If you’ve read any news over the past three years, you’ve surely heard and seen the word Bitcoin and know it’s a cryptocurrency. But you may not have heard of Litecoin, an important and competing cryptocurrency.
Litecoin is a decentralized peer-to-peer payment method that is relatively innovative at adopting new market technologies. Litecoin was one of the first forks of Bitcoin, which came about when Google employee Charlie Lee attempted to solve some of the problems currently found in the Bitcoin blockchain. Litecoin presents a solution to the cost and scalability issues present when using Bitcoin. Instead of taking almost ten minutes (or longer!) to process a transaction, Litecoin only takes about two and a half minutes. Also, Litecoin has a much higher market cap than Bitcoin, meaning it is less lucrative to mine and thus keeps the costs of transaction fees low and the pool of miners large.
First and foremost, you must have a wallet to store your cryptocurrency on. There are many options out there for this. Decide whether you want a hardware wallet or an app and then go from there. If you decide you want an application that will work on your cell phone (and be convenient wherever you go) I highly recommend Coinbase. And the nice thing about Coinbase is you can hook it to your bank account and buy cryptocurrencies directly without having to make an additional account with an exchange. There is also an official Litecoin desktop wallet if you’re more of a computer user. If you decide you would rather go the hardware route, the two biggest wallets on the market are the Ledger Nano S and the Trezor.
Once you have your wallet, as I mentioned above, you can visit almost any exchange to purchase your Litecoin. This will require making an account with whatever exchange you choose. The most highly recommended markets for this are Bittrex if you’re in America or OKEx if you are in Asia. If you’d rather not purchase from an exchange, you can always trade with…