What is Litecoin (LTC)?

For Beginners

What is Litecoin (LTC)?

Litecoin is a major altcoin, one of the earliest such currencies on the market. It’s technically a fork of Bitcoin, although it doesn’t share a network with it, like other Bitcoin byproducts. Instead, LTC was created from one of the earlier versions of BTC, and it has its own blockchain as a result.

LTC and BTC are deeply compatible – they have a variety of similar features, characteristics, and purposes. However, this altcoin was created specifically to address several key limitations of the early Bitcoin. Through this, it found a rather large initial user base. It continues to be a major asset now.

Litecoin Explained

Litecoin was created with a lot more accessibility in mind, compared to the old Bitcoin. The former was released in 2011, making it one of the earliest altcoins, and definitely the oldest among major coins. It has many similar traits, but because it uses a base algorithm there are enough differences to make it a whole other coin.

The main difference is that Litecoin is more open in terms of who can mine it and how. Since then, Bitcoin also widened its compatibility, but Litecoin was the first to break the monopoly of the dedicated mining stations. In addition, its transactions are faster and fees lower. It was an undeniable factor in the evolution of crypto, but historical significance isn’t its only good quality.

It’s still one of the easier-minable major crypto coins. You can mine it with virtually anything. That being said, it’s also why there are so many LTC miners (a lot more than BTC). Accordingly, the competition is intense, and doing it might not be as comfortable as initially thought. However, you shouldn’t worry that the pool of Litecoin will dry out soon. There are at least 3x as many LTC that can be mined as BTC. 

Where to Use

Litecoin seems like a less desirable alternative to Bitcoin, but it’s not inferior in any way to its big cousin, except for market value. 

Litecoin is very commonly used as a payment solution. Where you can pay with BTC, you can also pay with LTC. It’s one of the most frequently used crypto coins. At the same time, there are plenty of unique Litecoin payment methods, like the 2021 Litecoin VISA, a debit card that lets you pay in LTC for really anything.

Due to its superior throughput compared to Bitcoin, it’s also an excellent P2P solution, which means that you can exchange Litecoin with other users in a blink of an eye. The BTC, on the other hand, is a lot more cumbersome in this regard and isn’t as obvious a choice for transactions.

Lastly, Litecoin also has smart contracts since 2021, which further increases its utility value. Since smart contracts are integral to decentralized apps and decentralized finance, Litecoin quickly became a favorite choice for various new projects.

LTC on CoinDepo

The CoinDepo platform supports Litecoin (LTC) as one of the main cryptocurrencies. With CoinDepo, you can safely store your LTC in Compound Interest Accounts and earn from 12% to 18% per annum + compound interest, depending on the type of interest account you choose. Today, without exaggeration, this is the best offer on the market. 

You can also borrow other major cryptocurrencies and stablecoins from CoinDepo against your LTC portfolio without opening a collateral account, which is a unique service that has no analogs in the world of digital assets.

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