Litecoin is a type of decentralized cryptocurrency based on open source cryptographic protocol. Nowadays Litecoin is known as silver of the cryptocurrency world.
Litecoin was released in 2011 by a Google employee, Charlie Lee. He is known as an active participator of a cryptocurrency community. His main goal was not to replace Bitcoin, but to make transactions faster. So in the year 2017 there was the first transaction that happened less than in 1 second. Although Litecoin is very similar to Bitcoin, it has a number of differences. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI (Graphical User Interface). In November 2013 it started to experience a massive growth. In the year 2017 Litecoin became one of the first cryptocurrencies to adopt Segregated Witness. It seems that Charlie Lee is not going to stop. And Litecoin is changing to the better.
In comparison with Bitcoin Litecoin has a number of advantages.
However, there are a few things that can make you think twice before using LTC.
You decided to buy Litecoin, what should you do?
So you have Bitcoins and you want to exchange them for Litecoins. What actions should be taken?
We advise you to use SimpleSwap. It is the easiest way to buy cryptocurrency.
Here are several steps you should follow: