Top Facts about Bitcoin on its 11th Anniversary.

It’s 31 October 2019 and today marks exactly 11 years since the release of Bitcoin’s whitepaper by Satoshi Nakamoto. On this day in 2008 the first cryptocurrency was conceived and it created a monumental shift in the way we perceive the future of money and provided a revolutionary new direction for resisting censorship from the corrupt central banking system that has been ruling over our lives for over a century.

Indeed, censorship resistant ownership of one’s capital is a giant leap for anyone who’s ever been a victim of unfair seizure of their funds by the authorities and there are many an example of such abuses of power throughout the years across the world and even though most people today see Bitcoin and other cryptocurrencies mainly as means to become rich quick, the true essence of this new asset class lies in the fact that it provided a real opportunity to combat the dangers of  having one’s capital taken away from them.

I don’t want to undermine the fact that Bitcoin did create hundreds of millionaires throughout the past decade and continues to do so, nor do I try to oppose the concept of shifting power and capital from the centralised banking system back to the common folk. This was all very beneficial to everyone who was bright enough to enter this space in the early years and especially to those risk-takers who believed in the power of the digital currency from the early days when it was in its infancy and the rest of world was completely dismissive of it (myself included in those sceptics), so let’s take a moment and reflect on what we have achieved in the past 11 years.

Here are just a handful of examples of what Bitcoin managed to bring to the world and why this (still hugely volatile) digital currency is so important to the world and everyone who is involved in its network.

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  • Blockchain – possibly the biggest and most widely recognised invention that Bitcoin brought to the world is the creation of a decentralised, independently shared and publicly accessible and verifiable record of data that is immutable and resistant to censorship or control from any one entity.
    There have been many nay-sayers and sceptics of Bitcoin but even the hardest opposition to crypto, such as the central banking system, admits that Blockchain technology is the future and recognise it as one of the greatest innovations of our time.

 

  • The first Bitcoin transaction in the real world was for 2 pizzas on May 22 2009 which became known as Bitcoin Pizza Day. The guy who wanted to be known as the first person to buy something with Bitcoin paid 10 000 bitcoins for the pizzas which today comes to about 93 million US dollars.

 

  • Bitcoin has created more millionaires than any other asset in the past decade. The exact number is not recorded but it’s a fact that there are even a handful of billionaires created by investments in Bitcoin.

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  • Over the past decade we managed to mine more than 85% of the total bitcoin supply which is capped at 21 million coins. Today the circulating supply amounts to 18,022,262 coins produced by 601,794 blocks according to coinmarketcap.

 

  • Bitcoin’s network consists of thousands of computers worldwide is more powerful than the world’s top 5 supercomputers combined. It has never been hacked and is fully decentralised.

 

  • It took 4 years for bitcoin to go from $0 to $1000 and less than 1 year to jump from $1000 to $20 000 (back in 2017). Since then the price has corrected and we experienced a downtrend in 2018 but things picked up again and the $20k price tag is once again within reach in the foreseeable future.

 

  • Bitcoin’s produce is halved every 4 years and although we have already mined the majority of it, it will take us another 100+ years until we mine the last satoshi.

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  • In its decade of existence bitcoin has outperformed every other stock or asset in the world in terms of price appreciation, surpassing even the value of Gold and Silver and bringing in much higher Return of Investment to its hodlers.

 

  • The term HODL was born by a simple mistake in a drunken post on a Bitcoin forum and it became a worldwide acronym used by everyone, even mainstream media.

 

  • The smallest spendable denomination of Bitcoin is called a “satoshi” in reference to its creator and this month the term was added to the Oxford English Dictionary. The term “bitcoin” was already added to the dictionary back in 2014 and was defined as: “a digital currency in which transactions can be performed without the need for a central bank.”

 

  • Bitcoin gave birth to a whole new industry called cryptocurrencies and today there are more than 2000 of them, many of which are trying to add new use cases and go beyond the monetary use of bitcoin.

 

  • There are currently 9255 public nodes running on the Bitcoin network. (at the time of writing, but this number is changing daily.)

 

  • The price of Bitcoin is by far the biggest catalyst in its popularity amongst the retail investor and to date it’s price appreciation comes to a whopping +292,635.11% since its conception.

 

If you liked this article, consider following this blog and leave a comment below. I would like to hear your thoughts on Bitcoin and whether you are a fan or a sceptic.
I also run a YouTube channel where I post various content related to cryptocurrencies and blockchain technology.


