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We feature the top brokers and exchanges that offer the option to buy litecoin (LTC) with a credit card or debit card. For larger sums you can also send a wire transfer. We list exchanges and services based on personal experience, and reputation. Please view the risks associated with Litecoin and cryptocurrency trading at the bottom of this page. Also access our affiliate disclaimer.
How to Buy Litecoin (LTC) with a Credit Card
What is Litecoin?
Litecoin is an open-source cryptocurrency, which facilitates peer-to-peer transactions. It was launched in 2011, and has since been viewed as a ‘silver to Bitcoins gold’ – meaning that it was not necessarily created to compete with Bitcoin, but rather, complement it.
What does it do?
Through use of blockchain technology, Litecoin offers its users a means of quickly and cheaply, transferring value. As the network continues to develop, and adoption grows, Litecoin has the potential to be used as both a store of value, or as a digital currency.
How does Litecoin work?
Working on a proof-of-work model, Litecoin utilizes a 2.5minute block cycle. Each completed block currently results in the generation of 12.5 LTC, with this reward cut in half every four years. In total, only 84 million LTC will ever be produced.
Several major developments have been underway for years now, on the Litecoin network. Two examples of this include support for:
Atomic Swaps – This technology allows for seamless swapping of assets from differing blockchains. Achieved through use of ‘hash-time locked contracts’, the process eliminates the need for middlemen.
Lightning Network – This is a second layer solution that has the potential to vastly improve transaction speed, costs, and privacy on network which implement it. To learn more about how the lightning network works, click HERE.
The driving force behind the creation of Litecoin was to create a cheaper, and quicker, version of Bitcoin. With Litecoin being based on the Bitcoin source code, it would stand to reason that each is built on the same beliefs – create a decentralized currency, accessible globally, which will make financial inclusion a reality.
Acceptance and Controversies?
Litecoin has managed to establish some of the highest levels of adoption among cryptocurrencies. This is due to more than just its capabilities. Due to a code base, derived largely from that of Bitcoin, companies which develop support for one can easily support the other.
Controversy surrounding Litecoin typically revolves around it utilizing a proof-of-work model. This is an energy intensive process, often perceived as inefficient.
Aside from the currency itself, the largest controversy to plague Litecoin would be due to its founder Charlie Lee. Notably, during the massive bull market of 2017, Charlie Lee sold his Litecoin holdings at its all-time-high. While it was noted that this move was taken to ensure development of the network remained impartial, some were skeptical on the timing. Some also believed that the move was, essentially, a sign that even its founder didn’t see a bright future for the project – Charlie Lee has vehemently denied this, however.
Although not explicitly stated by regulators, Litecoin is widely viewed as a digital currency. With no token sale, and no central body profiting from the success of the network, it is typically not believed to be a security – regulators, however, can be finicky, and this may not always remain the case.
Who Created Litecoin?
The creation of Litecoin is widely accredited to Charlie Lee. From its launch in 2011, Litecoin was structured by Lee as, both, a competing, and complimentary, digital currency to Bitcoin.
Ripple & XRP Cryptocurrency Trading Risk Disclaimer
There is a very high degree of risk involved in trading securities, and this trading risk is higher with Cryptocurrencies such as XRP due to markets being decentralized and non-regulated. There is no central bank that can take corrective measure to protect the value of Cryptocurrencies in a crisis or issue more currency. You should be aware that you may lose a significant portion of your portfolio.
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