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Litecoin (LTC), the crypto of global payments in the spotlight

Aron Abraham

By Aron Abraham

Litecoin is one of the oldest cryptocurrencies out there, but it managed to bear with the wild ride of the crypto market and became a top project, gaining a respectable following along the way. But what is Litecoin (LTC), and how does it compare to its competitors? Read on to find out.

Litecoin in a nutshell

Designed to be a scalable and more usable version of Bitcoin, Litecoin does a solid job at what it promises. According to their official website,

“Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world”.

Litecoin’s superpowers

Litecoin is a well-established name in the crypto world, with a proven track record of successfully delivering its claims, namely a highly cost-efficient, borderless decentralised payment system that is secured and run on a blockchain.

What truly sets Litecoin (LTC) apart from competition is that, thanks to its reputation, many globally-recognised consumer brands regard it as a potential partner when it comes to entering the crypto space. A great example of this is the recently-announced Litecoin VISA debit card which makes paying with LTC a lot easier in everyday situations.

Litecoin vs. Bitcoin

As one of the earliest cryptocurrencies, Litecoin uses its version of the Proof of Work consensus algorithm introduced by Bitcoin in 2008. The founders of Litecoin aimed to create a faster, “lite” version of the biggest cryptocurrency, so the protocol was slightly modified while the fundamentals remained similar. Let’s take a look at how efficient Litecoin is compared to Bitcoin:

Sources: LitecoinBitcoin

Are you thinking of buying?

“Research is not for me, it’s boring” - if this is you, the next 15 seconds of reading may change your mind. To significantly boost the chances of you making decisions that are right for you, we highly recommend you follow the steps below which are, needless to say, not the same as you might expect when hearing the word “research”:

  1. Visit the coin’s official website (in Litecoin’s case, litecoin.org) and get to know the aim and current state of the project;

  2. Analyse Litecoin’s price development - with the basic charts available in our Bitpanda Web App, or our iOS and Android apps, this will be fun and simple;

  3. Ask yourself what kind of returns would you like to see - do higher, but riskier returns appeal to you? Or are you in for long-term results with potentially lower risk? 

  4. And finally the ultimate question: will this altcoin contribute to your investment goals? 

Where can you buy Litecoin (LTC)?

At Bitpanda, you can buy Litecoin (LTC) with a few clicks on your phone or computer. Our easy-to-use interface makes investing in crypto and other digital assets simple and straight-forward. All you need to do is to register and verify on Bitpanda and you can start right away.

Aron Abraham

Aron Abraham

Content Specialist, #1 Fan of Coffee & Investing