Introduction to Litecoin Trading:
Litecoin is an alternative cryptocurrency based on the model of Bitcoin. Litecoins are released Vis an open source client on GitHub on October 7, 2011, and went li Charlie Lee is the creator of Litecoin’s, he is an MIT graduate and former Google engineer. Litecoin is based on an open source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoins are aspects like faster block generation rate and use of script as a proof of work scheme.
Litecoins are designed to produce more coins (Four times that of Bitcoins) and at a faster rate (1/4th of the time of Bitcoin). Litecoin is second to Bitcoins in value, but Litecoins are easily obtainable and transactional.
Litecoins were launched with the aim of being the “silver” to Bitcoins “gold”. Litecoins have gained good popularity since they made a step into the market. Litecoin reaches $ 1 billion market capitalization in November 2013, and by November 2017 its market capitalization was US$4,600,081,733($85.18 per coin).
Litecoin is a peer-to-peer cryptocurrency and open source software released under the MIT/X11 license. Creation and transfer of coins are based on open source cryptographic protocol and is not managed by any central authority.
Litecoins are inspired Bitcoin but have some minor technical differences compared to Bitcoin and other major cryptocurrencies.
- Litecoin network aims to process a block every 2.5 minutes, and Bitcoin’s process a block for every 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
- Litecoin uses a script in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
- The scrypt algorithm used in Litecoin, FPGA and ASIC devices made for mining Litecoin is more complicated to create and more expensive to produce than they are for Bitcoin.
Litecoin Trading – Where to Buy Litecoin?
There are many websites and application where you can buy and sell Litecoin, But make sure the exchange you are using is trusted and secure. Below are some exchanges that are trusted in the cryptocurrency.
- Litecoin Trading – Coinbase(USD/Euro/GBP): With Coinbase you can send Litecoins to Ecurrency holders or anyone else in the world. E-currency holder referred you, when you sign up and buy or sell $ 100 of Litecoin or more, you will both earn $ 10 of Litecoin.
- Litecoin Trading – Bittrex(USD & Many Altcoins): Bittrex provides a world-class experience to buy and sell cutting-edge cryptocurrencies and digital tokens. Based and fully regulated in the USA, Bittrex is the go-to spot for traders who demand to light fast trade execution, stable wallets, and industry-best security practices.
- Litecoin Trading – OKCoin(Euro/Yen/USD): OKCoin international is one of the most popular digital assent trading platforms in the world. It mainly provides spot trading services between the US dollar, Euro, and Japanese Yen as fiat currencies, and Bitcoin, Litecoin, Ethereum and other digital assets to customers around the globe. OKCoin International is operated by OKB Technology Company Limited.
- Litecoin Trading – OKex(CNY): OKEx is one most popular digital asset platforms around the world. The core team of OKEx consists of people from world recognized such as Alibaba, Tencent, and Huawei. OKEx has adopted advanced technologies such as GSLB, distributed server clusters, distributed storage, and a high-speed memory-based trading engine all backed up in multiple machines, cold storage location, and hot wallets with offline private keys.
- Litecoin Trading – Btcmarkets.net(AUD): BTC Markets is a blockchain technology company based in Melbourne, Australia. BTC offers a secure and reliable trading platform for professional investors, businesses, and anyone interested in buying or selling electronic currencies across Australia. BTC markets use a cold wallet and hot wallet system to secure and manage our client’s cryptocurrency reserves.
Litecoin Trading – Where can we Store Litecoin?
Litecoin is stored in a digital wallet. When storing Litecoin, you want to make sure you trust the place you store them. Therefore, it is best to store them yourself through the electrum wallet. It is highly suggested to not store your Litecoin in an exchange because you don’t control the private keys.
Some best place to store Litecoin:
Litecoin Trading – Electronic Wallets:
- Electrum Lightweight Wallet:
Electrum-LTC is a simple, but powerful Litecoin wallet. A twelve-word security passphrase leaves intruder stranded and your peace of mind Intact. Keep it on paper, or in your head and never worry about losing your Litecoins to theft or hardware failure. No waiting, no lengthy blockchain downloads and no syncing to the network.
- Official Core Wallet:
Litecoin official wallet encryption allows you to secure your wallet so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.
This wallet provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
- LiteVault Secure Web Wallet:
Litevault is an online wallet service which used in-browser cryptography to reduce the risk of the coin operator running with funds. This same system is used by Blockchain.info- a well now online Bitcoin wallet.
Litecoin Trading – Mobile Wallet for Litecoins:
And for mobile devices, Loafwallet is a wallet, is by Litecoin foundation Dev. LoafWallet is the best standalone Litecoin Wallet built for iOS and Andriod mobile users. It is available to download for free from the Apple App Store and Play Store.
Litecoin Trading – Hardware Wallets:
Hardware wallets are another best option. These are said to be the most secure way to store cryptocurrencies. Some best Litecoin flexible hardware wallets:
- Ledger: Ledger is a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications. Ledger has a team of 80 professionals developing a variety of products and services to safeguard cryptocurrency assets for individuals and companies. Ledger products and solutions support directly 13 cryptocurrencies, and dozens more via third-party applications.
- Trezor: The most trusted and secure way to store your electronic currency. Isolate your private keys into the safety of Trezor and enjoy wallet without risk. This hardware wallet provides the best protection at no cost to your convenience.
- KeepKey: Keepkey is another best hardware wallet, that works with the wallet software on your computer by taking over the management of private key generation, Private key storage, and transaction signing, Keepkey supports bitcoin, Ethereum, litecoin, dogecoin, dash, namecoin and many more. It is Virus and malware proof. Works on PC, Mac, Linux, and Andriod.
Where can you use Litecoin?
Litecoin is that top ten of all cryptocurrencies, the website is rapidly adopting Litecoin as a method of payments as well.
Litecoin Trading – Shops accepting Litecoin:
- Cryptopet.com: Online pet shop.
- Bitcoin Shop: A shop that serves goods of all category Baby gifts, electronic devices etc.
- BTCTrip: You can book a hotel and a flight anywhere in the world with btctrip.com, pay a visit via Litecoin, Bitcoin or dogecoin.
- Bitify.com: It is a kind of message board where you can buy or sell new or used items.
- Bitroadmarket.com: An online store, where you can get household appliances, electronics, sports goods, clothing’s, etc.
- Allthingsluxury: Online jewelry store, You can purchase gold, silver, platinum and other precious metals at market prices.
- Planet Woman: A unique online for women like clothing, accessories to cosmetics and home design stuff.
- Uber: A famous transport company in the world, started accepting litecoins.
Litecoin Trading – Top 5 Business that accept Litecoins:
- Ellenet: Ellenet an Australian based IT service provider that accept both bitcoin and litecoins.
- Sean’s Post: Sean’s post a homeless outreach center, makes this list of its commitments to allow digital currencies like litecoin to help the local community.
- eGifter: The best gift giving sites that have teamed with payment processor Gocoin to welcome bitcoin and litecoin transactions.
- KnCMiner: KnCMiner is a company that sells mining hardware and equipment, allows coin enthusiasts an opportunity to earn litecoins and bitcoins.
- Benz and Beamer: A Benz and Beamer auto dealership which was bought completely in litecoins.
Litecoin Trading – Litecoins forums:
The Litecoin community is extremely kind and robust. There are many forums and places where you can discuss Litecoin with others who are interested in the currency.
- Litecoin Markets Subreddit.
- Official Forum.