Launched in 2011, Litecoin has since become one of the premier cryptocurrencies available today. A decentralized digital currency that’s not issued or owned by any central authority, no one controls or owns Litecoin either. Like Bitcoin, litecoin uses blockchain technology that verifies transactions and records transaction data into blocks through mining; powerful hardware must solve complex mathematical equations before adding blocks to the blockchain – and the first miner to confirm one gets awarded with new Litecoins!
While Litecoin traces its roots back to Bitcoin, the developers have always maintained that Litecoin should not be seen as a competitor but more of a “silver version of Bitcoin.” Furthermore, Litecoin’s layer-2 solutions (Segregated Witness and Lightning Network) enable faster processing times than those offered by its competitor cryptocurrency.
Investors have taken to Litecoin due to its predictable finite supply and high liquidity. It can easily be bought on most crypto exchanges against both other coins like Bitcoin as well as national currencies like dollars and euros, and is widely accepted by merchants such as Newegg and SlingTV, making everyday purchases simple with this digital asset.
Trading cryptocurrencies such as litecoin can involve substantial risk to your capital and may not be suitable for all investors. When trading these cryptocurrencies, remember that when opening positions to speculate on its price movements you aren’t actually purchasing the litecoin itself; rather, opening positions involves opening an open position which means only investing funds that you can afford to lose should be undertaken.