Released on October 7th, 2011, and went live on October 13th, 2011, Litecoin (LTC) aims to provide a faster, more secure, and lower-cost payment with the unique qualities of blockchain technology. As a decentralized peer-to-peer cryptocurrency and a globally source-opening payment network, Litecoin can complete an instant payment and microtransaction to anyone around the world.
Why Choose Litecoin?
As the best-known cryptocurrency, Bitcoin protocol is the foundation on which other cryptocurrencies are created and it enjoys a leading network design in blockchain technology. But more and more investors start to choose Litecoin as it shows a great potential to attract traders to the market.
1) Block Speed
The speed of transaction confirmation counts a lot in the speed of currency adoption. The block time of Bitcoin takes even 10 minutes. Priority to this, the Litecoin network takes just 2.5 minutes with an extremely low transaction fee, which helps to confirm a transaction faster than Bitcoin.
Sending a transaction of LTC will cost about $0.02, while Bitcoin costs around $0.35.The current costs count very little, but at the rush hour, Bitcoin transaction costs seem to rise sharply, which might be an obvious advantage for small transactions. On the contrary, Litecoin can pay for every transaction with a much lower fee which might be increased very soon.
Where to Buy and Store Litecoin?
As a widely used cryptocurrency, Litecoin is popular among both large and small exchanges. It is particularly popular in exchanges like OKEx, Huobi, Bittrex, and Coinbase as well as Kraken.
Because of its wide adoption, Litecoin can be stored in many ways. For a large amount of storage, a hardware wallet like a Ledger Nano S would be the best choice. For regular trades, a better option might be some official desktop wallet. Many exchanges support Litcoin buys&sells, thus their users can also store Litecoins on the exchanges for trading purposes.
LTC never caught up with Bitcoin, but its technological superiority did pose a potential threat. It is just a cryptocurrency that has proved its low-cost decentralized peer-to-peer payment method with a faster blocking time. In theory, it might be "better" than Bitcoin, which has been influenced by the network for its rapid registration of a larger and more active user-base.
Not having a household name as Bitcoin, Litecoin processes a smaller scope of audience. The majority of people entering the cryptocurrency world will choose to buy Bitcoin first, Litecoin and Ethereum would be the second choices.