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Litecoin or LTC is one of the prominent types of cryptocurrency founded by a former Google engineer named Charlie Lee in 2011. It was founded two years after the origin of bitcoin and is currently the ninth-largest cryptocurrency in the world. It is popularly referred to as the “lite version of the Bitcoin.”
Litecoin may sound similar to bitcoin but has an important difference in the cryptographic algorithm. It is based on scrypt while bitcoin works on the SHA-256 algorithm. The supply of bitcoins is limited to 21 million coins, while Litecoin is 84 million coins. Litecoin processes a block every 2.5 minutes, whereas a bitcoin block is processed after 10 minutes only.
Where to Use it?
It can be used as a method to pay anywhere in the world without any intermediary to process the transactions. These are created by a high-tech cryptocurrency mining that processes the list of its transactions. It comes with a limited supply, with its maximum not crossing more than 84 million in circulation.
How to Buy Litecoins?
Many people interested in investing in future currencies may look to buy Litecoins. It is a peer-to-peer and decentralized form of payment with a great scope of use in the future. Thus, whether you’re looking to purchase it as an investment or want to explore the promising world of Litecoins, you can buy them in the following ways:
Direct purchase
One of the straightforward ways to buy a Litecoin is to purchase it from a person who has it. This ensures that you can buy your first cryptocurrency without worrying about any issues or questions. Make sure to watch videos and tutorials about using exchanges and getting the right deal. It’s a great idea to keep your eyes open for the right videos. Expert content creators often use a random shape generator to create custom graphics that make it easier for you to learn these concepts.
Crypto ATMs
The crypto ATMs are the cryptocurrency vendors that can offer Litecoins to you. There are multiple crypto ATMs across the globe. The Instagram story ideas on cryptocurrency reveal that crypto ATMs may lead you in complicated situations like finding a seller. Further, the commissions are way higher than any other means to buy Litecoins.
Exchanges
Exchanges are one of the safest and widely trusted channels to buy Litecoins. The online exchanges make the whole purchase process easy as it is simple to create an account, pay quicker using different methods, and start using Litecoins. The state-of-art technology used by the Litecoin exchanges ensures that user data is safe and secure at all times.
Where to Store Litecoin after Buying?
You may select any of the above methods to buy Litecoins. Now it is about storing them. Storing them in wallets is the safest option. It is a software application that stores and allows users to spend their cryptocurrency at the time of need. You can use any of the mobile or web-based wallets for frequent Litecoin transactions.
Now that you’re clear with all details about Litecoins and the different methods to buy a few, when are you planning to make your first purchase?
You may also like: Is Litecoin still a good investment in 2021?
Image source: Pixabay.com
