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The world of cryptocurrencies is large and complex to navigate through even if you have some experience in the field. There are well over 1000 forms of online cryptocurrency in existence as of today, and their number of projected to rise even more in the next year. But still, there are some big names that everyone has heard of. They are the market leaders and Litecoin (LTC) is one of them.
What’s LTC and why is it important?
If Bitcoin is the “gold standard” for cryptocurrencies, then Litecoin is often described as the silver. It was created as an alternative to BTC – a lighter, faster means of transactions that is generated much quicker than the giant complex blockchains of Bitcoin. It relies on scrypt as a proof-of-work algorithm, which at least in theory makes it safer and faster than its forefather. For quite a long time LTC was the second largest cryptocurrency by market cap, and even though new alternatives such as Ethereum and Ripple have topped it, it still remains one of the most popular and largest entities on the market as of today.
A few notes of warning
Trading Litecoin used to be considered quite risky at first when the currency was created, and even though the market is much more developed now, there are still things that you need to know before investing your money. Litecoin is much more volatile than Bitcoin due to its nature and the infrastructure that it is built on. Even though experienced BTC traders should not have problems with navigating through the world of trading LTC, if you are a newcomer to the world of cryptocurrency trading, we suggest that you do extensive research and make sure that your initial investments are made only after you are sure you understand the basic principles of Litecoin and small enough so that should you lose your money, it would not be a disaster. Naturally, all transactions should go through a trusted broker/exchange, so that you avoid unpleasant surprises. Finding the most reliable broker for you should be one of your top priorities before you start investing.
One of the biggest advantages to trading through a trusted broker of Litecoin is that you will be able to trade fast or slow, or buy and sell instantly, depending on your style, preferences and goals. The thing is that due to the very nature of LTC, trading it can be much more profitable faster than with any other cryptocurrency in existence at the present moment.
Original developer: Charlie Lee
Top Wallets: Ledger Nano S (hardware wallet), Trezor (hardware wallet), Exedus (desktop), Jaxx, LoafWallet
Release date: 7 October 2011
Cash or BTC?
One of the biggest issues people meet when they start trading Litecoins is how to actually acquire them. Even today, when the LTC infrastructure is much better developed than it used to in the first years of its existence, buying litecoins for cash remains somewhat problematic. So the best way to do it is to actually trade BTCs for LTCs. It is safer and fairly quicker too.
Trading through an authorised broker
Trading Litecoins is much like trading any other form of cryptocurrency out there. It is best done through an authorised, regulated broker that offers access to transactions with other currencies on the market as well. In the fast moving world of online cryptocurrency trading, it is very important that your broker offers 24/7 client support as well, and of course a broad spectrum of account options for you to choose from. The exchange you are using needs to have liquidity too, so that you can easily access your wallet and make transactions or cash out. Finding the right broker for trading LTC is not always as easy as it seems, but now thanks to us you can count on the fact that you have all the information you seek with one tap on your phone or a click of the mouse. Our independent reviews and assessments will definitely help you find the broker and exchange platforms that will enable you to maximise your profits from Litecoin trading.