Frequently asked questions
Litecoin emerged in 2011 as a competitor to Bitcoin. The brainchild of Google engineer Charlie Lee, it was envisioned as a more lightweight alternative to bitcoin — though the two currencies share a great deal in common. They are both hard-capped, decentralised digital currencies with a proof-of-work consensus mechanism.
You will see Litecoin listed on crypto exchanges under its ticker LTC. The currency's symbol is Ł.
The price of Litecoin is a market price based on supply and demand. This means that it will rise, when there are more people willing to buy than sell, and fall when there are more sellers than buyers.
Like most cryptocurrencies, Litecoin's price is heavily tied to the price of the overall cryptocurrency market. When the major cryptocurrencies like Bitcoin rise, then so usually does the LTC price.
Those looking to invest in Litecoin should pay attention to upcoming halving events. The reward for mining a Litecoin block halves at fairly predictable intervals. The next event is due to take place around August 2023, at which point the block reward will shrink to 6.25. This reduces the supply of newly minted litecoins, and should therefore put upward pressure on the Litecoin price.
You can buy Litecoin on a crypto exchange. Getting started is quite easy: simply sign up, upload identity documents to verify your identity, and deposit money through bank transfer or credit card.
A crypto exchange (or cryptocurrency exchange) is a marketplace where buyers and sellers trade cryptocurrencies. Just like regular stock exchanges, a cryptocurrency exchange serves as a middleman who sets the market price at which an equal number of buyers and sellers can be found.
Is now a good time to buy Litecoin? Frankly, we don’t know.
But there are several strategies when it comes to crypto investing. One approach is to buy in when price slips. In the crypto community this strategy is known as "buying the dip" (BTD).
Another strategy is dollar-cost averaging: investing a certain amount of money on a set schedule, say $100 every Monday morning. Dollar-cost averaging seeks to average out the lows and highs over time.
No matter which strategy you choose, Cryptoradar’s price alerts help you to not miss a dip, and adhere to your investment schedule.
There are risks associated with any investment. Crypto markets are particularly volatile, with large upswings and downswings. Only invest as much as you can afford to lose.
When it comes to choosing a crypto exchange, there are also a couple of thinks to be wary of.
Before you can start trading, a crypto exchange will ask you to verify your identity. This is necessary because of anti-money-laundering laws. The verification process and time can differ significantly and take anywhere from minutes to weeks.
All crypto exchanges charge a fee or a spread to finance their operations. Fees can differ significantly among exchanges, so make sure to get a good deal.
Additionally, make sure that your preferred crypto exchange supports the payment methods of your choice, but be aware of any additional payment fees that may apply.
Last but not least, if you’re new to crypto, make sure that your chosen platform is easy to use and has good customer support. This helps you avoid making costly mistakes.
The method you choose to pay for your LTC will depend on the exchange you’re using. Some will only offer direct bank transfer, others are more flexible. You can use Cryptoradar to assess your options.
Getting started with crypto can be hard. Our detailed price comparisons and cryptocurrency guides have you covered.