What Is Litecoin?
Litecoin (LTC) is a cryptocurrency built on the premise of quick confirmation times and low transaction fees. These features, combined with the increasing desire to have greater control over one's finances, are quickly propelling Litecoin towards becoming the new global payments standard for consumers and businesses worldwide.
Litecoin was created in 2011 using a similar framework to Bitcoin which was actually a fork of Bitcoin from the start. Litecoin set out to solve Bitcoin’s scalability issues and after a number of modifications, changes and new protocols, it went on to become popular with the community and is now often referred to as the “silver” to bitcoin’s “gold”.
Litecoin’s price history reveals it to be one of the best performing digital currencies with a stable price since its inception. This relative stability has given it a push in the right direction in terms of adoption as currency and has made it an attractive option for any merchant wishing to offer payment services as a Litecoin merchant processor.
Litecoin’s stability has been a big plus point and is one of the main reasons it is a permanent fixture in the top 10 list of cryptocurrencies. In parallel, there has been a rise in demand by customers wanting to use Litecoin for payments. This has created a requirement for a payment processing solution with the ability to cater for individuals and businesses wanting to accept Litecoin payments. This is known as a Litecoin payment gateway, which is a decentralised payment platform enabling merchants to accept transactions in Litecoin.
How to Get Started
Gateway Integration, Merchant API, Payment Button
Plisio service allows you easily to get payments in the most popular cryptocurrencies, including Litecoin. And to make operations easier, all received payments are automatically calculated in EUR / USD or in LTC, depending on the parameters you set.
To integrate our payment gateway on your site, choose:
- One of the ready-made Plisio integrations for e-commerce content management systems or web-billing platforms
- API for a developer that can be customized for any website and other platforms
- Payment buttons for accepting donations or simple payments (for example, if you sell only one or a few products)
To start accepting Litecoin, as well as Ethereum, Bitcoin and other cryptocurrencies, first sign up. Then create API credentials if you are going to use our e-commerce plug-ins or APIs. If not, just create your payment button.
To keep all payments received in a cryptocurrency (i.e. receive payments in litecoins) on Plisio, verification is not required.
Accept Cryptocurrency Payments in 4 Simple Steps
Frequently Asked Questions
Litecoin is a decentralized, open-source, peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It is often referred to as the "silver to Bitcoin's gold" as it was designed to be a lighter and faster version of Bitcoin, with lower transaction fees and faster confirmation times. Litecoin operates on a different encryption algorithm than Bitcoin, which is designed to allow for faster and cheaper transactions. Like Bitcoin, Litecoin is a decentralized, digital currency that can be used to make online purchases, send money to anyone with a Litecoin wallet, and trade on cryptocurrency exchanges.
Litecoin mining is the process of using computer hardware to perform mathematical calculations in order to validate transactions and secure the Litecoin network. Miners are rewarded with newly minted Litecoin as a result of their efforts.
Here are the steps to mine Litecoin:
- Choose a Mining Rig: To mine Litecoin, you will need a specialized computer known as a mining rig. These machines can be built from scratch, or you can purchase pre-built rigs.
- Install Mining Software: You will need to install a Litecoin mining software on your computer. Some popular options include CGMiner, EasyMiner, and BFGMiner.
- Join a Mining Pool: Joining a mining pool is optional, but recommended, as it allows you to pool your resources with other miners, increasing your chances of discovering a block and receiving a reward.
- Configure Your Mining Rig: Configure your mining rig with the software, pool information, and your Litecoin wallet address.
- Start Mining: Once everything is set up, start your mining rig and begin validating transactions on the Litecoin network.
Please note that mining Litecoin, and cryptocurrency mining in general, can be a very competitive and expensive endeavor. The difficulty of mining can increase over time as the network grows, making it harder to mine and requiring more powerful and expensive hardware. It is important to carefully consider the costs and benefits before deciding to mine Litecoin or any other cryptocurrency.
Litecoin can be bought on a cryptocurrency exchange. Some popular exchanges that offer Litecoin include Binance, Coinbase, Kraken, Bitfinex, and others. Before buying Litecoin, you will need to create an account on the exchange, verify your identity, and link a payment method such as a bank account or credit card. Once your account is set up, you can place an order to buy Litecoin, which will be stored in your exchange wallet. It's important to remember that cryptocurrency exchanges are not insured by government agencies, and there is a risk of theft or loss, so it's important to only store small amounts on the exchange and to secure larger amounts in a personal wallet.
To sell Litecoin, you need to follow these steps:
- Choose a reputable cryptocurrency exchange that supports Litecoin trading, such as Binance, Coinbase, or Kraken.
- Create an account on the exchange, and verify your identity if required.
- Transfer your Litecoin from your wallet to your exchange account.
- Place a sell order on the exchange's trading platform, specifying the amount of Litecoin you want to sell and the price you want to receive.
- Wait for the order to be executed and the funds to be credited to your exchange account.
- Withdraw the funds to your bank account or another cryptocurrency wallet.
Note: The steps to sell Litecoin may vary slightly depending on the exchange you choose. Before making any transactions, it is important to carefully read the exchange's terms and conditions and familiarize yourself with their fees and security measures.
Litecoin is a widely accepted cryptocurrency and many businesses and merchants around the world accept it as a form of payment. Some of the notable companies that accept Litecoin include Overstock.com, Bitrefill, and BTC-e. There are also many Litecoin exchanges and trading platforms that allow you to buy, sell, and store Litecoin. In addition, Litecoin can be used to purchase goods and services online, as well as in brick-and-mortar stores that accept cryptocurrencies.
If you are a business looking to accept Litecoin payments, you can use a cryptocurrency payment processor such as Plisio. You can integrate Plisio into your website as a payment option, and then customers can pay you in Litecoin. The process works similarly to accepting other types of online payments, and Plisio will automatically convert the Litecoin into your preferred currency, if needed. You can also use a Litecoin wallet, such as Plisio, to receive payments directly.
Plisio allows you to create a customizable crypto donation page where you can receive donations from supporters. This can be useful for individuals and organizations that are looking for a way to receive contributions from their audience, especially those who are looking for a secure and fast way to process their payments. You can set up the page to accept donations in different cryptocurrencies, including Litecoin, so you can give your supporters a variety of payment options to choose from.
Start Accepting Litecoin
Connect to Plisio and start accepting Litecoin in your store, ICO or other platform today.
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