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What is Litecoin (LTC)?

Litecoin (LTC) is a peer-to-peer cryptocurrency recognised in the market as an altcoin — an alternative or challenger coin to popular cryptocurrencies, Bitcoin or Ethereum. Many traders who purchase Litecoin take advantage of its outstanding benefits, from its low fees and instant transactions to its potential for massive growth.

Similar to other altcoins, like Ripple, Litecoin is a decentralised payment network that facilitates transactions between two parties without a central authority, rivalling traditional financial institutions.

The name ‘Litecoin’ was no accident, either. Litecoin was designed to be a ‘lighter’ and more agile cryptocurrency than Bitcoin and other tokens — approving transactions four times faster than the Bitcoin network alone, with low fees. This is a significant advantage for traders who wish to sell and buy Litecoin rather than only storing it in a digital wallet.

When was Litecoin created?

Litecoin was created in 2011, making it only a couple of years older than its biggest competitor, Bitcoin. The Litecoin network and token were developed by Charlie Lee, a former employee of Google. Lee took a great interest in the initial launch of Bitcoin and wanted to release his own enhanced version of the cryptocurrency.

Many traders have since purchased Litecoin in Australia, harnessing the token’s value while contributing to its ever-growing network. Since the launch of Litecoin, Lee has gone on to develop a new cryptocurrency called Fairbix, which will eventually act as the mining algorithm for Litecoin.

Litecoin is also colloquially known as ‘the silver to Bitcoin’s gold’ — referring to the token’s rarity. Unlike other cryptocurrencies on the market, Litecoin’s token supply is fixed, with only 84 million tokens in circulation, leading many experts to believe that the coin will continue to surge in value over time.

Traders who wish to become an investor of Litecoin can do so with BTC Markets — Australia’s fastest and most liquid cryptocurrency trading platform. Aside from buying Litecoin, traders can also purchase and sell other popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). From our flexible features and competitive fees, it’s no wonder more than 325,000 traders use BTC Markets to invest. Sign up to BTC Markets and start trading today!

How do you buy Litecoin in Australia?

Traders can buy Litecoin in Australia using the BTC Markets platform. We provide traders easy access to 27 markets, giving them the flexibility to browse other currencies to diversify their portfolios. Once you’ve created your account and we’ve verified your identity, tap ‘Change Markets’ so you can buy LTC — here, you can also view any fluctuations in Litecoin’s price (AUD) in the last 24 hours.

The next step is to decide how to buy Litecoin in either BTC or AUD, using BPay or the Osko payment platform. At this step, you will need to set up two-factor authentication and API key creation to keep your details and transactions private.

When your payment method is ready to go, you can place your order online. BTC Markets allows traders to purchase cryptocurrency by ‘Volume’ (the amount) or ‘Price’ (the maximum price you are willing to pay). Traders also can choose between purchasing whole or fractions of the Litecoin token.

What do I do after I buy Litecoin?

Knowing where to buy Litecoin is only one side of the coin (literally). Once you’re an official owner of Litecoin, you’ll need to decide how to store your tokens. Digital wallets are the preferred storage solution for investors.

  • Hot wallet — A hot wallet is a digital wallet that runs on a browser or within an app. This allows traders to have all their assets in one place while trading regularly. It’s worth noting that cold wallets are more secure. We recommend reading through our security tips to ensure your private details are kept away from prying eyes.
  • Cold wallet — Alternatively, a cold wallet is an offline storage device, like a USB stick, making them a more secure option for traders. That said, if you lose or misplace your cold wallet, you risk losing your purchased tokens. Many traders opt to store their assets in both hot and cold wallets to combat this.

Frequently asked questions

What is Litecoin used for?

Litecoin can be used to pay for goods and services by some cryptocurrency payment processors. It’s considered reliable as it has avoided major exploits and transaction fees are relatively low. It’s known as the “silver” of the crypto world.

Transaction speeds are fast and offers many wallets for users to store their Litecoin, making it easy for them to access their funds when needed.

How do I sell Litecoin?

You can sell your Litecoin in Australia on BTC Markets. Our easy-to-navigate interface allows traders to conduct crypto exchanges in one place — simply select the red ‘Sell’ button, enter the amount of Litecoin you want to sell, and click the red 'Sell LTC' button to process your order.

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This Week in Crypto: 24th November 2022
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This Week in Crypto: 24th November 2022

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