This is an essential step as it guards against the depreciation of Litecoin (LTC) in value. Just like fiat currencies, the value of the Litecoin (LTC)s lie in their scarcity, once more and more Litecoin (LTC)s become readily and cheaply available, the value of Litecoin (LTC)s would plummet. Restricting the number of Litecoin (LTC)s in circulation, therefore, allay people’s fears of overproduction. Litecoin (LTC) creates a block which is a ledger entry of recent transactions every 2.5 minutes. This block is visible to any miner who wants to view it and it is verified by mining software. The block essentially carries all the value of Litecoin (LTC). To lay hands on Litecoin (LTC), one will need to engage in Litecoin (LTC) mining. Litecoin (LTC) mining is basically a computational problem-solving process where the first miner to successfully verify a block is rewarded with 50 Litecoin (LTC)s. Though a ‘currency’ (digital), Litecoin (LTC) is not primarily used as a medium of exchange but rather as an online payment system.



Regardless of size, it costs only 1/1000 of a Litecoin (LTC) to process a transaction. This makes Litecoin (LTC) a more affordable online payment system. In addition, Litecoin (LTC) blocks are created every 2.5 minutes in contrast to Bitcoin where blocks are created 10 minutes; Litecoin (LTC)’s shorter block generation time enables it to handle more transactions hence it can be used by many people including huge financial institutions at any time of day or night. The shorter block generation time also enables Litecoin (LTC) to confirm the legitimacy of transactions at a much faster speed to all other cryptocurrencies.



Purchase Litecoin (LTC) with GBP safe, legal and instantly on Cryptomate

We have already stated that one way of laying your hands on Litecoin (LTC)s is by mining. The process of mining is however too energy-consuming and too technical for some people. As an alternative, those looking for Litecoin (LTC)s can simply visit Cryptomate exchange platform where they can purchase Litecoin (LTC)s using the British Sterling Pound. The whole buying process is pretty easy and also very fast as it takes just an hour or less for Litecoin (LTC)s to reflect in the wallet after placing an order.