It is a peer-to-peer cryptocurrency founded 10 years ago in October 2011 by Charlie Lee, a former Google employee. Litecoin (LTC) was called the “Lite version of Bitcoin” by the founder when it was first introduced to the market. You can store instructions on how to use an LTH right in a digital wallet, certification of ownership, method of asset exchange, and the value and amount of assets transferred.
LTC allows instant payment to anyone in the world at negligible cost – the transaction fee is $ 0.05. It is an open source global payment network with no middleman to process the transaction. One of the hallmarks of LTC is the rapid confirmation of transactions and improved storage efficiency against major mathematical currencies. Other features include liquidity, equity, and faster technology.
Over time, the cryptocurrency is adopted around the world and investors are looking for better options to invest in these private cryptocurrencies. All cryptocurrencies use blockchain technology-based platforms that help maintain open records or locks between seller and buyer. LTC has a finite and predictable supply that would be capped at 84 million mined coins, making it a rare asset that derives part of its value from scarcity. Due to the limited supply, LTC is also traded as silver rather than Bitcoin gold to attract investors.
Investors can buy Litecoin through a cryptocurrency exchange, where LTC is traded regularly, even on weekends. The cryptocurrency thus purchased must be stored in a secure place called digital wallets. These wallets can be stored on Android, iPhones, laptops and desktops using software. Generally, four types of wallets, namely paper wallet, mobile wallet, hardware wallet, and desktop wallet, can be used to store digital currency where access would be via a private key generated at effect.
