How to Buy Litecoin (LTC) in Australia

Litecoin (LTC) is a peer-to-peer digital currency built for fast, low-cost payments to anyone in the world. It runs on its own native Layer-1 blockchain, so the coin and the network are one and the same, and it is fully decentralised with no central authority in charge. Litecoin is often described as the "silver to Bitcoin's gold", because it was designed as a lighter, quicker companion to Bitcoin for everyday spending.

Litecoin is secured by proof-of-work, but it uses the Scrypt hashing algorithm rather than Bitcoin's SHA-256. Scrypt is memory-hard, which changes how mining hardware is built, and the network aims to add a new block about every 2.5 minutes. That is roughly four times quicker than Bitcoin's ten-minute target, which is part of why Litecoin suits small, frequent transfers.

• Chain: its own native Layer-1 network (the coin is the network).
• Consensus: proof-of-work using the Scrypt algorithm.
• Block time: roughly 2.5 minutes, about four times faster than Bitcoin.
• Supply: capped near 84 million LTC, four times Bitcoin's 21 million.
• Created by: Charlie Lee, a former Google engineer, in 2011.

Who created Litecoin?

Litecoin was created by Charlie Lee, a computer scientist and former Google engineer, who released the network on 9 October 2011. He built it by adapting Bitcoin's open-source code, keeping the parts that worked while changing the mining algorithm and speeding up block times. This makes Litecoin one of the earliest coins to branch off from Bitcoin, and one of the longest continuously running cryptocurrencies. The project is supported today by the Litecoin Foundation, an organisation that helps fund development and promote wider use.

How does the Litecoin network work?

Litecoin settles its own transactions on its native Layer-1 chain, so LTC is not a token issued on another network. Miners compete to add blocks using the Scrypt proof-of-work algorithm, and because Litecoin and Dogecoin both rely on Scrypt, they are often secured together through merged mining, where the same work can help protect both chains at once. A capped supply of about 84 million coins means new LTC enters circulation on a predictable schedule that halves over time.

What is Litecoin used for?

Litecoin is designed to move money quickly and cheaply, which makes it a practical choice for everyday payments, online purchases and cross-border transfers that would otherwise be slow through a bank. A range of merchants and payment processors accept LTC, and its quick confirmations and low transfer costs suit small payments. Ongoing work such as the Lightning Network for near-instant transfers, and the opt-in MWEB (MimbleWimble Extension Blocks) upgrade activated in 2022 for more private transactions, continues to extend what the network can do.

Can you stake Litecoin?

No. Litecoin cannot be staked, and staking is not offered for LTC on Digital Surge. Staking belongs to proof-of-stake networks, whereas Litecoin is secured by miners doing Scrypt proof-of-work, so there is no staking mechanism built into the protocol. On Digital Surge, LTC is tradeable and swaps-enabled, but not available for staking.

Things to consider before buying Litecoin

Cryptocurrency is volatile, and the AUD value of Litecoin can rise or fall sharply over short periods, so the value of what you hold may change quickly. Digital assets are not covered by government guarantees the way bank deposits are, and if you self-custody, on-chain transfers generally cannot be reversed once sent. This is general information only and not a recommendation. Consider your own circumstances, do your own research, and speak to a qualified professional about tax before buying.

Why Buy Litecoin?

Many Australians hold Litecoin because it is one of the oldest and most tested cryptocurrencies, it settles payments in about 2.5 minutes at low cost, and it runs on a decentralised network that no single party controls. Digital Surge lets you buy LTC with AUD through PayID or bank transfer, with Australian-based support. This is general information only and not a recommendation; consider your own circumstances before buying any cryptocurrency.

Buying Litecoin in Australia: the quick recap

To buy Litecoin in Australia on Digital Surge: create a free account, verify your ID, deposit AUD via PayID or bank transfer, then buy Litecoin. The whole process takes about five minutes, and your Litecoin is held safely in your Digital Surge wallet.

Learn more about Litecoin

On Digital Surge you can see the live Litecoin price and LTC to AUD converter, see other coins in the Proof Of Work category, or read what cryptocurrency is before you buy Litecoin in Australia.