Litecoin is one of the oldest cryptocurrencies in the market and was launched in October 2011.
Bitcoin's wildly successful debut in 2009 - with open-source code and breakthrough blockchain technology - inspired the creation of multiple projects. Litecoin sparked into life with a strong focus on speed, performance, and scalability.
Litecoin or LTC is often referred to as the silver to Bitcoin’s gold and is one of the first "alternative" cryptocurrencies, aka Altcoins.
The project has retained its ambitious and forward-looking aspirations, adopting new features such as Segregated Witness much earlier than Bitcoin and its more conservative approach.
The current price of Litecoin
Looking at the Litecoin price chart, you might think Litecoin is already unaffordable for many people, but like most cryptocurrencies, you don’t have to buy a whole unit of LTC, in contrast to the world of traditional company stocks.
You can buy fractions of LTC; in fact, one LTC is divisible down to eight decimal places, with 0.00000001 being the smallest unit, known as a "litoshi".
1 LTC is 100,000,000 litoshis.
How the price of Litecoin is determined
A common view of cryptocurrencies is that they have no intrinsic value.
While this may ring true compared with traditional financial assets, cryptocurrencies do, in fact, possess enormous intrinsic value. They represent the first time in history that anyone, virtually anywhere with a smartphone or laptop can move value worldwide without touching the legacy financial system. The dialectic between enthusiasts and detractors drives positive and negative sentiment among traders.
The price of LTC is ultimately determined by the laws of the markets: supply and demand. Traders put up selling (Ask) and buying (Bid) orders and the order book matching process at exchanges creates the current LTC price, No surprise: it’s constantly changing.
How to buy LTC
With Uphold, you can set up an account, verify your identity and buy crypto with ease.
Here is how:
1. Go to Uphold.com and click ‘Sign up’
2. Enter your email address, phone number and your personal details
3. Tell us how you plan to use Uphold and provide some basic financial information (e.g., employment status and source of funds)
4. Verify your identity by providing an ID document and taking a ‘selfie’
… and you’re off to the races!
Just start trading.
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This content is correct as of September 2021
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