Litecoin

SHARE
← Back to articles
SHARE

On The 1st Day of Christmas, Satoshi Gave To Me… LITECOIN (LTC)!

December 12, 2017 3:45 pm Published by

Bitcoin has been taking all the attention at our dinner table conversations lately, and with its recent price hike, who can blame it? It’s been one of the top performing investments when compared to traditional stocks, property and precious metals.

These conversations are evolving though, and we’re starting to talk more about ‘alt coins’ (i.e. alternative cryptocurrencies).

Over the next 12 days, we’ll be releasing a snapshot of the trending coins to help you sound like a crypto expert at your Christmas parties.

At Wirex, we encourage our community to research and understand a project before investing, as opposed to jumping in head first, based on pure FOMO. With Litecoin’s overnight spike ($333 US dollars as at 3:30 pm, 12 Dec), we thought it would be appropriate to investigate.

So let’s explore…

What is Litecoin?

In a nutshell, Litecoin is quite similar to Bitcoin, a decentralised, peer-to-peer cryptocurrency. The main (non-technical) difference is that it is ‘lighter,’ and therefore faster than bitcoin – 4x to be exact.

Litecoin has been coined the ‘silver’ of the crypto-world (in reference to Bitcoin being the new ‘gold’). With the adoption of bitcoin rising, a lot of speculators are trying to gauge the fate of Litecoin.

A bit more about Litecoin:

  • Established: October 7th, 2011
  • Circulating Supply: 54,269,383
  • Total Supply: 84 million
  • Current Market Cap: $15.7 billion USD
  • Created and developed by the ex-google software engineer, Charlie Lee.

The Price

At the beginning of 2017, Litecoin started at $4.41 US dollars.

Today it’s over $300 USD

That’s a 6800% increase in the year!

Source: Coin Market Cap

It’s no wonder everyone’s talking about it…

Why the hype?

Litecoin was one of the earliest alt coins and like aforementioned, often marketed as the silver to Bitcoin’s gold, or the little brother to Bitcoin. It’s led by an ex-google software engineer called Charlie Lee who is very active on twitter and influential in the crypto community.

Charlie Lee’s vision is for Litecoin to compliment bitcoin. With Bitcoin’s price rising, it’s becoming more and more like digital gold – a great store of value. As such, it may not be practical as a transactional currency (due to its higher transaction costs and slower confirmation speed) – Litecoin aims to fill that void by having faster confirmation times, and less expensive fees.

Although there are a number of new coins that are faster and cheaper than both Bitcoin and Litecoin, the continual development of the ecosystem and adoption (as well as having first mover advantage) of these two coins ensure they stay ahead.

Buy, Store & Spend Litecoin with Wirex

Our development team has added the integration of the Litecoin wallet onto the roadmap for Q2 2018. Soon you’ll be able to buy, store and spend Litecoin within the Wirex app (more about this shortly).

For now, did you know you can spend your Litecoin (and other altcoins) with the Wirex app?

Whilst we are working on the development of the Litecoin wallet, you can still deposit Litecoin into your Bitcoin wallet (we’ve integrated with Shapeshift), making it ready to spend via your Wirex card.

It’s just a few taps away. If you’re new to Wirex, it’s free to sign up.

With anything, we urge you to do your own research (DYOR) and get involved with the community. What are your thoughts on Litecoin?

Join the discussion in our community forum below.

Finally, A Viable Bitcoin Hedging Option?

While the meteoric rise in Bitcoin prices takes a much-needed pause, there’s good news on the horizon for BTC holders looking for a viable way to hedge exposure. The CBOE Volatility Index (VIX) is progressively becoming the first inversely-correlated asset (to my knowledge) to provide moderate protection against wildly fluctuating Bitcoin prices. Up until now, Bitcoin… View Article

The “Future” of Bitcoin Futures

Bitcoin’s stellar run continues with prices leaping one major psychological hurdle after another. It’s been painful for investors stuck on the sidelines. Last year alone, Bitcoin (BTC) is up more than 17-fold. The surge has been driven largely by demand from individuals, with technical obstacles keeping out most big money managers like mutual funds. However,… View Article

A Beginner’s Look at Ripple: 7 Things You Should Know

Ripple isn’t your average altcoin. Controversial at times as many ‘love’ it, whilst others ‘hate it’, it has nonetheless climbed to the position of the third most valuable cryptocurrency. We covered the basics of Ripple in our 12 days of crypto series. Today, we’re sharing some key things you should know: Ripple is a cross-border payment system… View Article

What are the Tax Implications of Holding Crypto?

It has been a wild year for the cryptocurrency market, but as January rolls around the big question for many people is this; Do you have to pay tax on cryptocurrencies? The answer, for almost everyone, is a resounding yes. Although there are some exceptions, you should assume you’ll be paying some form of tax for cryptocurrency… View Article

Hi! New to Bitcoin? Get The Wirex Bitcoin Confidence eBook