Litecoin developer Charlie Lee shocked many community members last month when he said “Litecoin does not need development right now.” Rather, he said, the coin needed users, liquidity, and merchant acceptance to succeed in the long term.However, the coin has struggled to achieve any of those aspirations, and the bitcoin price decline has weakened faith in the cryptocurrency industry as a whole.Consequently, investors have begun losing faith in altcoins, and in turn the litecoin price is bottoming out.Also read: Litecoin and Dogecoin to Join Forces for Charity The litecoin price declined consistently throughout 2014 and has continued to fall during January.As recently as June, the litecoin price exceeded $10.During the past month, the litecoin price declined from $3 to $1.40–an alarming decline for one of the industry’s most prominent coins.Connor Black, CEO of digital currency service Harborly, told CCN he believes the litecoin price decline is a by-product of the bitcoin price downtrend.

Even though litecoin’s largest trading pair is USD, bitcoin’s vastly superior market cap (among cryptocurrencies) governs the direction of the litecoin price.A major problem with the Litecoin price is the currency’s failure to distinguish itself as little more than the speculative younger brother of Bitcoin.Looking at this last year you see that Bitcoin and Litecoin have had strong price correlations, with Litecoin usually trending further in either direction.bitcoin atm scanWhen Bitcoin falls Litecoin plunges, and when Bitcoin rises Litecoin soars.bitcoin iowa cityIndeed, altcoin market caps have (generally) evaporated at an even more alarming rate than bitcoin’s.ethereum eth or etcHowever, Black believes litecoin can regain its swagger if the bitcoin price improves and the cryptocurrency community recognizes Litecoin’s benefits.bitcoin faucet direct payment

For Litecoin to get back on track, the digital currency community needs to recognize some of the big benefits Litecoin can offer.One benefit being that Litecoin transactions are about 4X faster than Bitcoin’s.This can be utilized with great success from casual spending to remittances, ensuring faster service time and less exposure to market volatility.bitcoin trgovanjeDisclosure: The author is not invested in Litecoin Chart from OKCoin; other images from Litecoin and Shutterstock.bitcoin zahlen osterreichPeople have often described litecoin as silver to bitcoin's gold.ethereum million dollarsIt is the third largest cryptocurrency after bitcoin by market cap, with Ripple sitting in second place.bitcoin 100 cnbc

Litecoin was developed as a bitcoin alternative to address some of that cryptocurrency's perceived shortcomings.It was designed to be ‘lightweight’ and more abundant than bitcoin.In addition, it uses scrypt as its proof-of-work algorithm, which was aimed to make it impervious to ASIC mining, although several companies say they are planning to launch scrypt ASIC miners in the near future.bit bitcoin etfA total of 84 million litecoins can be produced on the network (compared with 21 million BTC), which was designed to process blocks faster than bitcoin.bitcoin farm in thailandIf you would like to know a bit more about litecoin, then read this more detailed introduction on how to get started.bitcoin forum satoshiSome points of note before you buy litecoin: If you are aware of the risks, if you’ve done a lot of research and you are still willing to enter the litecoin market, there are a number of potential pitfalls and issues that need to be addressed.bitcoin dealers charged in us

Buying litecoins is not as straightforward as buying bitcoins, but this is hardly surprising given the lesser-developed litecoin infrastructure.One of the easiest ways of buying litecoins is to simply purchase them with bitcoins – this approach also happens to be the fastest, and for most users it will be the cheapest option.Anyone with a stash of bitcoins can easily use them to purchase litecoins on a number of exchanges: At present, one of the biggest issues facing litecoin is the lack of exchanges willing to deal in it.bitcoin miner 50 th/sThere are roughly two dozen litecoin exchanges, but most of them only allow BTC/LTC conversions, making the buying process cumbersome.watch bitcoin bowl onlineBTC-E, Bitfinex, Crypto-Trade and Kraken sell litecoins for euros, dollars and roubles, but availability depends on your location.litecoin chart eur

For example, UK investors can buy litecoins directly from Bittylicious and BitBargain with a domestic banking transfer, but this is not the case in most countries.Australians can convert to and from AUD at CoinSpot.You can buy litecoins for fiat on these exchanges: You may think the most straightforward way to purchase would be to buy litecoin via fiat wire transfer using an exchange, but this can be a tedious process for a number of reasons.bitcoin number of the beastSome major bitcoin exchanges like BTC China and Coinbase do not handle litecoin transactions at present.spend bitcoin dcSpeed is the most obvious advantage of using bitcoin to buy litecoin.buy bitcoin with cvvIn theory, it should take just minutes, whereas international wire transfers can take days to clear and potentially incur additional costs.cox bitcoin

The limited number of litecoin exchanges means that the vast majority of potential investors have to rely on international transfers.An alternative is to buy bitcoin locally, forgoing the hassle of wiring money abroad, and converting it into litecoin.The upside is that you will get your bitcoin sooner and possibly get a better price when you convert it, provided litecoin's value keeps going up.bitcoin prediction 2018You are likely to pay more for bitcoin if you are limited to the local market.bitcoin widget windows 10A number of exchanges offer online litecoin wallets, but they are hardly elegant solutions.bitcoin nasıl yapılırMany users will want something more secure, like cold offline wallets.litecoin wallet android

Luckily, litecoin features built-in encryption that you can use to protect your wallet in just a few clicks.That said, the choice of litecoin wallets is rather limited compared to those available for bitcoin.Many users choose to use the official Litecoin-Qt desktop client, but it has its fair share of foibles, including reported syncing issues.Electrum also has an offering (OS X/Linux/Windows) using a 12-word security passphrase (or 'seed') to protect your account.ethereum cnnA few online wallets charge users for transactions and even plain storage, so be sure to read the fine print.bitcoin atm wisconsinFor longer-term cold storage, you may want to setup a litecoin paper wallet.inside man bitcoin episodeIt is also possible to get credit card-quality ‘paper wallet’ cards from Crypto Coin Wallet Cards, while a few smaller companies are already selling physical litecoins or coin holograms.bitcoin and the nwo