Is Litecoin worth Investing? How to buy it?

In case you are researching crypto-investment, you may have questions regarding Litecoin. Is Litecoin worth investing in?   How to buy Litecoin? Here, you will find reasonable answers to all your questions. 

Litecoin was developed on October 13, 2011, by Google developer Charlie Lee and is today the tenth most valuable cryptocurrency in terms of market value. Litecoin is now one of the ten most valued cryptos, with a market valuation of $11.6 billion. Furthermore, the size and liquidity of Litecoin make it very visible. Its daily trade volume exceeds 2 million coins on average.

Given the tremendous volatility in the crypto market, liquidity is critical. A single sale might wreck the price of a cryptocurrency if there isn’t enough liquidity. On the other hand, LTC investors will never have to worry about liquidating their holdings.

The Litecoin coin is an “old” cryptocurrency. No other coin has lasted in the top 10 for as long as Bitcoin. BTC and LTC have each spent 410 and 409 weeks on the charts.

Distinctions between Litecoin and Bitcoin

It was established due to a “fork” of the Bitcoin Core blockchain’s source code (a fork is when a blockchain splits into two separate paths, building two distinct coins). The following are the primary distinctions between Litecoin and Bitcoin:

  • Transaction costs are reduced.
  • A hashing algorithm that isn’t the same as the others
  • Block creation time is reduced.
  • An increase in the maximum number of coins that may be held

The Litecoin network continues to be one of the most rapidly developing and generally recognized by businesses all around the globe. As of September 2021, 3,070 merchants are likely to accept Litecoin as a means of payment. If this pattern continues, Litecoin’s value will only rise in the long run. At least, that’s what Litecoin bulls hope.

OmniLite-A token generating tool

Due to various saturation difficulties with main cryptocurrency networks like Bitcoin and Ether, other networks have stepped in to fill the void. Moreover, The Litecoin Foundation recently announced “OmniLite,” a decentralized token generating tool. OmniLite is a layered protocol based on the Litecoin blockchain that benefits from the cryptocurrency’s security and low expenses.

Pros of Litecoin 

Easy Liquidity: 

Litecoin is now one of the ten most valued cryptos, with a market valuation of $11.6 billion. Because of its size, Litecoin has a high level of visibility and liquidity. Its daily trading volume averages more than 2 million coins.

Given the tremendous volatility in the crypto market, liquidity is critical. A single sale might wreck a cryptocurrency’s price if there isn’t enough liquidity. On the other hand, LTC investors will never have to worry about liquidating their holdings.

High Reliability

Litecoin investors may rest easy knowing that the underlying software is reliable. In line with this, Litecoin is one of the earliest cryptos and developed primarily as a fork in the Bitcoin (CCC: BTC-USD) network. LTC, like Bitcoin, is an open-source and decentralized cryptocurrency.

Charlie Lee, a computer scientist, was the project’s creator. Lee worked for Alphabet’s Google (NASDAQ: GOOG, NASDAQ: GOOGL) before joining Coinbase (NASDAQ: COIN). He’s not a slacker by any means. Lee’s first ambition was to make Litecoin the silver to Bitcoin’s gold.

Performance

Because Lee wants to outperform Bitcoin, Litecoin offers various advantages. Verification of Bitcoin transactions takes an average of a little under nine minutes. Proof of LTC transactions takes only 2.5 minutes. Because of its faster speed, Litecoin may be easier to grow in the long run.

Litecoin transactions are also less expensive than Bitcoin transactions. The average cost of a Bitcoin transaction is $4.38. LTC transaction fees are only 2.6 cents on average.

How to buy it?

One of the most popular ways to buy it is on an exchange like Kraken, which consistently ranks as one of the world’s safest and most reliable cryptocurrency exchanges. Additionally, cryptocurrencies are nearly impossible to recover after they are lost. You may look for a crypto ATM that accepts LTC near you. On the other hand, the ATM fees might be high, and there’s no assurance that you’ll be able to locate a counterpart to trade with.

Conclusion

For cryptocurrency investors prepared to look outside the box, Litecoin remains an intriguing possibility. This cryptocurrency is still up against a slew of other blockchains that are continually developing and upgrading. It remains to be seen whether Litecoin could go beyond trying to keep up with the trailblazers and truly set the pace in this area.

Litecoin’s worth as a cost-effective network with low fees and significant merchant adoption should tempt cryptocurrency aficionados to investigate the asset further. This is definitely an option I’m keeping an eye on right now. Questioning an investment thesis encourages us to think critically about our investments and make decisions that will help us grow wiser, happier, and wealthier.