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Litecoin is attractive to crypto investors who view Charlie Lee’s creation as a long-term prospect that is linked to Bitcoin’s success. It is praised for its near-instant transaction speed, small fees, and scalability. Little wonder it has been in the list of top-10 cryptos by market capitalisation for so long.
Mr. Lee launched his Litecoin project in July 2011 and it began trading as a crypto just less than two years later. Initially its creator was a software engineer for tech titan Google, and in his spare time he would play with Bitcoin’s open-source code in an effort to improve on the original crypto.
Litecoin is very similar to its elder sibling’s infrastructure. However, being lighter in computational power (which is where the name comes from) and with considerably quicker transaction speeds, it is an appealing alternative to Bitcoin.
As @SatoshiLite – Mr Lee’s Twitter handle, which is a nod to Satoshi Nakamoto, the mysterious Bitcoin founder, or founders – wrote: “Bitcoin is a great store of value,” he wrote. “I’m fine spending ~$1 fee per transaction, but I can’t stand waiting 40+ minutes for a confirmation!”
The Litecoin founder moved jobs to become the director of engineering at Coinbase, an online platform for buying, selling, and storing digital currency. And from there he boosted the visibility of Bitcoin and generated acceptance from the likes of Tesla, Wikipedia, Virgin Galactic, and many other influential global organisations.
It was a clever move by Mr. Lee, who was well aware that, as a derivative of the first crypto, Litecoin’s market value would be related to Bitcoin’s success. If Bitcoin is “gold 2.0” then Litecoin can be classed as “digital silver”.
In 2013, shortly after it was introduced on the crypto markets, Litecoin hit a market capitalisation of $1 billion, and it reached that high once again in 2017. That was the same year Mr. Lee established the Litecoin Foundation. With a specialist development team protocol changes and additional functions and scalability became possible without the need for potentially hard forking the underlying blockchain, which can be disruptive.
Litecoin is one of a number of top cryptos available to trade and/or buy outright on global trading and investment platform eToro. Their motto is “Cryptos Needn’t Be Cryptic” and the team has produced a useful short education video to help investors seeking more information about Litecoin.
Pros and cons of trading on eToro
•Straightforward, user-friendly, trustworthy and experienced platform
•Instant execution of trades, thereby locking in a price
•Ability to use CopyTrader and other innovative tools
•Huge cryptocurrency community that shares knowledge and helps each other
•Only 10 cryptocurrencies offered by the platform, currently
•Users are unable to withdraw the cryptocurrencies directly
•Users’ cryptocurrencies are held by eToro
Trading Litecoin is straightforward on eToro
Step 1: Go to www.etoro.com and press ‘Join Now’ to register
Step 2: Once you have signed up, search for ‘Litecoin’
Step 3: Click on ‘Litecoin’ and press ‘Trade’
Step 4: Choose either the amount or units to trade (by toggling the icon in the right-hand side) and press ‘Deposit Now’ to open a trade
Want to learn more about trading Litecoin and other cryptos? Visit www.eToro.com now, and join the online global community.
Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk.