To begin with, there are a lot of different crypto currencies available in the market. Therefore, choosing which one to invest in can be confusing. This is mainly because the demand for crypto currency is very dynamic, and it changes very rapidly. Maybe you have been on the fence, asking yourself, “should I buy litecoin?”.
Litecoin is the form of crypto currency, and since its inception in 2011, it has been one of the most successful ways of crypto. Though it’s not as know, it is said to have increased its value by more than 5000%.
What is litecoin?
LTC is Litecoins currency code. Charlie Lee created Litecoin in 2011. He aimed to transform the Bitcoin blockchain making it much faster and cheaper in processing transactions. To accomplish this, he had to take the Bitcoin blockchain and change the technology, improving what it can do. Forking is the name of this process. It’s a joint event in the work of crypto currency, and most currencies are formed by this method. Currently, many people invest in LTC and it became a popular crypto currency.
Why is litecoin popular?
Litecoins has gained popularity over the years, mostly because of its ease in mining. Therefore, the amount of computer power needed to mine this form of crypto is relatively little in comparison to other types such as Bitcoin. Bitcoin, as its popularity grew, became much harder and expensive to mine. Litecoin changed how the block chain verifies transactions making its cheaper and more energy efficient.
The transaction speeds with Litecoin are relatively faster. Bitcoin, for example, takes around ten minutes. And Litecoin on the other three minutes. Therefore, this allows people to process more Litecoin over time. The fees for transacting are also on the lower end. These are some of the things that have made LTC popular over the other crypto currency and its advantages out the way its disadvantages and so making it even more popular in the market.
Advantages of litecoin
• Firstly, Litecoin was listed in the Coinbase.
• Secondly, the cryptocurrency has a high trading volume.
• Thirdly, it is well established.
• Lastly, Litecoin is perfect for a short term investment.
• Highly volatile
• Blockchain scalability
To sum up, investing in crypto currency means that you have to make a decision for a question “should I buy Litecoin”. You need to decide whether you want a short term investment (1-12 months) or a long-term one. They are a leading, popular broker exchange, and it is excellent for beginners. Having to benefit after a short time is what makes this crypto currency on top of the investing ladder, and many who do not know about this get along well with LTC. Additionally, it has many things that are straight forward. Hence, you get the results after a short time. If you decide to invest in Litecoin, this guide has covered the basics for you.