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🏆Exchanges I use for trading crypto:

Binance
Kucoin 
Bittrex
Bitfinex
HitBtc 

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Where I buy crypto:

BitPanda (Europe)
Cex (Global)
Coinmama (Global)
Changelly (good for instant coins swaps)(Global)
Payeer (Europe, Asia, alternative to paypal)
Bitfinex 
Coinbase (USA, EU, Africa) Get $10 worth of Bitcoin on your first $100 crypto purchase with this link: http://bit.do/coinbase_join

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Where I store my crypto

  • Ledger Nano – the best hardware wallet (offline storage)
  • Trezor – also one of the best wallets out there.
  • Exodus – desktop wallet
  • Coinomi – mobile phone wallet with instant coin swap feature
  • Crypto.com – mobile wallet and exchange

Ledger Nano X - The secure hardware wallet

 

Litecoin in a nutshell and how to buy it.

What is Litecoin

Litecoin is one of the first alt coins (a term given to all cryptocurrencies besides Bitcoin) and it was created by Charles Lee, a former employee of Google, back in 2011 as a fork of Bitcoin (a variation of the protocol) in order to facilitate a faster, lighter network.

It has taken the general idea behind Bitcoin, but with a few changes.
1-The block time is much faster – 2.5 minutes versus 10 minutes for Bitcoin.
2-The mining algorithm (scrypt, instead of SHA-256) blocks the use of powerful ASIC miners like the ones we have in Bitcoin.
3-The total number of Litecoins available is 84 million as opposed to Bitcoin’s 21 million.

For some time Litecoin was the biggest alt coin but since the rise of Ripple, Dash and Ethereum, it was pushed out of the top and for a long time now it is being overlooked and subsequently undervalued. Which is good news for first time buyers.

However recently Litecoin started booming again, mainly due to the fact they adopted the Segwit soft fork implementations and the super-fast Lightning Network solution. In February this year The Litecoin Foundation announced LitePay and LitePal – two major payment solutions that will catapult Litecoin to new highs in the cryptosphere. According to the press release, LitePay takes Litecoin out of the cyber realm and places it squarely in real life by allowing businesses to accept payment in Litecoin from anywhere on earth. Transactions will be super-fast and allow customers to pay for products and services in dollars with no transaction charges. A Litecoin wallet will also be available for all major mobile and desktop browsers and instant withdrawals from VISA compatible ATMs and spend with any VISA merchant will be possible.

This makes it an attractive “buy” for anyone looking to diversify their crypto portfolio.

litecoin

How to buy Litecoin

First things first.
Before you buy, make sure you have a place to store it. An offline (cold storage) wallet is advisable but if that is too much expense right now, you can do with a free online wallet for a start.

My top choices for wallets are:

  • Ledger Nano S (offline, hardware unit, safest option)
  • Exodus (desktop wallet, very safe unless your computer gets compromised)
  • Jaxx and Coinomi (phone apps mainly for Android)

Buy Litecoin with a Credit/Debit Card

For first time buyers, I would say that the most popular website is Coinbase which is available in the United States, Canada, Europe, UK, Singapore, and Australia. The fees will come out to around 4% per purchase (some foreign currency fees might apply too depending on your region). I have been using this service for years.

 

BitPanda

BitPanda is based in Austria and is a crypto brokerage service. You can buy using a credit card from most European countries.

CoinMama

CoinMama allows you to buy bitcoins with credit card from nearly any country. Once you get the bitcoins convert them to LTC using Binance.

Paybis

Paybis is a relatively new service and so far I’m seeing good feedback on it but I have not used it myself. It is a Latvian-based company and they work with a variety of payment processors such as Payza, Payeer, PErfect Money and even Paypal on some occasions so it is worth checking its availability in your region. Their fees are between 8-10% so not the lowest on the market but with its good deal of usability this may be a good website for you.

Buy Litecoin with Bank Account or Bank Transfer

Coinbase

Coinbase is the easiest way to buy litecoins with a bank account or transfer.

Coinbase, like is is for credit cards, is available in the United States, Canada, Europe, UK, Singapore, and Australia. Americans can use ACH transfer (5-7 days wait), and Europeans can use SEPA transfer (1-3 days wait).  The fees will come out to 1.49% per purchase.

BitPanda

BitPanda is based in Austria and is a crypto brokerage service. You can buy using SEPA transfer from most European countries. You can also use SOFORT, NETELLER, or GiroPay.

Paybis  is also accepting bank transfers but this is usually a slow service so not the most preferred method in my experience.

 

Buy Litecoin with Cash

There are Bitcoin ATMs that support Litecoin but these are hard to get by so this will not be your easiest option.

