Pros & Cons
- Alternative to Bitcoin
- Not Overly Expensive
- Multiple Places to Buy
- Lots of Market Fluidity
- Fast Processing of Transactions
- Expensive to Buy
- Aimed at Users Not Investors
- High Selling Fees
- Not as Popular as Bitcoin
Our Expert Rating
Average User Rating
Whilst it is very true to say that Litecoin was based on Bitcoin, there are some very subtle and not so subtle differences in regards to that cryptocurrency, and as such I have compiled the following Litecoin review to allow you to learn more about it and decide if it is a cryptocurrency you may be interested in using.
One of the main advantages of Litecoin however, when compared to Bitcoin is that the network has been designed and structured in such a way that it can process a block in around 2 and a half minutes, as opposed to around ten minutes which is the case with Bitcoin.
So confirmations are much quicker with Litecoin. Litecoin is also a cryptocurrency that has been designed to use Scrpyt as the proof of work algorithm which is not memory hard, that has resulted in it being much more complicated to mine and much more expensive to mine too when compared to Bitcoin.
At the end of the day though Litecoin is of course still a peer to peer type of cryptocurrency and it is one that is operated using open source software, and as such there is nothing secretive about the way its coins are mined and how the payment networks works and operates, it is just much quicker at processing transactions when compared to Bitcoin.
In regards to who was the brain behind Litecoin that honour goes to Charles Lee who used to work for Google before deciding that cryptocurrencies were something that he wanted to invest his time and effort in.
Below are lots of additional facts and figures you may be interested in learning about Litecoin, and it has certainly become a popular cryptocurrency with users, for at the time of compiling this review of Litecoin it was the sixth largest cryptocurrency based on its market capitalization!
Cryptocurrency Exchanges Where to Buy Litecoin
Buying Litecoin is Quick and Easy
There is no doubt about it, when you wish to buy into any digital currency you are going to have to go on a very steep learning curve, in regards to how you go about actually buying any unit of any digital currency.
However, having said that you are certainly not going to have to jump through hoops to get hold of Litecoin and you are not going to find it time consuming or complicated to buy into that digital currency, and as such let me give you a quick overview of how you go about buying Litecoin.
Firstly you will need to have a way of storing Litecoin your purchase and that will simply entail you getting a digital wallet, there are many of them that are compatible with Litecoin so finding one to download will be a breeze.
Next you simply have to find a digital currency exchange that offers Litecoin for sale, and below is an informative overview of the most popular ones, once you find a digital currency exchange all that you need is to have one of their payment options at hand as that allows you to pay for your order of Litecoin instantly, and you simply select the quantity you wish to buy, pay for it and then your Litecoin gets sent out to your digital wallet
Storing Litecoin on a Digital Wallet
As a digital currency such as Litecoin is of course digital and you are not going to receive physical coins or banknotes, then you will need to know how you can buy and sell that digital currency and move it around.
That isn’t as hard as you may initially thin, for all that you are going to have to get for yourself is a Litecoin digital wallet, there are plenty of them available and they can be instantly downloaded onto any type of mobile device or onto your computer.
What makes each digital wallet unique however is what their unique digital address is, and as such when you want to send Litecoin to anyone else you simply use your digital wallet to enter the other person’s digital address and then send the quantity of Litecoin to that other person.
When you set about buying Litecoin the digital currency you have chosen to use, will then use your digital address to send your Litecoin directly into your Litecoin wallet, below are several different digital currency exchanges that you can pick and choose from.
Litecoin can be purchased from several different exchanges, and by using lots of different currencies and payment methods too, the one that do process the very highest volumes of them is GDAX who on an average day processes LTC/USD pairings of around $54,329,400 in value.
The OKEx exchange processes LTC/USDT exchanges of on average $42,938,000 over a 24 hour period and the OKEx exchange offers LTC/BTC transactions, and when I checked over a 24 hour period they had processed a huge $42,644,700 worth of such transactions.
You will also find that the OKEx exchange offers LTC/BTC exchanges and on a typical day they will process around $42,644,700 of such transactions, so they do have a lot of fluidity on their exchanges.
