After Bitcoin rose to popularity in the late 2000s, few alternative coins (altcoins) have shown their potential for gaining traction in the market—and of course, for being Bitcoin’s early competitors. One of these cryptocurrencies is Litecoin, launched in 2011 and developed by former Google employee Charlie Lee. There are times that Litecoin has been referred to as the silver to Bitcoin’s gold because it utilises most of the Bitcoin software but is still a distinct chain. Another reason Lee created Litecoin was that he wanted to develop a faster and cheaper version of Bitcoin.
What is Litecoin (LTC)?
Litecoin is a decentralised, open-source worldwide payment network with no central authority. Mathematics protects the network while also allowing people to manage their funds. Individuals can use it to make low-cost payments or transactions anywhere around the world.
The quantity of LTC that may be mined is limited to 84 million in terms of coin supply. The rate at which coins enter the market can also affect availability. Currently, it is ranked as the fourteenth largest cryptocurrency with a market capitalisation of over $9.6B.
Why should you buy Litecoin (LTC)?
There are several reasons to invest in Litecoin, so let us look at the elements that offer LTC an advantage in the cryptocurrency market. Check out the 7 reasons below:
Litecoin has a faster transaction.
One of the essential advantages of investing in Litecoin is its speed since it is four times quicker than Bitcoin. Litecoin executes transactions in 2.5 minutes, but Bitcoin might take up to 10 minutes. Some argue that quicker processing periods reduce the danger of possible attacks by giving hackers less time to conduct double-spending attacks.
- Litecoin is scalable.
Litecoin’s scalability is another significant advantage. Litecoin has a transaction rate of 56 per second. Bitcoin, on the other hand, can process 7 transactions per second, while Ethereum can process 15 to 45 transactions per second.
- Litecoin has a safer hashing algorithm.
If you have not heard of it yet, Hashing is one of the algorithms for calculating a string value from a fixed-size file. Essentially, it comprises chunks of data that are converted from the original text into a small fixed-length key or value. A summary of the information or data contained in the transmitted file.
The Scrypt algorithm, which is employed in Litecoin, is more secure than other hashing algorithms. Unlike the SHA-256 method, Scrypt delivers more efficient processing power in this instance. Users may mine LTC using graphics processing units, or GPUs, and central processing units, or CPUs, on their devices thanks to this algorithm. These elements do not require the use of high-performance processors. As a result, mining LTC consumes less energy.
- Litecoin is an open-source network.
One of the primary benefits of investing in Litecoin is that it is an open-source system, which means that protocol modifications may be made quickly. It is worth noting that adjustments are frequently made to adapt to the crypto market’s demands. Because of this feature, Litecoin may use technological advances like SegWit and the Lightning Network protocol to make transactions quicker and more convenient.
- Litecoin is highly accessible.
Unlike the stock exchange, Litecoin may be bought and traded at any time on multiple platforms. As a result, traders can run trading programs and benefits in their sleep from their home computers and mobile devices. Individual traders can trade LTC directly on crypto exchanges or trading platforms all around the world. One trading platform that is good for new Litecoin traders is Crypto Genius, which provides a simple approach to investing.
- Litecoin is accepted by many companies.
The growth of Litecoin-accepting online businesses has lately enabled many token holders to purchase online using their assets, causing Litecoin’s price and use-case to skyrocket. Some companies that have adopted Litecoin as a mode of payment are Travala, Sheetz, RE/MAX, and more.
- Litecoin has high liquidity.
Litecoin is also one of the top three most liquid cryptocurrencies, allowing for quick transactions. It is on almost every exchange and has a large number of fiats on and off-ramps. It is also one of the most widely accepted cryptocurrencies in the world due to its high liquidity.
Why should I choose crypto over traditional investments?
Litecoin and other crypto assets have a long way to go, and their renowned volatility makes them, unlike any other asset, a profit-generating asset. There is no better moment to buy Litecoin and other cryptocurrencies than now, while prices are still low and the rise has not completely taken hold. Buying on the way up, on the other hand, maybe a safer approach.
If you are interested in trading or investing in Litecoin, it is available on this crypto trading platform along with other known cryptocurrencies like Bitcoin, Cardano, Stellar, Chainlink, and many others. You must also be reminded that the crypto market can be highly volatile, so conducting comprehensive research about your preferred asset(s) can be a great help to you to minimise the risks.
