Why You Should Consider Buying Litecoin (LTC)

The cryptocurrency market is very rich; it encompasses many alternative digital assets with specific applications. If you are after a strong record and ambitious future development opportunities, Litecoin is probably calling your attention. In the following article, we will discuss the main features of Litecoin and why it you may want to buy LTC for your investment portfolio.

A Silver Lining to Bitcoin’s Gold

First released in 2011 by Charlie Lee, a former Google engineer, Litecoin is renowned as “the silver to Bitcoin’s gold”. In many aspects, Litecoin operates similarly to Bitcoin, the biggest and most well-known player in the crypto world. However, Litecoin has a number of differences under its hood, which can make it quite useful for investors and users.

Faster Transactions with Lower Fees

Among these is the faster transaction speed obtained by transacting in Litecoin. While bitcoin’s blockchain is structured to allow transaction confirmations every 10 minutes, a Litecoin network can do this in just 2.5 minutes. This makes Litecoin an appropriate means for everyday payment, as the waiting time for both merchants and the consumers is reduced significantly.

Additionally, on average, it has lower fees compared to Bitcoin transactions. This is because the network in Litecoin has better ability to process more transactions through without congestion and in turn brings the fees down.

Greater Scalability.

One major scalability issue on the implementation of Bitcoin is on networking. As more users increase in number, the process slows down easily, affecting how long it will take to go through with transactions. In this way, this is well solved because Litecoin has a larger maximum supply of coins—84 million compared to this—and applies a different hashing algorithm, Scrypt, in mining. This innovation allows for faster block time and handling transactions in gigantic budgets that may accrue in the future.

Higher Potential for Broader Adoption

Faster transaction speeds and lower fees with Litecoin will make it more palatable to most merchants who want to accept it as a means of payment. And that may eventually contribute to the growth in adoption of Litecoin as a medium of exchange, which will in turn increase its value over time.

Proven Track Record

Litecoin was created in 2011, thus it’s one of the more veteran and well-established existing cryptocurrencies. Such longevity attests to the resilience of the coin and instills faith in its future potential.

Invest in Litecoin

If you want to  buy Litecoin, you can do that with ease through several highly reputable cryptocurrency exchanges. Here’s a simple explanation of the process:

• Choose a Crypto Exchange: Opt for a credible exchange that also supports Litecoin. Good options to consider are Coinbase, Kraken, and Binance.
• Fund Your Account: You will be required to deposit some money into the exchange using bank transfer, debit card, or any other method provided by the exchange.
• Place a Buy Order: Now that the funds are available, you can place an order for Litecoin, which can stand only as a market order, or you may choose to set up a limit order. The former is a buy order at the existing market price, while the latter will buy at the price which the buyer has quoted, such that it seeks to buy at up to that price.
• Secure Your Litecoin: Once you buy Litecoin, your next order of business is to secure it. A hardware wallet should be considered for maximal protection.

Important Considerations

While Litecoin provides various benefits, it is vital for you to know there are inherent risks in cryptocurrency investments. It is, in fact, a very volatile market, and prices can change markedly. Research a lot of things before investing; put in only that amount which you can bear to lose.

Conclusion

Litecoin is a great opportunity for investors seeking an older but being-developed cryptocurrency. With faster transaction speeds, lower fees, and a potential for wider adoption, Litecoins clearly stand to win in the ever-evolving landscape of digital assets. By taking time to consider the investment goal and risk tolerance, you can decide if holding Litecoin adds to your portfolio.