Many people want to buy cryptocurrencies, whether it be bitcoin or an alternative form of cryptocurrency. Among the first alternative cryptocurrencies to be launched after Bitcoin is LTC. Some describe Litecoin as the “little brother” of bitcoin, and there are many similarities between the two. Find out if you should invest in Litecoin and get a better understanding of how this popular cryptocurrency works! Let’s consider in more detail, What is Litecoin (LTC), how much is it and is it worth investing in?
What is Litecoin and how does it work?
Litecoin is one of the oldest and most famous forms of cryptocurrency on the market. Litecoin is decentralized and based on blockchain technology – just like bitcoin.
The fact that Litecoin is decentralized only means that control of the currency is not centralized by a government bank or other third parties. Litecoin has a digital ledger for transactions and a P2P (Peer to Peer) network that controls transactions.
All transactions are published on the network and a certain number of nodes must confirm (verify) them. All transactions are added to a block on the blockchain, and new blocks are formed more frequently than with Bitcoin (every 2.5 minutes). It also makes transactions a bit faster.
How is Litecoin different from competitors?
There are several differences between Litecoin and Bitcoin. For example, Litecoin has the Scrypt algorithm, whereas Bitcoin uses Proof-of-Work. To make it a little easier for you to choose which currency is best for you, we take a closer look at the key differences between Bitcoin and Litecoin:
- BTC is using Proof-of-Work, and LTC is using Scrypt
- BTC creates a new block every 10 minutes and Litecoin creates a new block every 2.5 minutes.
- BTC accepts 7 transactions per second, LTC – 56
- BTC has a slightly higher transaction fee than LTC .
- BTC has more users than LTC.
- BTC has a higher market price than LTC .
- BTC has a maximum of 21 million units of currency, while LTC can have 84 million
Why do investors choose Litecoin?
Many investors choose LTC because of the range of benefits that owners of this asset receive. For example, Litecoin has one of the lowest transaction fees for cryptocurrencies. As one of the oldest cryptocurrencies, Litecoin also has a large, thriving community of users. These factors make Litecoin popular as a peer-to-peer (P2P) cryptocurrency transfer coin.
Why invest in Litecoin? This cryptocurrency is chosen due to the fact that it opens up the following opportunities:
- make cryptocurrency transactions with a commission of 1 cent per transfer;
- expect that in most cases the transaction is confirmed in about 2-3 minutes, which is four times faster than Bitcoin;
- join a large developed P2P crypto community to make transfers;
- to be the owner of a crypto asset, which, like bitcoin, has projected deflationary properties associated with limiting the supply volume and periodically halving the miner’s reward.
If you are looking for a cheap and lightning-fast cryptocurrency, Litecoin can be a good alternative to Bitcoin. Thanks to its Scrypt algorithm, Litecoin is also more democratic for mining, since you cannot get power by mining in groups.
Potential Pros and Cons of Investing in Litecoin
If you are still unsure if Litecoin is right for you, it might be helpful to consider the pros and cons. What are some good reasons to get LTC, and why you should probably avoid it? Let’s take a look at the matter!
| Pros | Cons |
| One of the benefits of using Litecoin is that the Scrypt algorithm provides a fairer form of mining. Bitcoin allows the creation of mining teams, where groups can join together and gain more power on the network.
With Litecoin, in principle, anyone can start mining and everyone has an equal starting point. Another advantage of Litecoin is that the cryptocurrency is cheap to use and often less expensive than other cryptocurrencies. Otherwise, it is positive that Litecoin has been on the market for so long and that the cryptocurrency is so well suited to everyday use. It is simple and clear, and there is nothing envious. |
Perhaps one of Litecoin’s problems is the simplicity of the cryptocurrency. In a market where many people showcase innovative solutions, Litecoin is outdated. It is important to keep up with the innovations. |
Should you invest in Litecoin now?
If you want to buy Litecoin, it’s easy enough to get started. But before this popular cryptocurrency can be purchased, you need to find a cryptocurrency exchange that offers Litecoin. For example, you can trade Litecoin at eToro which is one of the biggest crypto exchanges.
Create a user account with DotBig and then make a deposit. Your deposit is the money you spend to buy Litecoin. You can deposit money using “regular” payment solutions such as bank transfer or Visa. After that, you go to the markets of the corresponding crypto exchange. You can then select LTC or Litecoin and confirm your purchase.
Why choose DotBig to buy LTC?
There are countless crypto platforms today, but DotBig is the best trading platform for those who want to buy. First of all, investors choose DitBig for Litecoin investment for several reasons:
- Simplicity and convenience
DotBig offers an easy-to-use interface on both mobile and desktop so you can make transactions quickly and securely. It only takes a few clicks to buy, sell, trade, and stake LTC.
- Always up-to-date information and moving forward
Get real-time market data to track liquidity in a highly competitive market.
- Safety and reliability
DotBig LTD provides service availability at the level of 99.9%, even during periods of high market volatility.
- 24/7 customer support
Get answers to all your questions from our multilingual support team 24/7.
Is Litecoin a good buy on DotBig, if you still have questions about the expediency of investing in this cryptocurrency, below you can find the most common questions about this crypto asset.
FAQ
Is Litecoin a good investment?
Is Litecoin is a good investment, because it is one of the oldest cryptocurrencies, which has been consistently following bitcoin for many years, remaining a short distance from it The stability of the project is supplemented by an important advantage – the coin appeared much earlier than other coins in the capitalization rating. Considering this and a number of other advantages, Litecoin is considered a good investment.
How to invest in Litecoin?
The easiest way is to do it via exchanges. The majority of investors and traders buy Litecoin with USD or BTC (Bitcoin). Since different trading platforms have different trading or buying power. You can also use the services of a cryptocurrency broker DotBig, which offers favorable conditions for the purchase of this asset.
Should I invest in Litecoin right now?
Whether you want to invest in Litecoin, buy it or trade with CFDs, it is essential to find a reliable regulated company in order to avoid problems with the transfer of profits. In general, Litecoin is a good investment, an instrument that can be purchased on any crypto platform.