Litcoin wallet – how to get started
Are you considering investing in Litecoin? Then you need a Litecoin wallet!
Most of today’s cryptocurrencies are created on an open source code. This means that developers can start from the same codes and develop their own cryptocurrencies if they have a slightly different vision. Many people have also done that, including the developers of Litecoin. The developers of Litecoin started from the same open source code that Bitcoin consists of.
Litecoin is on the list of the top 10 cryptocurrencies on the market. Despite the fact that the starting point for Litecoin and Bitcoin is the same, Litecoin differs slightly from Bitcoin, among other things in that Litecoin transactions go faster than Bitcoin transactions.
In this article we will get to know Litecoin a little better. We will also take a closer look at what you need after you have invested in a small amount of Litecoin, which is a Litecoin wallet!
What is Litecoin?
Litecoin is a cryptocurrency that was developed in 2011, and it was Google data scientist Charlie Lee who was behind this development. He had noticed that Bitcoin was supporting more and more problems, and he wanted to find a solution to this. The result was Litecoin.
Charlie Lee developed Litecoin by “borrowing” the source code from which Bitcoin consisted. Using that source code as a starting point, he created a new blockchain, and it is that blockchain that Litecoin transactions run on to this day. In addition to solving Bitcoin’s problems, he also included other elements that he thought should be included.
It is no secret that Charlie Lee and Litecoin have never been able to achieve the same “hype” that Bitcoin did when the cryptocurrency took the world by storm in 2017. But despite that, Litecoin has nevertheless become one of the ten largest cryptocurrencies on the market. These are some of the elements that distinguish Litecoin and Bitcoin:
- The blockchain of Litecoin is cheaper than the blockchain of Bitcoin.
- Litecoin transactions take less time (approx. 3 minutes) than Bitcoin transactions (approx. 10 minutes).
Litecoin explained with animations:
Most of today’s cryptocurrencies are known to be very volatile. This means that the rate can vary greatly – both one way and the other. Both parts are equally normal.
In connection with Litecoin, there are mainly two factors that come into play in connection with the Litecoin rate. There is supply and demand, as well as the number of coins in circulation. For Litecoin, the ceiling is set at 84 million – Litecoin coins can be produced for a total of 84 million – but as of now, only 64 million coins have been produced. Litecoin still has 25% to go.
This is another element that distinguishes Litecoin from Bitcoin. While the production ceiling for Litecoin is 84 million, the production ceiling for Bitcoin is 21 million . That’s a pretty big difference.
But even if it is supply and demand and the number of coins in circulation that have the most to say in connection with how the Litecoin rate develops, it is also important to follow how the crypto market develops in general. In many cases, this can also give you a clue as to what is going to happen with the cryptocurrency that you are interested in.
You need this after buying Litecoin
This is a well-known concept that most people are familiar with. Let’s put it this way: In the old days, it was common to take money out of the bank, and you had to keep it somewhere between the time you took it out of your bank account and the time you used it as a means of payment in the store . You simply needed a wallet.
Cryptocurrency is not something you physically withdraw from the bank, but you still need a wallet. But it can’t be just any wallet, as it could be in connection with regular fiat currency. You will need to get a crypto wallet that supports Litecoin. Such a wallet can also be called a Litecoin wallet.
There are an incredible number of crypto wallets out there. Each cryptocurrency is considered a separate ecosystem, and in each ecosystem there are several different crypto wallets. There are some crypto wallets that support multiple cryptocurrencies. Which crypto wallet you choose is up to you, but it is important that it supports Litecoin if you have purchased Litecoin.
Is Litecoin a good investment?
Now we have come to what most people often wonder about cryptocurrency, and Litecoin is no exception. The question is the following: Is Litecoin a good investment?
To find out if Litecoin is a good investment, one must take a look at the cryptocurrency as a whole. Many believe that cryptocurrency is going to play an important role in the future, for example in that it is a decentralized concept, and then we believe without a doubt that Litecoin is a cryptocurrency that is going to join the bandwagon.
However, when it comes to the price of Litecoin, there is a little more uncertainty. In the period from 2020 to now (2022), the price of Litecoin has varied greatly. It has been anywhere between $22 and $124, which makes it very hard to tell.
In general, it can probably be stated that Litecoin can be a good investment, but it won’t hurt to put your eggs in different baskets either. Don’t be afraid to spread the risk a bit, because it might turn out to be beneficial in the long run.
Get a Litecoin wallet
You can easily acquire Litecoin via a trading platform . In addition to this, you need a Litecoin wallet in which you can store your Litecoins.
There are many Litecoin wallets out there, which makes it difficult to tell which one to get. Litewallet can be a good alternative, but it is also possible that you have found another one that you like better.
Whether it’s called Litewallet or something else is not that important. As long as you are absolutely sure that it is a good wallet, there is nothing to prevent you from using it instead! The most important thing is to have a Litecoin wallet in general!