Best Exchanges to Buy Litecoin in 2022
You must have had the thoughts of buying Litecoin, and you been wondering the best exchange platforms to use, in this guide we have carefully curated the top exchanges for purchasing the coin.
Litecoin (LTC) is the digital silver to Bitcoin’s gold. Bitcoin (BTC) may’ve gotten there first but LTC was right behind it with a number of improvements. Litecoin adoption has lagged behind BTC significantly, however, it does offer a faster transaction rate and cheaper fees (hence, “lite”). Plus, it remains a popular choice for cryptocurrency enthusiasts.
For those who are looking to buy Litecoin and are unsure where to start, don’t worry. We’ll show you how to buy Litecoin, and where to buy Litecoin.
Pros & Cons of Litecoin
Pros
1. 2.5 Average Minute Block time
2. High scaling potential
3. Second to market, making adoption and proliferation fairly widespread in the crypto community
Cons
1. Litecoin founder Charlie Lee sold all of his holdings in 2017
2. Lack of unique value offering in crypto marketplace
3. Lags behind newer cryptocurrency in terms of technology
Litecoin Was Created for Speed
Upon its establishment in 2011, Litecoin quickly became the second most popular cryptocurrency to make its way onto the markets. Litecoin is similar to the bitcoin network, sharing much of the original codebase. Its intentions where simple: provide a faster experience with less friction when compared to what is offered by the bitcoin network. Like many other peer to peer digital currencies, Litecoin claims to be the best for payments, offering fast transaction times and low fees.
History of Litecoin: Humble Origins, Big Plans
Litecoin is the brainchild of ex-Google employee, Charlie Lee. The Litecoin Foundation, a non-profit company based out of Singapore was started to oversee the long-term development of this cryptocurrency. However, it wasn’t until 2013 that Litecoin began receiving massive amounts of market attention. This occurred after a software release that fixed many of the issues not addressed in the initial version of the coin.
In total, Litecoin became worth more than a billion dollars just two years after its initial launch — not too shabby. The coin would then follow Bitcoin through the market swings, including a massive rise during the crypto bubble in December 2017.
Litecoin, like Bitcoin, adopts the process of mining to release new coins into circulation. In 2019, the amount of LTC being issued by the network per block decreased by half, from 25 to 12.5. As a result, the number of miners participating in the mining of Litecoin decreased significantly, indicating a loss in popularity, and incentive to participate in the network.
Where to Buy Litecoin
To understand how to buy LTC, you need to understand cryptocurrency exchanges. These are platforms where you can trade one crypto type for another, or non-digital assets like fiat currency (traditional money like the USD, CAD, EUR, GPB etc.) You’ll need your debit card or credit card handy to purchase your first LTC. You can buy Litecoin at many crypto exchanges, including:
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