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Launched in 2011, Litecoin is an open-source, peer-to-peer cryptocurrency.
Developer Charlie Lee sought to improve Bitcoin’s transaction confirmation times to create a faster means of exchange. Branded the “silver to bitcoin’s gold”, Litecoin aims to become a widely accepted means of transacting on a day-to-day basis.
While Bitcoin’s maximum supply is 21 million, Litecoin’s supply is capped four times higher at 84 million. Transaction speeds on Litecoin are four times faster than Bitcoin with a confirmation time of 2.5 minutes (versus approximately 10 minutes for Bitcoin).
Although Litecoin is way faster than Bitcoin, we still need to invest and buy Bitcoin as an intermediary for other cryptocurrency exchanges. Meaning if you want to exchange your Litecoin for a different cryptocurrency, Bitcoin will be used as your broker. Besides, investing in multiple cryptocurrencies can help to diversify your portfolio and reduce risks.
Buying LTC has never been easier. With Coinmama, you can buy LTC from the comfort of your home or even via your phone while you are on the go! Our industry-leading customer service is available 24/7 to make your purchase simple, smooth, and secure. So, what are you waiting for?
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