Litecoin is a peer-to-peer cryptocurrency based on blockchain technology that’s
aiming to serve as the foundation for a global digital payment system. It was founded in October 2011 by MIT graduate
and former Google employee, Charlie Lee.
Litecoin is often referred to as the ‘silver’ to Bitcoin’s ‘gold’. This is because it is based on the Bitcoin protocol,
but currently works at a cheaper and faster scale, with the Litecoin network processing blocks every 2.5 minutes.
Litecoin has a maximum coin supply of 84 million. Each Litecoin is divisible by one-millionth, with the lowest unit
of measurement being 0.00000001 – known as a photon.
The price of Litecoin and other cryptocurrencies are determined by supply and demand: the buyers who want a certain currency and the sellers who have that currency. Luno does not set the price of Bitcoin or any cryptocurrency.
There is no global Litecoin price, it isn’t pegged to any currency, country or Bitcoin platform. When you see the price on Google, it is simply showing an estimated, international price.
No. Litecoin and most other cryptocurrencies are divisible. You can spend a small amount of money and buy or sell very small amounts over time.
You can buy Litecoin through our app as well as our Exchange. After you’ve signed up with Luno, you can deposit money to your account.
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