What is Litecoin and Should You Invest in it?
If you have decided to invest in cryptocurrencies, these days there are a lot of options to choose from. It can be a real headache to decide which cryptocurrency to invest in, and it is better to have in-depth knowledge about every type of cryptocurrency available before making a choice. Here we will be talking about litecoin and discuss whether you should invest in it.
Background Information about Litecoin
Litecoin is a cryptocurrency developed in 2011 by Charlie Lee. The currency code of Litecoin is LTC. It is a peer-to-peer online currency with which instant payments can be made globally, with almost zero transaction cost. It is an open-source, completely decentralized global network secured by mathematics, which empowers and enables users to control their finances.
Charlie Lee was aiming to make the Bitcoin blockchain ‘lighter’, i.e. to enable faster and cheaper processing and transaction of cryptocurrencies. If you don’t know what forking means, it refers to creating a comparatively newer form of a blockchain with the help of the original code from an older blockchain by making changes and improving it. Therefore, using the original code from the Bitcoin blockchain, the Litecoin blockchain was created to make it quicker as well as cheaper.
If you wish to make an investment in Litecoin or get some Litecoins, you need to have a digital wallet (such as Coin base) or make use of any of the websites from the litecoin faucets list. You have to sign up for a digital wallet account where you will be able to buy and sell Litecoin. If you want to get Litecoins but don’t wish to pay for them, you can go to free Litecoin faucets websites which pay you LTC in small amounts if you view ads or perform other small tasks.
Advantages of Litecoin – Should you invest in it?
Due to increased competition, mining Bitcoin has become very difficult, especially for those who don’t have expensive hardware. A successful Bitcoin miner requires highly expensive hardware as well as a large supply of electricity. To solve this problem, Litecoin blockchain uses cheaper GPUs (Graphics Processing Units) instead of expensive ASICs. This makes Litecoin faster and cheaper.
Like any other currency, LTC is also subject to risk but has great potential rewards. Therefore think wisely before you invest, or visit any website from the Litecoin faucets listto try your hands on small amounts of LTC.
Here are a few Advantages of LTC:
- Unlike other cryptocurrencies such as Bitcoin and Etherium, LTC units are mined using a software algorithm called Scrypt. To some extent, this prevents the usage of powerful supercomputers to rig mining of the currency.
- The transaction time for LTC is faster than that of most other cryptocurrencies. For example, the transaction time for Bitcoin is 10 minutes whereas it is only 2 and a half minutes for Litecoin.
- Among the top three cryptocurrencies at present, i.e., Bitcoin, Etherium and Litecoin, Litecoin is the cheapest among all its counterparts, making it popular among investors.
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