Litecoin Price CAD

Litecoin (LTC) Tl;dr

Founded: 2011

Founders: C. Lee

Website: https://litecoin.com/en/

White Paper: None

Token/cryptocurrency/altcoin symbol: LTC

Coins limit: Limit of 84 million. Supply approaching 69 million

Consensus mechanism: Proof-of-Work

Purpose: Cryptocurrency alternative to Bitcoin for small transactions

Resources: https://www.youtube.com/watch?v=Le5ByHtssnc

Forks: Several hard forks of Litecoin were created starting in 2013. Most remain obscure, with Monacoin in Japan being the only exception.

Financial products: Greyscale Litecoin Trust

What is Litecoin? 

Litecoin is a cryptocurrency founded in 2011 by Charlie Lee. The project was inspired by Bitcoin and uses a proof-of-work consensus to secure the Litecoin network. Litecoin is the native token on the Litecoin network. The trading symbol for Litecoin is LTC.

Litecoin remains one of the top 20 cryptocurrency projects worldwide. It has a maximum coin supply of 84 million LTC.

Litecoin has had several forks, most of which have been unsuccessful. The most successful was Monacoin in Japan.

LTC Tax

Litecoin is considered a commodity by regulators in Canada. Exchange of LTC for products, services and other tokens is considered a barter transaction for tax purposes.

How to buy LTC 

You can buy Litecoin on a cryptocurrency trading platform, exchange or receive it through the Litecoin network. You can also get exposure to LTC through financial products like the Litecoin Trust.