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Before there was Bitcoin (BTC), then there was Litecoin (LTC). Bitcoin allows people to transfer value in a trusted transaction without intermediaries. Litecoin was created to make digital coin transactions faster and cheaper. Litecoin was launched in October 2011, two years after Bitcoin, and remains one of the top ten cryptocurrencies for total market value.
Litecoin had to be extracted without specialized hardware such as ASIC chips, but with standardized personal computers that used ordinary graphics cards. Litecoin has quadrupled the production of Bitcoin blocks from one block every ten minutes to one every 2.5 minutes. Since it was four times faster, Litecoin allowed the production of four times more coins – 84 million, rather than the limit of 21 million for the production of bitcoins. Litecoin was the quarter of the bitcoin dollar.
Litecoin participated in the first rapid rise in the price of cryptocurrencies and traded up to $ 50.27 at the end of 2013. That trend ended when the Monte. Gox bitcoin exchange was hacked in February 2014 and lost 850,000 bitcoins of its customers. Bitcoin, Litecoin and other surviving altcoins have declined in price and their trading remained pending until 2017. Litecoin closed at $ 3.76 in early 2017, but rose to a maximum of $ 234, 33 by December. Since December, the price of Litecoin has dropped by 80 percent, but is trading above the high reached in its first run in 2014.
Litecoin over time
Source: Cointelegraph.com
How Litecoin is exchanged
When Bitcoin, Litecoin and most of the cryptocurrencies traded at historic highs, the insiders began to sell. One of these was Charlie Lee, the creator, inventor and founder of Litecoin. Lee sold all of his Litecoin in December 2017. He said it was an emotional decision, but claims it was the right decision. He did not want to feel conflicted as an owner of the appreciable value he was helping to develop. Lee decided to resolve that conflict just as Litecoin was approaching its all-time high.
Litecoin is traded on most major cryptocurrency exchanges by virtue of its position in the top ten of the digital currencies by market value and its possession as the second oldest cryptocurrency available.
Coinbase, where Lee worked until last year, will accept fiat currency (dollars, euros, yen) to deposit and sell Litecoin as well as Bitcoin, Ethereum (ETH) and others.
Binance, the largest exchange of cryptocurrencies, trades the majority of available cryptocurrencies and Tether (USDT), its stablecoin. As its name and symbol imply, Tether is blocked for the US dollar by a USDT of $ 1. Trading at Tether from Litecoin or bitcoin can simulate the trading of a security and in cash into an intermediary account.
Some exchanges accept credit cards, more accepted deposit using wired bank funds or automated clearing room (ACH) and most will accept deposits of BTC or ETH.
| Exchange | 30-day trading volume in millions of dollars | Deposit Bitcoin and / or Ethereum | Fiat warehouse | Credit card | Fiat collection | Stablecoin | Open an account |
 Coinbase |
$ 2.606 | Yup | N / A | Open a Coinbase account | |||
 Binance |
$ 26.041 | Yup | Via Coinbase | N / A | Yup | USDT | Open a Binance account |
 OKEx |
$ 15.127 | Yup | N / A | USDC | Open an OKEx account | ||
 Bitfinex |
$ 9.378 | Yup | Application of two weeks | N / A | N / A | N / A | Open a Bitfinex account |
Final thoughts
Litecoin as a reserve of value survived and remained in the top ten cryptocurrencies. If Bitcoin, like gold, is here to stay; then like silver, so is Litecoin.
