Litecoin is one of the oldest cryptocurrencies and it’s one of the most popular altcoins in the crypto space. It is currently the 18th largest coin with a market capitalization of over $10 billion. Similar to the price history of all cryptocurrencies, Litecoin’s value has experienced whirlwind fluctuations in its 10-year lifespan. In most cases, its inflationary prices have led to quick sell-offs.
As interest grows in buying Litecoin, it is of great importance to highlight some facts that can guide us to buying Litecoin.
1. Litecoin Is Faster And Lighter Than Bitcoin
Litecoin in its status as a cryptocurrency paced the path of crypto giant, Bitcoin. Reputed as the world’s foremost decentralized digital currency that enables payment and transaction without government interference, Bitcoin is flawed with energy-intensive and slow transactions.
Trumping and toppling this con of using Bitcoin for transactions, Litecoin has been designed to make its transaction process four times faster than Bitcoin, hence appealing to crypto users. Also, the availability of Litecoin will be four times of Bitcoin availability because the maximum number of Bitcoin to be available is 21 million, compared to 84 million Litecoin.
Litecoin mining can be achieved every 2.5 minutes in comparison to compared to the 10 minutes it takes to mine a block of Bitcoin. This special feature makes it possible for Litecoin to handle more transactions in the altcoin space.
2. Litecoin Is Widely Available
Having been in the crypto space for almost a decade, Litecoin is one of the consistently established cryptocurrencies which is available on major cryptocurrency exchanges.
Despite being around for a while, Litecoin price has not had a bullish jump like that of Bitcoin or Ethereum. For instance, if you buy $1,000 worth of Litecoin in 2018, you would probably have about $1,540 worth of Litecoin today, which is an increase of 54%. Even at the slow pace of market value rise, the price is considered a solid return, compared to other digital currency that has frizzled off.
Similar to what is characterized by other cryptocurrencies, investing in Litecoin is preparing for its volatility. Just as huge profit or great loss can be recorded within the blink of an eye, it is not always the best idea to invest money you can’t afford to lose.
It is also important to note that the Litecoin team has done so much in promoting the crypto industry, albeit success is not guaranteed or the final. Cryptocurrency experts opine that there is a stretch of chance for Litecoin being overtaken by newer coins or govcoins.
3. Litecoin Was Sold By Its Founder In Avoidance Of A Conflict Of Interest
Charlie Lee, a former Google software engineer founded Litecoin. This is owed to the massive influence he made in the cryptocurrency industry. The innovative creation of Litecoin stemmed from his poise and stance in the crypto space, this move has been taunted with a series of accusations on conflict of interest.
On the heels of Litecoin’s promotion on social media by Lee, people were of the belief that about his sentiment on pumping the coin’s price in the competitive crypto market. He later reached a dilemma where he needed to be decisive on either promoting the coin or owning it. Amid these accusations, Lee sold all his Litecoin in 2017, where the proceeds of the sales were donated to the Litecoin Foundation.
4. Govcoins Could Be On The Horizon
Any crypto enthusiast mulling on buying cryptocurrencies needs to stay woke to “govcoins”. This is a result of many countries of the world’s decision to have a slight paradigm shift towards digital payment by launching their government-run digital currencies.
Notable of thr countries who are working towards this is Nigeria, achieving the feat as the first African country to launch a govcoin, called eNaira. Over sixty(60) countries across the globe are taking giant strides towards it. They include Ghana, Cambodia, China, and the Bahamas.
Respective authorities are trying to allay their fears of difficulty in controlling their economies due to cryptocurrency growth. So they are exploring ways to bring technological innovation to their benefit. It is no doubt that these govcoins would have secure, fast, and cheap transactions, but they would be centralized (regulated by governments and central banks).
Conclusion
Delving into cryptocurrency, especially buying Litecoin may look potential, but it is important to get lettered with what is required to be known about the coin. There are numerous exchanges around the world that are ready to provide you the platform for Litecoin transactions, Prestmit is the right place for you.
