Litecoin was launched as a fork of Bitcoin source code by Charlie Lee in 2011, using different transaction processing settings (block generation speed) and a different cryptography algorithm (scrypt vs. SHA-256). Similarly to Bitcoin, its supply is limited by design.
Litecoin’s trading ticker is LTC.
Why CFDs make sense for Trading Litecoin:
- Security – You don’t have to worry about your Litecoins being stolen. CFDs are a derivative product. Your potential profits are based on the movement of the Litecoin price but no Litecoins are bought or sold in your name.
- Simplicity – Buying digital currencies directly can be complicated. With AvaTrade CFD trading it’s as easy as selecting Litecoin from a menu and clicking to sell or buy. It’s so simple you can do it on your mobile or tablet too.
- Get leverage of up to 10:1 – As a financial derivative you can trade CFDs on leverage, meaning you can open a larger position in the market.
- Diversify – As one of the world’s leading CFD brokers AvaTrade offers a wide range of CFD products for you to trade, all from a single platform.
Litecoin – Silver to Bitcoin’s Gold
Litecoin is a peer-to-peer, decentralised digital currency (also known as a cryptocurrency) based on the Bitcoin system. The creators of Litecoin sought to adapt the Bitcoin model to develop a more stable and efficient currency.
There are several key differences between Bitcoin and Litecoin, including the way coins are “mined”, security procedures, and the total number of coins destined to be produced.
In 2013 Litecoin’s value rocketed from less than $0.01 to more than $20. Could Litecoin follow Bitcoin’s lead and keep on rising in value?