What Is Litecoin
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open reservoir, global payment network that is fully decentralized. Mathematics secures the network and empowers individuals to control their own finances. Litecoin was the third most popular digital currency, behind Bitcoin and Ethereum ( okay, it ‘s fallen a little morsel ascribable to the popularity of Ripple, but close adequate ). There ‘s some subjectivity about whether it ‘s actually second behind Bitcoin, but that ‘s neither here nor there. In 2014, Dash, a competing crypto-currency, schism from the Litecoin blockchain. You can learn about investing in Dash here .
How Litecoin Is Different
Litecoin is different than other currencies is a match key ways. first, unlike Bitcoin and Ethereum, Litecoin uses a software algorthym ( Scrypt ) to mine units. This somewhat prevents individuals from making potent customs computers ( or rigs ) specifically to mine the currency. second, Litecoin has one of the fastest transaction times of the digital currencies, clocking in at 2.5 minutes ( versus the 10 minutes for Bitcoin ). Third, and most democratic for investors, Litecoin is the bum of the three major cryptocurrencies. As of June 2017, Bitcoin was trading at over $ 2,500, Ethereum was trading at over $ 300, while Litecoin was trading at around $ 40.
Fast forward today ( December 2021 ), you ‘ll see LTC is trading above $ 160 !
How To Invest In Litecoin
If you ‘re looking to invest in Litecoin, it ‘s important to remember that Litecoin is a currentness. This means it does n’t act like a sprout or shackle. rather of buying shares of Litecoin, you are swapping your currency for Litecoin currency. For example, $ 1 USD is adequate to about $ 163 in Litecoin today. The goal is for the value of Litecoin to rise, in which case, you could exchange your Litecoins back to dollars ( from person will to do the exchange ). indeed, where can you do this ? sadly, you ca n’t invest in Litecoin at your standard broker. rather, you need a digital wallet. The best digital wallet we ‘ve found for US Citizens is Coinbase. Coinbase allows you to buy and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin all in their app. Another solid choice is Uphold, which let ‘s you buy and sell upwards of 60 different cryptocurrencies in the United States.
Since Coinbase is besides a digital wallet, you can use your wallet to buy, sell, send, and receive Litecoin equally well ( for example, using Litecoin to pay for goods or services on-line ). By using THIS LINK you ‘ll get $ 5 in BTC after you open a new report and make your first barter. You can then convert your Bitcoins and bonus into Litecoins if you wish.
If you do n’t like the estimate of a digital wallet, there are no ETFs that chase Litecoin even. however, GBTC is an exchange traded fund that tracks Bitcoin, which you can purchase on a chopine like eToro. You can besides invest in other cryptocurrencies on eToro equally well .
Like any currency, there is a high degree of risk involved if you ‘re considering investing in Litecoin. however, given the depleted price charge and facilitate of entree via tools like Coinbase, it can be tempting to try a little measure and see what happens. You never know, Litecoin could skyrocket arsenic high as Bitcoin is today, and you might be thanking yourself in several years .