If you are familiar with the virtual currency bitcoin, then you won’t have problems with litecoin. According to their website, this is a virtual currency that allows instant, almost free payment costs to anyone in the world. Both bitcoin and litecoin work on the nearly same principle. The litecoin has never intended to replace the bitcoin but to follow it and provide people another cryptocurrency which they will be able to trade. That’s why we assembled a beginner’s guide, to help all people who are struggling to understand cryptocurrencies.
What is Litecoin
As their website explained, litecoin is a peer – to – peer cryptocurrency and an open source software. Litecoin is one of the largest cryptocurrencies on the market, and it is similar to bitcoin because they use the same blockchain technology in order to process transactions. But, there is one significant difference, when processing transactions, litecoin needs 2.5 minutes, and bitcoin needs 10 minutes. This digital currency is faster, and that’s one of the reasons why investors often request litecoin. On the other hand, there are 84 million units of litecoin, while bitcoin only has 21 million. It is up to you and your personal preferences which one you’ll, considering the both of them are excellent.
Where to buy
There are a lot of websites and applications on the web, which you can use to purchase litecoin. If you are making any transactions, then make sure that all exchanged are secure. You probably have heard of Coinbase, and this is one of the most trusted sources on the internet, and it covers the U.S, most countries in Europe, Singapore, and the UK. But, you can also try Kraken, Cryptsy, 247Exchange, and Buttrex. You should read the reviews for each of them and decide which the best solution for you. The only thing we can say is that they are trustworthy and reliable.
Where can you store Litecoins
Litecoins and other digital currencies are stored in digital wallets. So, when saving litecoin, you need to make sure to choose the secure place and where you will store them. You should avoid storing your litecoins in an exchange because you don’t control the private keys. If the exchange ever goes offline, your money will be lost, and you won’t be able to retrieve it. There are some popular wallets you can explore, such as Electrum Lightweight Wallet, Official Core Wallet, LiveVault Secure Web Wallet and many others which can provide you excellent service.
Where can you spend litecoin
Litecoin is currently the sixth largest cryptocurrency on the market, and many websites are adopting litecoin as a method of payment. If you want litecoins and you want to spend them, then you should research the web and find sites that accept this digital currency. Keep in mind to search for web pages that will provide you a variety of products; you check out EGifter, Cheap Air, Bitfly, All Things Luxury, AFK Apparel and many more.