1. Signup on Savitar
To get started, you need a Savitar account. It provides you with a safe way to store your Litecoin, as well as a platform to buy and sell them with your local currency.
2. Credit your account
After signing up, you’ll need to credit your account. Before that, you’ll have to complete some verification steps. Once your account has been validated, you will be able to add your credit card or credit your account through wire transfers.
3. Buy and sell Litecoin
You are now able to buy Litecoin. Since its price fluctuates, you can check it before validating your purchase. Once you confirm your purchase, we’ll complete your order and deliver your Litecoin. It works exactly the same simply the other way around for sales.
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What is Litecoin (LTC)?
Litecoin is one of the first altcoins that came to existence in 2011, making it one of the oldest cryptocurrencies project still alive today. Litecoin is a codebase fork of Bitcoin: it doesn’t share the transaction history or connection to the Bitcoin genesis block. The project was initiated by Charlie Lee, who used to be head of engineering at Coinbase, a prominent exchange. Litecoin’s goal is to become the cryptocurrency standard for online payment.
Litecoin’s positioning as a faster and cheaper Bitcoin alternative put it under the spotlight in 2017 when the Bitcoin network was frequently saturated, and transaction fees rose. More than an alternative, Litecoin position itself as complementary to Bitcoin. It is sometimes described as “the silver to Bitcoin’s gold”.
- Thanks to several technical adjustments, including a shorter block generation time (2.5 minutes; Bitcoin is at 10 min), transactions on the Litecoin’s network are validated faster, and transaction fees are lower than Bitcoin.
- Litecoin uses a different cryptographic algorithm than Bitcoin: Scrypt. It makes the mining easier which reduces it barries of entry. Moreover, Scrypt is less susceptible to ASIC helping to keep LTC mining more decentralized than Bitcoin.
- Litecoin’s development team is responsive and has been able to implement and test some new features before Bitcoin, such Segregated Witness, and the Lightning Network. They allow the network o support a high transaction volume.
- Litecoin’s primary interest is to offer a faster and cheaper alternative to Bitcoin. While that’s highly necessary, it puts the whole project at risk if Bitcoin successfully scales: what’s the point of Litecoin then?
- Charlie Lee, the founder, sold all of his Litecoins to avoid any conflict of interest. While the move is understandable, it made the whole community skeptical as it happened just one day after the all-time-high price of the coin ($371 on December 19th, 2017). He could have instead locked his coins in a smart contract for an extended period to demonstrate both his confidence in his project and the smart contract mechanisms.
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