Sep 29, · Litecoin (LTC) is a decentralized, open-source payment network, or cryptocurrency. It allows you receive, store, and send money to other people. It’s one of the three largest cryptocurrencies, together with Bitcoin (BTC) and Ethereum (ETC). Trade Litecoin Litecoin is an important part of the cryptocurrency market place as it’s intention is to function like a pure digital cash. This coin is often called the silver to Bitcoin’s gold and is known to be fast and cheap to use for transactions. Litecoin has established itself as the leading competitor to Bitcoin, and now you can trade this exciting digital currency with AvaTrade. When you trade Litecoin as a CFDs with AvaTrade you can trade long or short (buy or sell) instantly, so you can act on your analysis whether you’re optimistic or cynical about the future of digital currencies.
Trade litecoin bitcoinLTCBTC Charts and Quotes — TradingView
What are the key differences to Bitcoin? See below for our head-to-head comparison:. Like Bitcoin, the short-term price outlook for Litecoin is fairly volatile. You should expect to see plenty of ups and downs as speculators engage in profit-taking. In the medium, to long term, it is likely that Litecoin, Bitcoin, and other currencies will generally continue on an upward trajectory, even if it is a rocky road.
If Litecoin becomes adopted as a common payment method then you should expect to see speculation decline as the cryptocurrency begins to stabilize. It is difficult to fully predict the future of Litecoin and any trader should brace themselves for plenty of ups and downs and keep a well-hedged portfolio.
A whole swathe of experts from Tim Henneking to Charles Hayter have all stated some variation of the opinion that when Litecoin rises in value it is largely due to the success of Bitcoin.
There is some backing to their view, Coindesk has found a strong correlation between BTC and LTC prices although they did note that they did not always rise in tandem. Litecoin is one of the currencies at the forefront of the crypto-charge. Litecoin has always been one of the most underrated cryptocurrencies given its advantages over bitcoin.
Seeking Alpha analyst Geoffrey Caveney says:. Litecoin creator and former Google employee, Charlie Lee tweeted an image of data from Coinmarketcap. However, an overwhelming number of countries are open to Bitcoin. One important aspect of Bitcoin transactions is the fact that it also attracts transaction fees. While the fees charged might vary according to the processor, transacting in Bitcoin is not free.
When you buy Bitcoin, you have to pay trading fees, and if you exchange it for fiat money, you will incur charges. Bitcoin is stored in an account that you can liken to a Bank account. The difference is that unlike a Bank account, your Bitcoin account is a virtual Bitcoin wallet. There is a unique address for each Bitcoin wallet that is created, and you can use it globally. On a trading exchange, when you create your account, your Bitcoin wallet address is automatically created.
You can choose to leave your Bitcoin on the exchange for trading or withdraw it to a private Bitcoin wallet. There are hardware, online, mobile, paper, web, brain, multi-sig, desktop wallets for Bitcoin.
There are different kinds of non-exchange wallets that you can use to store your Bitcoin for security purposes. Every wallet has a public wallet address and a private key used for accessing it. Your private key is like your password for emails. Bitcoin is safe if you have it stored in your private wallet. There is a difference between storing your Bitcoin in your trading exchange wallet and a private wallet.
Your trading exchange wallet is considered to be risky to store your Bitcoin. When hackers attack exchanges or there is a system breakdown, you can lose access to your Bitcoin. To prevent this, it is advisable to use a hardware wallet for storage. Trezor and Ledgerwallet are two of the best known hardware Bitcoin wallets. You can also lose your Bitcoin if you send it to a wrong address. If you send Bitcoin to an unknown address, there is no way to claim it back at present. Bitcoin can be mined by anyone who is interested in doing so.
There are a few options when it comes to mining Bitcoin. You can decide to buy a mining gadget for that purpose and this is a common practice in many countries. While the profitability of the mining exercise also depends on the market price of Bitcoin, the electricity implications have to be evaluated. As Bitcoin surges in market price, mining becomes more lucrative, and a crash in market price also means that you could incur losses. You can also decide to use your PC for Bitcoin mining, and this will require that you download a Bitcoin mining extension by using your browser.
Using a browser extension for Bitcoin mining is a rather passive means to earn an income. You will be credited a share of the Bitcoin mined with your browser by the service provider. An understanding of the Blockchain is equally important for anyone who is keen to follow-up on its underlying basics. Blockchain is best described as a distributed ledger that operates within a decentralized network of linked computers, nodes and devices. There is no central control over the Blockchain, and it can be accessed anywhere around the globe.
The use of Blockchain extends across several spheres of human endeavor from medicine to shipping, payment systems to database validation, etc. Payroll processing, invoice management, and Insurance are some of the other facets of life that are revolutionized by the Blockchain. Bitcoin value in itself can be traced to the transparency, traceability, and auditable nature of the Blockchain.
The outlook for Bitcoin looks bright with many countries opting for regulation instead of a ban. This perception is a green light for many people as they look out for ways to share in the Bitcoin boom. Evidently, Bitcoin will wax stronger in the days ahead. When do you think bitcoin will go up again? I am thinking about trading bitcoin and other crypto.
Which is the best broker in your opinion? I am from Germany. There is no way to predict that. I recommend Plus for German traders. Your email address will not be published. Consider it a more high-risk investment than even its brethren currencies. Dash — Another older cryptocurrency formerly known as Darkcoin, Dash is built on the same framework as bitcoin, but fixes some its glaring issues.
Other currencies potentially worth considering are Monero, ZCash, and Ripple, but as with all cryptocurrency investments, do your research first and be aware that very few represent a stable investment. For a look at how all of these currencies are trading at any one time, live trackers like LiveCoinWatch and CryptoCompare can keep you abreast of the situation. The most automated and hands-off method for trading bitcoin for another cryptocurrency is through an established exchange.
Some may not offer trades for the cryptocurrency you are interested in, or provide wallets for that particular currency. For a look at all of the many options available to you, Bitcoin. That said, here are a couple of popular options and the steps you need to take to trade currencies on them. The main trading page features live trackers for the major currencies traded on the site. It is unlikely to be instantaneous, but it should be complete within a 24 hour period, especially if you are buying at market value.
There are a few more advanced features that you can play with if you want, but they go beyond the scope of this introductory guide. ShapeShift technically operates as an exchange, though it fits more of a middle ground between something like Coinbase and the more direct trade platforms.
The important point to note with ShapeShift though, is that it does not deal in fiat currencies like USD. That means you will need to go somewhere else to buy or sell cryptocurrencies, but it makes it perfect for trading one cryptocurrency for another.
The next screen will give you a wallet address to deposit your bitcoin into. Although transactions are typically fast on ShapeShift, it, like other exchanges methods, is susceptible to market traffic, so may take longer to make the trade at busier times.