How to Buy Litecoin (LTC) Quickly
What Is Litecoin Currency?
When Charlie Lee, an MIT graduate, came across Bitcoin in 2011, he recognized it as a financial disruptor. More than just Bitcoin, Lee was fascinated by the concept of cryptocurrency in general, and he predicted that what the Internet did for information, cryptocurrency would do for currency.
To get a better understanding of the technology behind cryptocurrency, Lee started mining Bitcoin and, once he got the hang of it, he created an alternative currency called Litecoin (LTC). It has become so successful that the queries “What is Litecoin Currency” and “How to buy Litecoin” are among the most popular searches on the Internet.
Litecoin is a decentralized online currency (cryptocurrency). That means it can be used to transfer funds directly between individuals or businesses without the need for a third party (bank or payment processing service). Litecoins can be used to buy online services like web site development, or to buy merchandise like watches, automobile parts, fashion accessories, or pretty much anything else.
The advantage of using Litecoin is that merchants can have a safe and easy way to accept money, without fees or chargebacks. What’s even better, all of the transactions are automatically recorded on a public ledger (a blockchain) so, if a payment has been made, it can be immediately verified.
With Litecoin, one can send money instantly to anybody, anywhere in the world, and the transaction fees are a lot lower than those for traditional bank transfers, and even for other digital payment processors.
Like its predecessor Bitcoin, Litecoin is generated by digital “mining.” The basic idea behind Litecoin was to overcome some of the failings of Bitcoin. One of the biggest differences for end users is that Litecoin takes just 2.5 minutes to generate a block, in contrast to Bitcoin’s 10 minutes. That means Litecoin can confirm transactions much faster than Bitcoin. The implications of faster transactions are:
Given these advantages, it’s not surprising that LTC is getting very popular, which brings up the question of what Litecoin’s supply limit is.
What Is the Litecoin Supply Limit Compared to Bitcoin?
The supply of cryptocurrencies is a big talking point. And that’s because different cryptocurrencies have different supply limits. For example, there can only be 21.0 million Bitcoins in the entire Bitcoin community. Whatever happens or does not happen with Bitcoin, once that upper limit is reached, there are no more Bitcoins to be mined.
Litecoin has a much bigger supply limit. In fact, its supply limit is exactly four times that of Bitcoin’s limit. The Litecoin maximum supply of 84.0 million is a great advantage, as it makes mining less competitive, and thus helps keep the transaction fees low. Thanks to the limited supply, people are trying to figure out how to buy LTC before the Litecoin circulation limit is reached.
How to Buy Litecoin Currency?
The process of buying Litecoins is very similar to that for other cryptocurrencies. It involves three basic steps.
