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Litecoin is a peer-to-peer internet currency that lets instant, almost zero-cost payments to anyone in the world. Litecoin is an open source global payment net that remains completely decentralized with no central authority. Arithmetic secures the network and allows people to control their finances. Litecoin has faster transaction confirmation times and higher storage efficiency than leading arithmetic currencies. With significant industry support, trading volume, and liquidity, it is a proven complementary trading medium to Bitcoin.
Litecoin has moved gone from its mining ecosystem dominated through individual miners to a corporate setup, where large mining pools run by tech firms account for a large majority of Litecoin mining.
It has a very small market size compared to most popular currencies. However, it is one of the most traded cryptocurrencies, ranking within the top 30 coins out of 18,000+ tracked by CoinMarketCap.
This shows that it is still a popular cryptocurrency, but it has lost the interest of investors holding Bitcoin and some newer coins.
Where to buy Litecoin
Most cryptocurrencies can be bought on cryptocurrency exchanges. Various exchanges may conduct transactions within the United States; Many are outside the US. It is important to note that exchanges within the US are monitored and regulated by the Securities and Conversation Commission to ensure that the best interests of investors and traders are respected. With that in mind, if you live in the US, your options are limited to exchanges within the US.
Exchanges outside the US may or may not have regulatory authorities, although many countries have implemented controls or delegated regulatory authority to their own financial regulatory agencies. Some US exchanges where you can buy Litecoin are:
- The base of the coin
- The Kraken
- Robin Hood
How to trade Litecoin?
Once you buy litecoin on an exchange, the price of one [litecoin] type estimate against the US dollar (USD). In other words, you were selling USD to accept litecoin.
If the price of litecoin rises, you can sell it for a profit because it is now worth more USD than when you bought it. If the price falls and you choose to sell, then you can make a loss.
Also, with CMC Markets, you trade litecoin via a spread bet and contract for a difference (CFD) account.
It allows you to speculate on its price movements without owning the actual cryptocurrency.
You are not taking ownership of litecoin. Instead, you’re opening a position that increases or decreases in value depending on litecoin’s price movement against the dollar.
And spread betting and CFDs are leveraged products. It means you only need to deposit a percentage of the total value of a trade-in to open a position.
And you won’t take to tie up all your capital in one go by buying bitcoin outright but can instead use an initial deposit to get exposure to more significant amounts.
While leveraged interchange allows you to enlarge your returns.
And losses also stretch as they base on the total value of the position.
It is a dispersed peer-to-peer cryptocurrency and an open-source software scheme released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was one of the first altcoins launched in October 2011. In technical detail, Litecoin’s main chain shares a slightly modified Bitcoin code base.
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