As a cryptocurrency, Litecoin is an open-source, peer-to-peer project. It is technically similar to bitcoin, using much of the same infrastructure. Litecoin currently trades at about 170 dollars, which isn’t really cheap, but it is still accessible compared to other super crypto coins. In this content, we tell you why it might be a great investment for you.
After all, there are so many viable competitors on the market, and so, why Litecoin? Before we dive into the content, please make sure to like, subscribe and turn on post notifications. Our content is always interesting and engaging, and you wouldn’t want to miss a single piece of content. Now let’s get started
10. Decentralized Like bitcoin on which it is based, Litecoin is open-source and decentralized. The unclosed nature of this digital asset is a great advantage because it makes it harder to be a target of regulatory bodies and government agencies. It also means Litecoin can never truly die even if restrictions are placed on its exchange.
The technology behind it will always exist and can be rehashed to make something different. This also means that brilliant developers from around the world can create new programs and functionalities for Litecoin. And so, in a way, Litecoin is crowdsourcing its development.
9. Scalable Litecoin was created to be an improvement over bitcoin. Because of this, it takes far less time to complete a transaction over Litecoin than over bitcoin. This infrastructural difference means Litecoin can support so many different transactions at the same time without crashing.
Speed of business is definitely a functionality which investors would be interested in, and Litecoin definitely has that. Litecoin also has the capability to adopt and implement new functionalities within its framework. This versatility is one of the reasons it has a solid edge over bitcoin.
8. LitePay functionality The team behind Litecoin announced a new functionality which they dubbed “LitePay”. This new feature is a money transfer platform that capitalizes on the practical uses of Litecoin, allows users to easily exchange their Litecoin with other cryptocurrencies and fiat currencies. When LitePay goes fully functional, it will reduce the number of transaction fees that traders spend using other exchange platforms and banks. The value this will save them cannot be overstated. In addition, there will be less reliance on third-party software, reducing the risk of security breaches and information theft.
7. Similarities to Bitcoin Bitcoin is considered by many to be the best cryptocurrency. It is the most traded and the most expensive. Even so, it has its problems, leading it to get targeted by regulatory bodies and critics. Litecoin was engineered to be a better version of bitcoin, and so far, this has proven to be the case. People prefer bitcoin because of how securely it is able to store value.
As it flounders and struggles to stay afloat in the wake of environmental concerns, Litecoin may prove to be a most worthy successor.
6. Limited Amount Like bitcoin, only a limited amount of Litecoin can be mined from out of the fabric of cyberspace. The figure is reportedly 84,000,000, which is a sure improvement from bitcoin’s 21,000,000. This limited nature means that every single Litecoin is valuable. Because, as Litecoin gains popularity, demand is going to surge up, driving up its price as well. And so, while the price of Litecoin is still low, it could be a great investment to purchase as many units as possible. Who knows how much a single Litecoin could cost when they’ve all been mined and traded?
5. Listed in Multiple Exchanges Litecoin is listed in many exchanges around the world, making it easy to buy and sell. This accessibility of conducting business is something that not many other cryptocurrencies can brag about. Certain cryptocurrencies get delisted from popular exchanges due to one reason or another.
However, as the fifth most traded cryptocurrency in the world, Litecoin is almost a constant. Crypto exchanges like Gemini, Binance, By bit, Coinbase and Changelly keep Litecoin in their lists of tradeable securities.
4. Dedicated Team Unlike bitcoin, the originators of which are unknown, Litecoin has a dedicated development team that guides its growth and guidance. In fact, one of the key developers of this cryptocurrency is a former Google and Coinbase engineer.
Since Litecoin was launched, its dedicated team has created room for Atlas Swamps, which allows for the exchange of one cryptocurrency with another across blockchains. In addition to this, there’s the Lightning Network, which enables high-speed transfers and transactions. With LitePay and many others on the way, the usefulness of Litecoin’s dedicated dev team is well demonstrated.
3. Low Transaction Costs Everybody knows that a real bane of money transfers worldwide is transaction fees. To keep their businesses afloat, the platforms that facilitate these deals charge a percentage, which can sometimes be exorbitant.
When doing business with Litecoin, though, transaction fees and really low and reasonable. This is to encourage others to trade with Litecoin so as to lose as little value as possible to exchange platforms.
2. Fast Transaction Times Transaction speed is one of the most important things when it comes to doing business. For this reason, Litecoin should be a serious consideration of all businesspeople. The thing about Litecoin is that it was specifically engineered to have higher transaction speeds than its counterpart, bitcoin. In spite of these fast transaction times, it is just as secure as bitcoin and can store just as much value.
1. Undervalued One huge reason to invest in Litecoin is that it is dramatically undervalued. Bitcoin currently trades at around 40,000 dollars while Litecoin hovers around 170 dollars. In spite of this price discrepancy, Litecoin is an improvement over bitcoin and utilizes much of the same infrastructure. For this reason, it should be a prime target for serious investors. Though the value of Litecoin isn’t all that great right now, it has the potential to surpass bitcoin and take the throne as the king of digital assets. So there it is. Ten great reasons why Litecoin could be an amazing investment.
Almost remember, though, that no investment is 100% a sure thing. Also, no investment is 100% risk-free. And so, don’t invest anything you’re not prepared to lose. But then again, don’t be afraid to take risks. As we come to the end of this content, we hope you have learned about important alternate cryptocurrencies to Litecoin. As great as Litecoin is, and as much potential as it has, it’s always worth exploring alternatives. As cryptocurrencies fall under further scrutiny, some of them are likely to falter. And so, make sure you’re putting your money into a good investment by doing your research.
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