How to trade Litecoin (LTC)
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Litecoin (LTC) is a popular cryptocurrency widely used in almost all the crypto exchanges because it is not hard to trade and pretty simple to store. So, let’s look deeply at this coin and find out why you should invest in it.
Origins
Litecoin is considered to be one of the veteran cryptocurrencies that originates from Bitcoin which Charlie Lee, a developer with MIT experience, has forked to create a lighter version of Bitcoin.
Nowadays, Litecoin is not only an independent cryptocurrency but also one of the most progressive projects in the niche with the Lightning Network and SegWit implemented. Unlike Bitcoin, block generation on the Litecoin blockchain takes 2.5 mins. It is four times faster than Bitcoin’s. A total of 84 million LTC can be minted on top of Litecoin, which is four times more than Bitcoin’s. The next halving event will happen around 2023 once a new portion of 840,000 blocks is mined. As for Bitcoin, the highly-anticipated halving will take place this year. In short, Litecoin removes some Bitcoin’s drawbacks.
Litecoin overview of highs and lows over the years
When Litecoin was introduced, its value was about $0.10. In November 2013, the price soared to $48 and remained stable until mid-2014. The reason for this was the rising popularity of Bitcoin. In 2017 when all cryptocurrencies began to grow rapidly in price and popularity, the value of Litecoin reached the maximum of $360. Since that time, the market has been watching a constant drop.
Pros and cons of trading Litecoin (LTC)
Pros
-Charlie Lee sold all his Litecoins to eliminate any conflict of interest.
-LTC is a simple asset to store in bulk
-LTC is a mature coin that will hardly disappear from the market
Cons
-Volatility can be a major drawback of investing in Litecoin, if there is no guarantee of future fluctuations.
Litecoin (LTC) exchanges
Binance
Binance is a famous exchange with more than 430 pairs traded on top of it. It also has an app where you can do all the same as on the site.
Coinbase
The most popular exchange for traders with two main ventures: a professional trading platform and a user-facing retail broker. It also has a mobile app.
Due to the fact that Litecoin is still very famous, it is not a surprise that you can trade it not only on an exchange but from your smartphone as well.
Conclusion
To sum up, Litecoin is a good choice to invest in an asset. The major disadvantage is volatility like with other cryptocurrencies. But nothing ventured, nothing gained. Just give Litecoin a try!
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