Cryptocurrencies like Bitcoin, Ethereum, and Litecoin are making headlines because the rate of these currencies has risen dramatically over the death year. These currencies rely on complicated mathematics and blockchain technology to create a system that allows users to pay, memory, and get value from these currencies. specifically talking about Litecoin, let ‘s dive in and look at what it is, how it ‘s different than other currencies, and the most significant question of all : how to invest in Litecoin. Before you get started with Litecoin, you need a digital wallet. We recommend using Coinbase or Uphold, which we will discuss a sting more below. If you ‘re considering investing in Litecoin, realize that there are a lot of risks – but besides huge electric potential rewards. We try to break it down ampere easily as possible, but this is a complicated subject.
What Is Litecoin
Litecoin is a peer-to-peer Internet currency that enables clamant, near-zero cost payments to anyone in the populace. Litecoin is an open generator, global payment network that is fully decentralized. Mathematics secures the network and empowers individuals to control their own finances. Litecoin was the third base most democratic digital currentness, behind Bitcoin and Ethereum ( okay, it ‘s fallen a little sting ascribable to the popularity of Ripple, but close enough ). 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, separate from the Litecoin blockchain. You can learn about investing in Dash here .
How Litecoin Is Different
Litecoin is different than early currencies is a pair key ways. first, unlike Bitcoin and Ethereum, Litecoin uses a software algorthym ( Scrypt ) to mine units. This somewhat prevents individuals from making potent custom computers ( or rigs ) specifically to mine the currency. second gear, 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 popular for investors, Litecoin is the cheap 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 ahead 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 stock or bond. rather of buying shares of Litecoin, you are swapping your currency for Litecoin currency. For exercise, $ 1 USD is equal to about $ 163 in Litecoin today. The finish is for the measure of Litecoin to rise, in which case, you could exchange your Litecoins second to dollars ( from person uncoerced to do the exchange ). so, where can you do this ? deplorably, you ca n’t invest in Litecoin at your stock broke. 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 hearty option 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 get Litecoin ampere well ( for exemplar, 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 account and make your foremost craft. You can then convert your Bitcoins and bonus into Litecoins if you wish.
If you do n’t like the idea of a digital wallet, there are no ETFs that track Litecoin yet. however, GBTC is an exchange traded fund that tracks Bitcoin, which you can purchase on a platform like eToro. You can besides invest in other cryptocurrencies on eToro adenine well .
Final Thoughts
Like any currency, there is a high academic degree of risk involved if you ‘re considering investing in Litecoin. however, given the moo price compass point and comfort of access via tools like Coinbase, it can be tempting to try a small come and see what happens. You never know, Litecoin could skyrocket american samoa high as Bitcoin is today, and you might be thanking yourself in several years .
Leave a Comment