What is LTC?
Litecoin, also known by its ISO code ‘LTC,’ is an open-source software project and decentralized peer-to-peer cryptocurrency that was first released in October 2011. Slightly different from Bitcoin in its code base, Litecoin hit a market cap of 3.4 billion US dollars in July 2022. There are several reasons that should drive people to buy Litecoin today, including its transparency, blockchain security, and reliability. Litecoin’s decentralized commerce allows people and businesses from all over the world to transact with each other without the need for intermediaries. With Litecoin’s bullish trend continuing, when is the right time to invest?
Litecoin was launched on October 7th, 2011, by its creator and former Google computer scientist, Charles Lee. The Litecoin network went live only a few days later, on October 13th, and the cryptocurrency immediately saw rapid growth. With the value of cryptocurrencies at an all-time high, it is important to understand the differences between all these currencies and why you should invest in Litecoin. LTC potentially presents huge rewards with investments, with its mathematically secured network and near-zero cost payments that are both instant and practical. As a fully decentralized, open-source, and global payment cryptocurrency, Litecoin offers endless possibilities. As one of the top three cryptocurrencies worldwide, it has vast popularity and usage.
Read on to learn more about why and when you should invest in LTC.
How to Invest in LTC
A question you may ask yourself before investing in LTC is, “what is the difference between this and Bitcoin?” Firstly, Litecoin performs transactions four times faster than Bitcoin, with its targeted block time every 2.5 minutes, while Bitcoin’s is every 10 minutes. Secondly, Litecoin’s proof-of-work algorithm includes a sequential memory-hard function, which requires asymptotically more memory than an algorithm that is not memory-hard, contrary to Bitcoin’s. Thirdly, Litecoin also has higher network security and miner compensation because it is merged with another cryptocurrency called Dogecoin. Litecoin’s circulating supply is also four times higher than Bitcoin’s, with a maximum circulating supply of 84,000,000 Litecoins.
Investing in Litecoin is essentially swapping your currency for cryptocurrency, so there are things to keep in mind before investing. As of today, 1 LTC dollar is the equivalent of approximately 92.6 US dollars, meaning you can exchange your Litecoin for dollars and vice versa, depending on the market at a particular moment in time. To invest in Litecoin, you’ll need a digital wallet, which you can get through apps like OANDA, which allow you to buy and sell cryptocurrencies. You can also use Litecoin to buy services and goods online. A professional trader normally uses tools like Tradingview to screen the coins. Through the low-price and easy access of apps to buy and sell cryptocurrencies, you can easily invest small or large amounts in Litecoin, depending on your financial situation and preferences.
Litecoin is expected to continue its growth in the coming months, making now a good time to invest in this cryptocurrency. Litecoin’s network has also experienced a large spike in the past month, sparking positive predictions for it. Litecoin has also been adopted as a cryptocurrency that can be used to pay, buy, and store in peer-to-peer payment platforms. As one of the few cryptocurrencies able to act as such, it is all the more popular.
With the recent introduction of Litecoin’s confidential transactions, predictions for the cryptocurrency in the coming year have risen. Studies have also predicted that Litecoin could be worth 211.81 dollars, with a minimum of 172.01 dollars per dollar, by 2025, making it a thriving cryptocurrency likely to be a positive investment today and in the coming years. This is one of the un-ignorable and up-and-coming cryptocurrencies to keep in mind when investing with its witnessed and predicted rapidity of growth. Although it is hard to forecast the decade ahead accurately, studies have estimated that Litecoin could reach a maximum price of 1,914.78 dollars by 2031. Based on this prediction, if you invested only 100 dollars in LTC this November at 50 dollars, you could gain nearly 4,000 dollars by 2031. As an easy, secure, and accessible investment, Litecoin is something you should invest in today or in the coming months, depending on your finances. According to several predictions, it has shown tremendous rises in the past year and will likely continue to do so.
