Litecoin Philippines Guide | Where to Buy and Usecases
- Launched in 2011, Litecoin is a minable coin and a peer-to-peer payment system.
- Since Litecoin is based on the Bitcoin protocol, it is also an open-source project that uses proof-of-work to verify transactions.
- However, Litecoin uses Scrypt, a hashing algorithm that is more memory-intensive and slower than the Bitcoin algorithm.
In 2011, some thought that Bitcoin was slowly being controlled centrally. To address this, then Google’s software engineer named Charlie Lee created a cryptocurrency from a fork in the Bitcoin blockchain. He called it Litecoin.
At a 2019 blockchain conference, Lee revealed that though Litecoin is really made as a “lite version of Bitcoin,” it has turned into a minable coin and a peer-to-peer payment system as the years passed by.
LTC to PHP Price
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How Does Litecoin Work?
Since Litecoin is based on the Bitcoin protocol, it has a lot of similarities to the first crypto to ever exist. Notably, they are both open-source projects that use proof-of-work (PoW) to verify transactions.
However, Litecoin uses Scrypt, a hashing algorithm that is made to be more resistant than Bitcoin’s SHA-256 algorithm. Basically, because it is more memory-intensive and slower than the Bitcoin algorithm, Litecoin can be mined by even regular computers or CPUs.
Moreover, Litecoin claims to have faster transactions with lower fees compared to the Bitcoin protocol. It is said to have a block time of 2.5 minutes, compared to Bitcoin’s 10 minutes.
“Litecoin is a powerful, political and economical tool which anyone, anywhere can use without permission to transact with anyone else in the world and partake in a genuinely global economy.” the developers wrote.
| Ticker Symbol | $LTC |
| Year Launched | 20111 |
| Consensus Algorithm | PoW |
| All-Time High | $410.26 (May 10, 2021) |
| All-Time Low | $1.15 (Jan 14, 2015) |
| Website | http://litecoin.org/ |
| Socials | https://twitter.com/LTCFoundation |
Litecoin Halving
Like Bitcoin, Litecoin also halves every four years. It has a total supply of 84 million, and its blockchain generates a new block every 2.5 minutes.
Halving means the reward given to a miner that adds a new block to the blockchain reduces by half every four years. The halving happened with corresponding rewards is:
- August 2015: 50 to 25 $LTC
- August 2019: 25 to 12.5 $LTC
- August 2023: 12.5 to 6.25 $LTC
How to Buy LTC?
Step 1: To start buying, selling, holding, and trading LTC on exchanges, users should create and verify an account by providing requirements such as personal information, an email address, a phone number, a valid ID, and a selfie.
Step 2: Choose the LTC trading pair; it could be LTC/USDT, LTC/USD, LTC/PHP, or others.
Step 3: Buy LTC by typing the desired amount.
Step 4: Check the crypto wallet of the exchange, select the transfer or send option, and type in the wallet address of the receiver. Make sure that the wallet is compatible with LINK.
Step 5: Check if the transaction is complete. Usually, the amount has already been loaded to the wallet.
This article is published on BitPinas: Litecoin Philippines Guide | Where to Buy and Usecases
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
Original article follows (may contain outdated information):
Bitpinas. Older than ETH (30 July 2015) but younger than BTC (3 January 2009), Litecoin is silver if Bitcoin is gold. Learn about it here, plus tips on how to buy Litecoin in the Philippines.
This article had a minor update on February 13, 2019 to include correct Abra link.
Litecoin Philippines
What is Litecoin?
Here’s a quick intro about Litecoin. Litecoin or LTC was first introduced on October 7, 2011 by Charlie Lee, a former Google employee. The coin went live on October 13, 2011 and used almost similar to BTC. It is four times faster than BTC when it comes to facilitating payments because of its decreased *block generation time of 2.5 minutes. Against BTC, it can also handle higher transaction volume.
- Blocks are files where data pertaining to the Bitcoin network is permanently recorded. A block records some or all of the most recent Bitcoin transactions that have not yet entered any prior blocks. Thus a block is like a page of a ledger or record book. – Investopedia
How to buy Litecoin in the Philippines
Although LTC and BTC are pretty similar when it comes to usage, you can not just go to a Cliqq Kiosk in 7/11 to get one. This is because the leading cryptocurrency sites in PH right now do not support it. You will need another wallet aside from your current BTC wallet and an account in a crypto exchange site to purchase litecoins.
Update: Mar. 28, 2018: Buy Litecoin from Abra:
Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for Litecoin within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.
- Download Abra here! (It will ask for your mobile number, start with the PH area code 63.)
- Buy cryptocurrency on Abra through credit card!
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Buy Litecoin from Cryptocurrency Exchanges
Many exchanges globally trade litecoin. We will use Binance as an example.
Steps in Buying Litecoin in Binance
- Sign up and have your account ready.
- Have a BTC account via Coins.ph
- Choose your crypto-exchange site, we will go with Binance as an example.
- Have a wallet in litevault.net.
- Have your Bitcoins ready in your Coins.ph.
- Send BTC from Coins.ph to your Binance BTC wallet.
- Buy Litecoin using your Bitcoin in Binance.
- After you’ve purchased a comfortable amount of LTC, transfer your Litecoins to your litevault.net wallet.
Steps in Buying Litecoin in Quoinex
- Register at Quoinex.
- You will need to do KYC to get verified. Send them the required documents such as a photo of your government ID.
- After completing their verification, you can now fund your account.
- Use Quionex quick exchange that you will see at the top of the homepage.
- After linking your Philippine Bank account, use it to buy BTC.
- Use your BTC in Quionex to buy LTC.
- Click on exchange.
Other ways to Buy Litecoin
- Join Facebook groups about Litecoin and subsequently trade LTC.
- In your litevault wallet, you have an option to buy/sell Litecoins with your credit card.
Keep your Litecoin in your wallet, not in exchanges
Crypto exchange sites have your private key, just in case their sites suddenly went down, got hacked, etc, you will lose your coins. Only keep the coins you need to exchange and transfer them back to your wallet after.
Litecoin Wallets
Cryptocompare lists down the following cryptocurrency wallets that support Litecoin:
- Desktop
- Exodus
- Hardware
- Web/Mobile
- Coinomi
- Coinbase
- Litevault
- Coinspot
- Read more about the best cryptocurrency wallets in the Philippines here.
Can you keep your Litecoin in Coins.ph or Bitbit?
No, currently Coins.ph and Bitbit only support Bitcoin.
Can I trade Litecoin in person?
Yes, you can join Litecoin meetups in the Philippines. You can get in touch with them through the most popular networking site in the country, Facebook. You have to be wary and cautious though. Think of it as having a stash of cold hard cash.
Getting Litecoin or LTC in the Philippines is not as easy as getting BTC. Still, litecoin adoption is growing because of its ability to facilitate transactions faster. Only time will tell if it will reach the same recognition as bitcoin. For now, if you want to purchase litecoin, the article above detailed the steps to do it safely.
