litecoin - how to get started?

Litecoin is not an asset that arouses as much excitement as the younger altcoins or the king himself - Bitcoin. It does not carry the promise of sudden and gargantuan increases. It does not even bring a technological revolution, as it is from the same generation of cryptocurrencies as Bitcoin. Before buying Litecoin, find out why many investors opt for this cryptocurrency and where to buy it.

What is Litecoin (LTC)?

Litecoin is a P2P (peer-to-peer) currency, often referred to as Bitcoin's little brother. Technically, LTC's creator Charlie Lee took full advantage of BTC. However, he made some changes to enable faster and cheaper transactions than those on the Bitcoin network. He changed the cryptographic algorithm from SHA-256 to the simpler Scrypt, which eliminated the need for mining on advanced ASICs, as in Bitcoin.

Digital silver, as Litecoin has been hailed by the community, is now a useful cryptocurrency, unlike many others with only speculative value. With new blocks created faster, every 2.5 minutes (as opposed to 10 minutes in BTC), Litecoin handles 56 transactions per second when Bitcoin only 7.

Higher transaction throughput means lower commissions, which have been as high as $60 for Bitcoin, but never more than $1 for Litecoin.

As with Bitcoin, the supply of LTC has been limited, but by the faster block time it has been set at LTC 84,000,000. Similarly to BTC, LTC is undergoing halving, so that we can only expect to dig up the last unit of LTC around 2142.

Why is Litecoin popular?

As I managed to mention, the difference between LTC and BTC transaction commissions is huge. In the world of cryptocurrencies, it's a fixed relationship - when commissions in BTC go up, people who want to execute transactions are inclined to buy Litecoin.

The natural cycle of migration to LTC, lower commissions and shorter time to complete transactions has made Litecoin a widely accepted medium in cryptocurrency circles - any cryptocurrency exchange, on par with a cantor or any other cryptocurrency platform will accept LTC as a means of payment.

Also in our everyday life, Litecoin is more likely to adapt as a means of payment than Bitcoin, which currently performs a completely different function - that of a store of value.

Remember that the intention of the creators of LTC was never to outbid Bitcoin. The currencies, according to Charlie Lee's vision, were meant to be used for payments at the same time. The difference was that BTC was to be used for transactions in large amounts, which were theoretically supposed to happen less frequently, when LTC was to handle more transactions in smaller amounts.

How and where to buy Litecoin (LTC)?

Buying Litecoin in 2021 is easier than ever before. You now have a choice of exchange offices and cryptocurrency exchanges. Simply click create an account, then enter your details and verify your identity.

On a good platform, the whole process should take no more than a few minutes. Also, bet a platform proven by thousands of users that works in the legal reality of the country you are in.

Bitclude is a platform that combines an exchange and a cryptocurrency exchange. On it you will find all the deposit methods you will need. The platform supports bank cards, transfers (including express transfers) and BLIK payments.

Litecoin exchange - The easiest way to buy LTC

Litecoin exchange on Bitclude is the best way to buy the cryptocurrency hailed as digital silver. The aforementioned instant registration and verification process takes no more than 3 minutes, and once funds are deposited into the platform, exchanges take less time than decisions to make.

The swapper present on our platform only requires you to enter the amount for which you want to buy LTC.

Why do I need to verify myself before exchanging money for cryptocurrencies?

Before you buy cryptocurrencies, you are obliged by Polish law to verify your identity. We have made this process as simple as possible so that you can complete it in less than a minute. You can verify your identity with your passport or identity card.

The verification obligation stems from the Anti-Money Laundering and Countering the Financing of Terrorism Act of 1 March 2018, making it a requirement for every platform you come into contact with to complete this process.

You can buy LTC on a cryptocurrency exchange

An equally convenient, although slightly more advanced way to buy LTC is through a cryptocurrency exchange. On the exchange, you set the price and quantity of the cryptocurrency yourself and get access to automation tools such as Take Profit and Stop Loss, which significantly increase the mental comfort of any trader.

The Bitclude exchange has a super-intuitive and clear interface, thanks to which you can easily carry out buying and selling operations.

Buying Litecoin on an exchange versus at a cryptocurrency exchange - the differences

What are the differences between an exchange and a cryptocurrency exchange? What to choose for cryptocurrency trading?

The cryptocurrency exchange leaves the user with a lot of freedom, both when buying and selling. The exchange also provides valuable information, such as market depth and a book of buy and sell requests, to help you make the best investment decision.

