LTC/CNY - Litecoin Chinese Yuan

Litecoin uses specialised mining hardware rigs called application-specific integrated circuits (ASICs) to improve the efficiency of the validation process. Unfortunately, the days of easy mining are long gone. The success of your mining venture largely depends on your mining setup. Major companies with deep pockets pool resources together to increase their chances of earning block rewards, given the stifling competition in validating transactions on the network.

Litecoin was founded by former Google employee, Charlie Lee, in 2011. The cryptocurrency operates as a “lite version of Bitcoin.” Litecoin is a digital currency that is built to provide fast, secure and low-cost digital payments. Although it has a close affinity with the Bitcoin network, Litecoin uses Scrypt programming and consumes less energy in validating transactions. Discover more about what crypto is and how it works in our Academy.

Yes, you can buy Litecoin with your local currency. You can buy Litecoin with cash using a Peer-to-Peer platform like LocalBitcoins. Once you register on the platform, ensure you select the Cash Payment options. This way, the platform will only reveal local merchants that receive cash payments for Litecoin. Alternatively, you can buy Litecoin with cash from a cryptocurrency ATM.

Investing in cryptocurrencies has proven to be a lucrative endeavour for many investors. In terms of long-term growth, Bitcoin has provided investors with consistent results. Other cryptocurrencies, like Litecoin and Ethereum, have always mirrored Bitcoin’s price. Ethereum is a unique network due to its facilitation of smart contracts and the adoption of DeFi (decentralized finance) and NFTs (non-fungible tokens).

Litecoin has continued to witness a growing amount of adoption and more merchants are onboarding the digital currency. Litecoin is accepted everywhere cryptocurrencies are allowed for speculative purposes and transactions. However, while El Salvador uses Bitcoin as a legal tender, Litecoin is yet to witness such national-level adoption.