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Bitbuy | Buy Litecoin
Is it time to buy litecoin? As both seasoned veterans and newcomers arrive at a cryptocurrency exchange of their choice, they come face-to-face with an abundance of options. Choosing what digital asset to invest in depends on your familiarity, goals, and how much you want to own in your cryptocurrency wallet.
Dubbed by many as the next “crypto show stopper”, the innovative Litecoin network is making waves in the crytopcurrency world. Here’s what you need to know:
Litecoin: A Primer
Litecoin is the "digital silver" to bitcoin's "digital gold", as it promises a alternative mining algorithm and faster mining settlement compared to its more conservative bitcoin counterpart. But it is so much more than that!
More than a decade ago, in the aftermath of bitcoin, the first peer-to-peer decentralized cryptocurrency, rival digital currencies were born.
Litecoin (LTC) was an early digital asset in the industry, functioning as a type of technology that can transfer funds directly between two parties without a third party, such as a payment processing service or credit card company.
Launched at the end of 2011 by former Google engineer Charlie Lee, Litecoin was created by copying the bitcoin codebase. But it was different because litecoin increased the total supply and adjusted the speed of new blocks that were added to the blockchain.
The Litecoin supply is capped at 84 million, approximately four times the number of bitcoins. The number of Litecoins is mined at four times the speed of bitcoin, clocking in at 150 seconds.
The speed and affordability (average transaction fee is $0.03) make it ideal for smaller day-to-day purchases. This makes Litecoin perfect as a tool for micro-payments.
Litecoin also differentiated itself from bitcoin by functioning on a newer cryptographic algorithm called Scrypt. Still, all the mined tokens remained authenticated on the public ledger. The newly created Litecoins are stored on a cryptocurrency exchange or a digital wallet that is accessed between transactions.
Currently, Litecoin enjoys a market capitalization of approximately $13 billion. While it may be a challenge to dethrone bitcoin as the king of cryptocurrency, Litecoin certainly holds its ground as a strong competitor that is consistently pushing the boundaries of innovation.
How to Buy and Sell Litecoin with Bitbuy
Interested in buying or selling Litecoin with Bitbuy? Here is how it works:
Join Bitbuy's easy-to-use trading platform by creating an account. Just share your email address and phone number, and then verify your identity.
Easily fund your account with fiat currency of your choosing, using Interac e-Transfer or a bank wire to add money to your Litecoin wallet.
Bitbuy will confirm the deposit in your account, then you’re ready to trade! Navigate to the “Express Trade” section of your account and select the digital asset you wish to purchase to begin your crypto journey. The dollar value of the quantity of Litecoin (or any other digital currency) that you are purchasing or selling will appear in your “Transaction Summary” prior to completing the process.
Is it too late to join the Litecoin wave? Not at all. Litecoin - whether as a cryptocurrency investment or a tool to make micro-purchases - is just getting started. In tandem with a spiked interest in crypto, the technology is evolving at an astonishing rate. Excitement over tokens, like litecoin, is surging through Wall Street and Bay Street!
Whether you’re a newcomer or expert, securely buy and sell Litecoin and manage your cryptocurrency portfolio hassle-free with Bitbuy.