 

Buy Litecoin with Bitcoin

If you already have bitcoins then it is VERY simple to convert some of your BTC to litecoins.

You just need to find an exchange with the LTC/BTC pair, which is most exchanges since LTC/BTC is a very popular pair to trade.

Binance

Binance is now one of the largest if not the largest cryptocurrency exchange in the world. You can use the LTC/BTC and you can also have a knock-off the fees on Binance if you buy and hold their own coin BNB which is also a great way to diversify your holdings and benefit of a larger, more versatile portfolio.

Changelly

Changelly is probably the fastest way to convert BTC to Litecoin. You just enter the amount of LTC you want to buy, and give them a LTC address. Then they will tell you how much BTC to send to their address. Once your BTC is sent, you will have LTC delivered to your wallet very shortly after.

 

ShapeShift

Shapeshift is basically the same as Changelly, and was actually the first company to come up with the concept of an exchange that does not hold your own funds. Their fees are often steep and I don’t use it very much. It is integrated in Jaxx wallet so if you get that one, you don’t need to go to Shapeshift website, you can use it in-app.

Buy Litecoin with Skrill

BitPanda, mentioned above, also accepts Skrill payments for LTC. The fees will vary and are simply included in your buy price.

 

Frequently Asked Questions

We will aim to answer many of the most common questions relating to buying Litecoin with Ethereum.

Why are there limited options?

The issue in all crypto markets is liquidity. As the space gets bigger, the liquidity also gets better. But as of now, the only VERY liquid cryptocurrency is Bitcoin. So exchanging two altcoins between each other is often harder than if BTC was involved on one side of the trade.

Why can litecoin take so long to buy?

Litecoin can take long to buy because the legacy banking system is very slow. If you are buying with another cryptocurrency, you will see how fast it is to buy!

Bank transfer in the USA, for example, take about 5 days to complete. So any purchase of Litecoin made with a US bank transfer will take a minimum of 5 days.

Can you sell litecoin?

Yes, you can sell LTC on most of the exchanges mentioned above. The fees, speed, and privacy is the same in most cases.

Can you buy partial litecoins?

Yes, litecoin, like Bitcoin, is divisible to many decimal places so you can buy 0.1 LTC, 0.001 LTC, etc.

Can anyone buy litecoins?

Anyone is free to buy litecoins, as long as you find an exchange that supports your country. Most cryptocurrency wallets do not require ID to sign up so you can always make a wallet and get paid in litecoin, too.

Is it better to mine or buy litecoins?

If you have cheap electricity, it might be worth it to mine litecoins. If you have solar power or just want to mine for fun then it could be worth it. Otherwise, it’s probably better just to buy.

Mining is constantly changing and small changes in Litecoin price or electricity can greatly affect your profitability.

Which payment method is best to use?

For speed, credit card will likely be fastest. For larger amounts, bank transfer is best. For privacy, it’s best to buy bitcoins with cash and then trade for litecoins using Changelly or Shapeshift.

What are Alt Coins?

ALT COIN (1).pngAltcoin is a term given to all crypto currencies other than Bitcoin. It literally means alternate coin. Altcoins are alternative blockchains to Bitcoin, they use the same basic principals as Bitcoin but with some changes (e.g different mining algorithms or consensus rules etc…).

Most alt coins are forks on Bitcoin, some are built on the Bitcoin blockchain, others operate their own blockchains and offer diversity in functionality, innovation, niche-specific developments or just improvements on what is already there. For instance faster transacting, better privacy, easier coding or more popular and usable language (Bitcoin is built on C++ which is a computer language not very popular these days, while many of the new cryptos are written on Java or Microsoft’s .NET that attract vast communities of developers and freelances who work with these computer code languages).

Many alt coins are competing to be the next big success story but the market is already saturated and only a small percentage of the currently circulating cryptos are in fact worth looking into.

There are nearly 1000 crypto currencies currently in circulation and the ones that I am trading or investing in, are only the top 30 or so. The best way to find out how they perform is by going to https://coinmarketcap.com/ and see their current rating by volume.

But what really makes a cryto currency valuable and why some of these virtually unknown and brand new coins go up in price is determined by a series of factors outlined in my next post. But just before I leave you, please note that you should definitely avoid any crypto currency that involves heavy recruiting and is based on a deep multi level marketing system. The likes of Onecoin, Dascoin, Swisscoin, Scoin or The Billion Coin [TBC] are all in this category. These are not on the public exchanges and they only serve as community tokens system, therefore they are not easily spendable or tradable, if at all…