Litecoin is one of those cryptocurrencies that you see on trading lists. It is sometimes listed on retail sites and online casinos as a method of payment. But, how much do you really know about Litecoin?
Here are the most frequently asked questions (FAQ) about Litecoin:
1. When was Litecoin invented?
Litecoin was invented in 2011
2. Who invented Litecoin?
Litecoin was invented by Charlie Lee, who is a former Google employee who wanted to copy Bitcoins framework but make it more accessible to the public.
3. What is Litecoin?
Litecoin is essentially a lite version of Bitcoin. It works in a similar way and uses the same mining system but is more accessible to the public.
4. Where can I buy Litecoin?
You can buy Litecoin from any cryptocurrency exchange website, but we recommend using Coinbase as it is both a reliable site and free to use.
5. Where can I sell Litecoin?
You can sell Litecoin from the same exchange site you bought it from.
Litecoin is very similar to Bitcoin as that was the inventor Charlie Lee's intention. He wanted Litecoin to have the same functions as Bitcoin but make it a lighter version that anyone could invest in.
11. Will Litecoin increase in value?
Current predictions say yes, but always take predictions with a grain of salt as they aren't right 100% of the time.
12. Can I make money with Litecoin?
With the price of Litecoin set to increase, yes. In theory, you could make money with Litecoin if current predictions are to be believed.
13. Is Litecoin safe to buy?
Litecoin uses a blockchain similar to Bitcoins so all transactions, mining and trades are recorded on a database that anyone can see. With this method, It’s extremely hard to be scammed or cheated.
14. Is Litecoin popular?
Litecoin is currently a talked-about cryptocurrency and is quickly becoming one of the favorites among investors.
15. Is Litecoin anonymous?
Charlie Lee wanted a coin that could be traded with anonymity. So, you can rest assured that your Litecoin trades won't be traced back to you.