Making money on mining or direct purchase of Litecoin is relatively complex and hardly anyone of us have enough money or hardware equipment resources to do so. That is why most people go for trading Litecoin with contracts for difference.
Litecoin trading with CFDs
Litecoin is somewhat underestimated cryptocurrency that is very similar to Bitcoin, but it has a lot of extra benefits. And because it’s not as popular as Bitcoin, I think it’s easier to make money on it. When trading Litecoin as a CFD product, you can earn money on the growth of the currency as well as on the decline. The most popular way of Litecoin trading is based on financial leverage. This leverage allows you to earn money even on small price changes (but be it is two-edged sword, you can also lose money faster), so it is not necessary to start with a big investment. One of the companies that offer Litecoin trading is Plus500. They provide a simple and transparent trading platform with a free demo account and a real account starting from 100 dollars.
72% of retail CFD accounts lose money.
Bitcoin, Ethereum and Litecoin can be all traded along with other cryptocurrencies 24 hours, 7 days a week. So you can trade Litecoin whenever you have a spare time, perhaps even on weekends.
Litecoin current chart
Similiar to Bitcoin, but improved
The most popular cryptocurrency in the world, Bitcoin, is very similar to our Litecoin. But bear in mind that they are most definitely not identical! You can find the main differences between them in the tab below this paragraph.
|The whole name of the currency||Litecoin||Bitcoin|
|Mining Limit (in coins)||84 million||21 million|
|Processing of one transaction||2,5 minutes||10 minutes|
|Creator||Charles Lee||Satoshi Nakamoto|
|*Market value in circulation:||$2,274,517,248||$47,111,552,792|
|*Price per unit||$43.48||$2857.38|
*Accurate to 04.08.2017
One of the main differences between Bitcoin and Litecoin is the maximum number of coins that these two cryptocurrencies can mine out. Bitcoin network can never exceed 21 million coins, while Litecoin can mine up to 84 million coins. They also differ in the algorithm that both platforms use and in the transaction speed. Litecoin can confirm the transaction much faster than Bitcoin and it can handle a larger volume of transactions in a shorter timeframe. To receive BTC payments, you must wait approximately 10 minutes, with LTC only about 2.5 minutes.
The algorithm that Litecoin uses is significantly simpler than the one that is used by Bitcoin. As a result of that, mining is possible even with weaker computers. And because extremely powerful graphics cards in the world are running out of stock, Litecoin has another big advantage. Litecoin software also does not consume so much electricity, which is very costly. But for ordinary people with moderate computers, the mining is still not worth the electricity.
All of these key differences between Litecoin and Bitcoin indicate the considerable advantage of Litecoin, which LTC has over the world’s largest cryptocurrency.
Basic information about Litecoin
Litecoin, just like Bitcoin is fully decentralised cryptocurrency which can not be destroyed, falsified, or affected. Litecoin was launched in 2011 by Charlie Lee, a former employee of Google. In November 2013 Litecoin version 0.8.5.1 was released, which resolved security issues and improved original network security. With this update, Litecoin market value rapidly grew up and within 24 hours the price of LTC jumped up by 100%. Today, 04.08.2017, the Litecoin Exchange rate is $ 43.48 and the market value $2,274,517,248. Which means that Litecoin is one 5 of the world’s 5 largest cryptocurrencies.
72% of retail CFD accounts lose money.
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