Don’t fret. We’ve compiled a FAQ for you below—dive in and explore.
Litecoin is a peer-to-peer cryptocurrency and open-source software project that’s a fork of the original Bitcoin protocol. It was released under the MIT/X11 license in October 2011. While it’s mostly similar to Bitcoin, it has a 2.5 minute block time and an 84 million upper cap instead of the latter’s 10 min block time and 21 million cap.
Litecoin’s main utility is in making rapid payments. While Bitcoin is the store of value, Litecoin can be your day-to-day utility crypto.
Being one of the most popular coins, you can store your Litecoin on most well-known crypto wallets. You can safely store your LTC in your CoinSmart account as well.
Charlie Lee created Litecoin in 2011. His idea was to create the “digital silver” to Bitcoin’s “digital gold.”
Litecoin has a throughput of 56 transactions per second, making it considerably faster than Bitcoin (7-10). It also has a block time of 2.5 mins.
Most recent update: October 22, 2021
This overview provides a summary of certain risks involved trading any crypto asset and is not exhaustive. Investors are encouraged to conduct their own research prior to trading any crypto asset.
No securities regulatory authority has expressed an opinion about the Crypto Contracts or Litecoin, made available on the CoinSmart Platform, including an opinion that Litecoin is not itself a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange or value of your crypto assets and such changes may be sudden and without notice.
Prior to listing Litecoin on the CoinSmart Platform, Simply Digital Technologies Inc. (SDT) conducted due diligence and determined that Litecoin is unlikely to be a security or derivative under Canadian securities legislation. Our analysis including reviewing publicly available information concerning:
Like all crypto assets, there are general risks associated with Litecoin including: volatility risk, liquidity risk, short history risk, demand risk, forking risk, code defects, regulatory risk, electronic trading risk and cyber security risk. For additional information of general risks associated with crypto assets, you may refer to the Risk Statement.
As a reminder, this Crypto Asset Statement is not intended to be exhaustive of all risks associated with trading Litecoin and we encourage you to conduct your own due diligence to determine whether trading Litecoin is right for you.
SDT is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re Simply Digital Technologies Inc. dated October 22, 2021 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada, do not apply in respect of the Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.