Litecoin (LTC) is a decentralised cryptocurrency created in October 2011. The coin was introduced by the ex-member of Google Charie Lee. The main idea behind LTC was eliminating the flaws Bitcoin had at the moment, main of them being low processing speed. So, even though LTC is generally inspired by Bitcoin’s technical terms, Litecoin’s speed is better than its “older brother”. Charlie Lee wanted to create a cryptocurrency that would be more light and efficient than BTC, processing more transactions and being easier to mine and use. This was the idea that led to the creation of Litecoin silver to the Bitcoin gold. The newborn cryptocurrency received a ticker LTC and a Ł symbol.
LTC is a peer-to-peer open-source cryptocurrency. As for the use, Litecoin can be divided into 100,000,000 smaller units, defined by eight decimals. Litecoin is being kept in specialised wallets – a Litecoin wallet address is a set of numbers and lowercase letters starting with “ltc”. The price of Litecoin is corrected in a traditional cryptocurrency manner – by the coin’s supply and demand.
Right now there are many options for spending Litecoin online. Users can buy a variety of goods – clothes, domestic items, tickets etcetera with the use of this crypto. The general use of Litecoin may be a little more limited than BTC so far, but we are definitely not deprived from opportunities.
How to buy Litecoin?
Litecoin can be purchased and exchanged with major cryptocurrency exchanges as well as right here, in Guarda wallets. The exchanges are performed both with other cryptocurrencies and fiat money.
SegWit (Segregated Witness) technology used as a solution for scalability was first implemented in Litecoin and only then was started to be picked up by other cryptocurrencies.
It is also important to mention that the speed of transactions is notably higher, making transactions easier. Block confirmations can take two minutes on Litecoin network.
Guarda Wallet is a multicurrency non-custodial light wallet. We support the most popular coins and tokens, and Litecoin is one of them! It is easy to use, you don’t even need to create an account and you can feel secure about your coin – we don’t store any of the user’s personal data.
Guarda was designed as an interface where clients can manage, store, transfer and receive coins and tokens.