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Litecoin FAQs 2020

Litecoin FAQs 2020

29 Oct 2020

Reading Time: 1-2 minutes


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.

6. Can I store Litecoin in my cryptocurrency wallet?

Yes, you can store Litecoin in your wallet, even if you have other currency in there such as Ethereum and Bitcoin, you can still store it there.

7. Is Litecoin Legal?

This question is asked about a lot of cryptocurrencies, in short answer, yes. As long as you aren't using it for illicit purposes, it is 100% legal to buy and sell Litecoin.

8. What can I do with Litecoin?

Litecoin can be used for a variety of things such as gambling in online casinos and buying real-world products. Right now, people are using it as a long-term investment.

9. What is Litecoin worth?

The current price of Litecoin is $66 AUD

10. Is Litecoin the same as Bitcoin

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.

16. How can I track Litecoin?

Many sites have features that allow you to see the progress of cryptocurrencies. You can also track all of your favourite cryptocurrencies daily in our home page.

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