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.