Consider using the Bitfinex exchange if you want to perform LTC/USD exchanges for in a typical 24 hour period they handle on average $23,523,000 of those transactions.
Make sure that you also checkout the Binance exchange if you want to perform a LTC/BTC exchange for they do handle a lot of those types of exchanges very seamlessly, and on average over a 24 hour period they had processed $17,097,400 of such transactions when I recently checked them out.
How easy it is to buy Litecoin with PayPal?
Litecoin users are not going to be able to use PayPal at any Litecoin digital currency exchanges to either pay for any unit of Litecoin or as a payout method when they are selling Litecoin at any digital currency exchange either.
The reason why you cannot buy Litecoin at digital currency exchanges is that PayPal offers the option of charging back any payments make to pay for goods, and as such it is possible for the buyer of Litecoin at a digital currency exchange to charge back their payment, even if they have been sent out their Litecoin!
If you have no other option but to use PayPal as a way of buying Litecoin or getting paid for selling any holdings of Litecoin you wish to sell there is a way you can do so, but that will entail you doing a direct transfer to someone you know and trust who has Litecoin for sale or who wishes to buy your Litecoin and pay you using PayPal.
You could also use the services of a company such as Local Bitcoin as by doing so they will link you up with someone nearby where you live who wishes to buy or sell Litecoin and you simply transfer your Litecoin to their digital wallet or they will transfer them to you and you can pay them or they will pay you by using PayPal.
That company does allow people to rate their users and as such you will be able to decide for yourself whether the person you wish to make a transaction with is going to be reliable and trustworthy, but just keep in mind that you do have to take all necessary steps when you want to buy or sell Litecoin using PayPal as there could be a chance that the person you do a transaction with could perform a charge back.
Litecoin Accepting Online Gambling Sites
If playing games of chance or skill or even betting on sporting events and sporting fixtures are something that you enjoy doing, then you may be interested to learn that quite a lot of established gambling sites have now chosen to add Litecoin onto their list of deposit and withdrawal options.
As such you are going to find it is very easy to sign up to any type of gambling site whether that be a sports betting sites, casino, bingo or poker site and make all of your deposits using your Litecoin digital currency wallet.
There will be no differences or comprises to be made in regards to bonuses and promotional offers you can claim and make use of when using Litecoin as your chosen deposit option, so you will never miss out on bankroll boosting bonuses and offers!
I would also like to point out that due to the way Litecoin has been designed what you are also going to discover, and possibly to your liking too, is that many gambling related sites now offer instant winning payouts to their customers and players.
As such if you are the type of gambler who wants to have the peace of mind in knowing that as soon as you win you are going to be paid out your winnings instantly and on the spot then I would urge you to find a gambling site that does accept Litecoin deposits and also one that offers instant real time winning payouts to their customers.
There are so many such sites available I doubt you are going to have any problems finding on that suits you personally dependent on the type of gambling opportunities you are seeking, but do make sure those that you do decide to sign up to and gamble at are licensed and offer certified and provably far gambling games too for added peace of mind!
I have personally invested in Litecoin, and as such I do need you to be aware of that fact, however if you are currently checking out several of my reviews of each digital currency available, and are making your own mind up as to which of them are worth investing in and are worth using, then Litecoin is one I think does have some excellent potential.
What I have enjoyed about my investment in Litecoin is the slow yet steady way that its value has been increasing, and I have yet to hear anybody with any grasp of digital currencies say anything negative or point out any potential flaws in it.
It is, and this I feel is important, a digital currency that is readily available too, and as such unlike some of the weird and wonderful new digital currencies that are launching all the time there are always people will to buy into Litecoin and also many people looking to sell their holdings too, so It is a digital currency that is also available from many different exchanges.
If you do have something of a limited budget then Litecoin is of course, looking at its current value, a digital currency that isn’t going to break your bank if you do wish to invest it in, and I have yet to see its value becoming as volatile as both Ethereum and Bitcoin do become at times!
However, you do need to weigh up the pros and the cons of every single digital currency and with so many different ones now available, and that number guaranteed to rise moving forward, never be in too much of a rush to buy into any of them, until you are fully and completely aware of the risks of each of them.