A beginner’s guide to Litecoin (LTC) and how you can buy and sell this cryptocurrency.
Litecoin (LTC) went live on 13 October 2011 as a fork on the bitcoin network. It’s very similar to bitcoin except it’s designed to be quicker and cheaper to transfer.
These similarities have it regarded as a close relative of bitcoin, and its prices have historically risen and fallen with bitcoin prices.
Quick guide: How can I buy Litecoin in Australia?
- Register for an account with CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at top of screen.
- Search for Litecoin and click on “Buy LTC”.
- Enter the amount of LTC you want to buy or the amount of AUD you want to spend.
- Review transaction details.
- Click “Buy LTC”
Where to buy Litecoin in Australia
You can buy or acquire Litecoin in Australia on all of the following platforms, in various ways.
HiveEx.com is an over-the-counter (OTC) cryptocurrency platform specialising in high-volume trades.
- Tap into HiveEx.com’s global network of high liquidity trading partners
- Trade between $50,000 and $100m for a fixed price
- Access competitive rates compared to traditional exchange trading
- Receive your coins in your wallet fast, with same day settlement options
- As an AUSTRAC registered company, HiveEx.com is fully compliant with industry-standard AML and CTF obligations
Litecoin needs to be held in a cryptocurrency wallet just like any other altcoin. There’s a wide range of options, but not quite as many as you’ll find with bitcoin.
Litecoin price predictions: Things to consider
Some proponents of LTC believe it will continue to increase in value. They point out that it’s like a “quarter sized” version of bitcoin that’s arguably more functional, but that its price is much less than a quarter of bitcoin’s. The assumption among some buyers is that even if Litecoin prices peak at a quarter of bitcoin’s, it can still be very worthwhile.
Toward the end of 2017 about two thirds of all the Litecoin that will ever exist were already in circulation, and it can be assumed that mining will get increasingly difficult as it approaches the supply limit. This makes it more likely that the popularity of Litecoin will result in increased demand, and if demand exceeds supply in the future, that could naturally drive the prices up.
It’s also worth noting that Litecoin has tended to be ahead of its time. It was the first top 5 cryptocurrency by market cap altcoin to adopt the features of Segregated Witness (SegWit), which has since become standard among bitcoin and others.
This ongoing development might bode well for its future popularity, as it could prevent other altcoins from overtaking it later. However, like all cryptocurrencies, nothing about Litecoin can be taken for granted.