Litecoin launched in 2011 and is a peer-to-peer cryptocurrency that enables instant payments to anyone in the world. Litecoin shares a lot of similarities with Bitcoin, which is the reason why it is often referred to as the digital silver to Bitcoin’s gold.
One area in which Litecoin and Bitcoin differ significantly is in the total number of coins that each cryptocurrency can produce. Bitcoin will end up with a maximum of 21 million coins, while Litecoin can accommodate up to 84 million coins. Another big difference is in the market capitalization of each coin. Currently, the total value of all Bitcoin in circulation sits above $1 trillion, while Litecoin hovers just over $4.7 billion.
Litecoin features
Here are some of the features that Litecoin has to offer.
Why You Want It
4x faster transactions and circulating supply than Bitcoin + Low fees.
Provinces
ALL
Features
Produced By Mining
Decentralized
Limited Supply
Circulating Supply
76,515,470.73 LTC
Current Price
$141.42
All-time High Price
$410.26
All-time High Date
May 10, 2021
* As the price changes often, this price was included for illustrative purposes only and is subject to change. For the most up-to-date information, please visit the site directly.
Litecoin product rating: 4.8 stars
Litecoin is frequently compared to Bitcoin and has long been considered to be the second most popular coin in the world of cryptocurrencies. Its founders’ intentions were pretty straightforward: aim to be a lighter version of Bitcoin by having faster transaction times and cheaper transaction fees.
Just like any other cryptocurrency, Litecoin is considered to be very volatile in price behaviour. At its height in 2021, the cryptocurrency was trading at the US$410.26 price mark, which was quickly followed by a 2-year bear market. Today, Litecoin is trading at around US$141.42 per coin.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Litecoin
So, what exactly are the pros of Litecoin?
Pros
4x faster than Bitcoin
Bitcoin is without a doubt the number one cryptocurrency in the world, but that doesn’t change the fact that Litecoin is still 4x faster than Bitcoin. Litecoin claims to be the best for payments, offering fast transaction times and low fees.
Scalability
Litecoin has a very high scalability, which means that Litecoin has the ability to handle more transactions per second. Bitcoin, for example, can only handle 7 transactions per second, while Litecoin can easily handle a maximum of 56 transactions per second.
A top 5 cryptocurrency
Since its inception in 2011, Litecoin has followed Bitcoin through the market ups and downs, including an impressive rise during the bull run in December 2017. For an investor, many of the basic elements of Litecoin and Bitcoin are very similar, which might be a reason why Litecoin continues to do well as a top 5 cryptocurrency.
The cons of Litecoin
So, what are some of the negatives about Litecoin?
Cons
Litecoin transactions are non-reversible
Confirmed Litecoin transactions can never be reversed under any circumstances. If you send your cryptocurrency to the wrong address, your coins will be permanently lost and there is no way to recover them. Therefore, always check your address very carefully before sending any type of cryptocurrency.
Copy of Bitcoin
Many still consider Litecoin to be a copy of Bitcoin, which might make Litecoin less appealing to those investors who are looking for the latest and the greatest. Although it is relatively easy to spend your Litecoin, it's really more like an investment, rather than an actual currency.
Price remains volatile
Cryptocurrency is by nature a risky investment, and Litecoin is no exception to that rule. But, for those investors able to stomach the risk and volatility, the upside on Litecoin could be considerable. Important: always do your own research before making any major financial decisions or investments.
Litecoin alternatives
Let's take a closer look at how Litecoin compares with other cryptocurrencies.
 |  |  |  | |
|---|---|---|---|---|
| Account | Litecoin | Ethereum | Bitcoin | XRP |
| Genius Rating | ||||
| Why You Want It | 4x faster transactions and circulating supply than Bitcoin + Low fees. | Easily build and execute smart contracts + Decentralized design. | Make fast, 24/7 payments + Top performing asset class for 10 years. | Energy-efficient, fast, and low-cost + Seamless cross-border payments. |
| Produced By Mining | | | |  |
| Decentralized | | | | |
| Limited Supply | | | | |
| Circulating Supply | 76,515,470.73 LTC | 120,696,447.97 ETH | 19,947,671 BTC | 60,107,199,237 XRP |
| Current Price | $141.42 | $4,895.53 | $144,340.67 | $3.48 |
Show More | ||||
| Open an account See more Litecoin products Compare | Learn More See more Ethereum products Compare | Learn More See more Bitcoin products Compare | Learn More See more XRP products Compare |
FAQ
Is it possible to cancel or overwrite a Litecoin transaction?
Unfortunately, no. Confirmed Litecoin transactions are non-reversible, so be sure to check addresses carefully before sending any type of cryptocurrency.
Is Litecoin a good investment?
Litecoin is holding on to its position as the 5th most popular cryptocurrency in the world and its future financial potential could be considerable. However, if you decide to invest in Litecoin, make sure to list it under your high-risk, high-reward portfolio. Profits made with Litecoin can be lost as quickly as gained if the value drops fast and hard.
Where can I buy Litecoin?
Litecoin can be purchased on various cryptocurrency exchanges such as Binance, Kraken, Bitbuy and Coinbase. Learning how to buy and store Litecoin or any other cryptocurrency is going to be a very important step into the world of cryptocurrencies. There are multiple online guides that can help you buy Litecoin.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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