Cryptocurrency exchanges are simple and instant, but they also have marginally higher commissions than exchanges. Cantors don't require you to have a basic understanding of exchanges - all you need is the investment strategy you want to follow.

Transactions in exchange offices are instantaneous, but the rate at which the exchange takes place is set by the exchange office operator. On an exchange, on the other hand, you determine how much you want to sell or buy cryptocurrency for - which does not mean that someone will agree to your conditions. The offer you make, if it is not adjusted to market realities, may take a very long time to be realised. All because transactions on the exchange take place with the participation of other participants.

If you want to complete an instant transaction, a cryptocurrency exchange is straightforwardly made for you, but if you want to benefit from the exchange's full potential, get to know the tools and information it provides first.

Is there any other way to buy Litecoin (LTC)?

The alternative to cryptocurrency exchanges and bureaux de change, are unproven transactions with private individuals, where you are not protected in any way, nor will you get a lower price. Buying on a secure platform is always the best choice.

Litecoin storage wallet

Cryptocurrency wallets and the issue of safe keeping of funds, is one of the most important issues in the cryptocurrency world. According to the guiding principle - everyone is his own bank. This principle brings freedom, but also responsibility. Each holder of cryptocurrencies is independently responsible for the security of their funds, unlike bank transfers - transactions in cryptocurrencies cannot be undone.

On a cryptocurrency wallet, one looks in vain for funds, more than a storehouse for money, they can be seen as intermediaries.

The wallet stands between the user and the network where the cryptocurrencies reside. It contains only 3 types of data - private key, public key and address.

The latter works in a similar way to a regular bank transfer - it is the address to which funds can be sent. More interesting and without a direct equivalent are keys.

The private and public key is direct evidence that the user owns the funds. With the private key, the user can execute transactions, and therefore must keep this key secret - if it leaks, loss of funds is inevitable. So how do you confirm ownership of funds publicly? By means of... The public key!

The public key is the private key that has passed through the Scrypt mixing algorithm. It is an alphanumeric hash that confirms ownership of the funds.

Can I obtain a private key if I have a public key?

The Scrypt algorithm, despite being less secure than the SHA-256 present in Bitcoin and many other cryptocurrencies, has still not been cracked and the situation does not look set to change in the coming decades.

Hot and cold Litecoin wallets

Cold and hot are the most common categories of cryptocurrency wallets. Apart from these two, more advanced crypto-users also distinguish between full and light wallets. How do these categories differ?

The category of cold wallets, includes hardware wallets and such exotica as a wallet on a piece of paper. Cold wallets are characterised by remaining offline. Their connection to the network is completely dependent on the user and usually requires a physical connection to a device such as a computer, laptop or phone. Currently, the most popular manufacturers of cold wallets are Ledger and Trezor.

Hot wallets are always online. They come in various forms - mobile apps, desktop apps, wallets in browsers or cryptocurrency exchanges and bureaux. One thing all these wallets have in common is that they are constantly connected to the network. The constant online state minimally reduces the security of funds, as wallets that are online can be attacked. The most popular hot Litecoin wallets are Jaxx, Exodus and Liteadress.org.

Lightweight and full cryptocurrency wallets

Lightweight and full wallets are less common categories. They are usually used by people who are more advanced within cryptocurrencies. They are distinguished by the fact of local synchronisation with the blocks in the blockchain of a given cryptocurrency.

Lightweight wallets do not synchronise blocks, but connect to a server that does this for them. As a result, this type of wallet is - as the name suggests - lightweight, does not take up much disk space and does not require constant synchronisation with new blocks.

Full wallets synchronise the entire blockchain in storage space. Depending on the cryptocurrency, the space needed to store all the blocks can be as much as 400 GB. The Litecoin blockchain only weighs 60 GB, but this still represents a large amount of storage space. This type of wallet is most commonly used by cryptocurrency developers and miners. An example of a full wallet is Litecoin Core.

What else to look out for when buying Litecoin?

Before you buy LTC, Bitcoins or any other cryptocurrency, track the exchange rate of the pair in which you intend to invest - USD, EUR or PLN. Before buying, plan your investment strategy carefully, determine how much you want to earn on your investment.

Buy or sell Litecoin on Bitclude

Bitclude is a lightning fast platform, from the start of registration, to account verification takes an average of 3 minutes, after which users have full access to the full capabilities of the fastest cryptocurrency platform in Europe.

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