What is Litecoin
Litecoin, abbreviated LTC, is an alternative cryptocurrency that was created in 2011 by a programmer and former Google employee named Charlie Lee. The cryptocurrency aims to provide the ability for instant payments with almost zero costs that can be made between people or institutions anywhere in the world. Litecoin is perhaps best known for using a similar mathematical code to Bitcoin, but with four times the delivery and four times the processing speed. Due to this fact, Litecoin is often called the “lighter and faster” version of Bitcoin. The distinguishing feature of LTC is that it generates four times faster network blocks than Bitcoin – an average of 2.5 minutes, compared to 10 minutes with Bitcoin. Litecoin’s maximum turnover of 84 million is also four times bigger than Bitcoin.
What can Litecoin be used for?
Cryptocurrency can be used by both individuals and institutions to purchase items and transfer funds between accounts.
Its relative speed and low cost make it ideal for smaller everyday transactions. Litecoin users work directly without the use of intermediaries such as banks, credit card companies or payment processing services.
What is the price of Litecoin?
You can see the current price of Litecoin here as well as all other cryptocurrency prices you are interested in.
As with many of the most popular cryptocurrencies, Litecoin has experienced significant variability in its short history on this planet. This instability has occurred both upwards and downwards.
At its highest point, in December 2017, Litecoin was buying for over $375, its fastest growth to date. In December 2018, the price was only $24, before a new rise in early 2019.
Can Litecoin be converted to Bitcoin?
Yes, you can convert Litecoins to Bitcoins and vice versa – similar to the way you can exchange fiat currencies, such as exchanging dollars for levs or levs for euros. As both are leading and highly liquid cryptocurrencies, there is no problem in exchanging one with the other.
To do this, you must have an account in a trading platform or cryptocurrency exchange or trading application. The amount you will receive when converting depends, of course, on the current prices for each currency.
Can I send Litecoin to my Bitcoin address?
It is important to understand how cryptocurrency conversion works. You cannot send Litecointo an address that operates with Bitcoin, even if that address is in the same virtual wallet – and vice versa. If you do, your money will be lost and recovering it can be a time-consuming task. It is possible, of course, if you have backups of the seeds for the key, allowing you to access your account, but the whole process is extremely long and difficult.
