Litecoin hasn’t lost it’s place in the top 15 ranking cryptocurrencies since making its debut in 2011. Although Bitcoin still maintains the top position in the crypto market, some other altcoins have had huge success like BTC.
Litecoin is a leading altcoin which shares similar attributes with Bitcoin and is among the oldest digital assets in the market.
Investment on cryptocurrency is still regarded as a huge risk. However, smart investors have taken the opportunity to earn quick money with these digital currencies.
As with all cryptos, Litecoin’s value has experienced wild swings since making its debut in 2011. A decade later, what can we say about it’s investment possibilities? Is it a good investment in 2011?
To answer these questions, you first need to know more about Litecoin.
What is Litecoin?
Litecoin is a cryptocurrency token which has the trading symbol LTC. It was created by Google Engineer, Charles Lee, in 2011 and has been a top-performing token since then.
LTC was designed to be a lighter version of Bitcoin with transactions four times faster at a very low fee of 5 cents. It can be mined every 2.5 minutes compared to the 10 minutes mining time for a block of Bitcoin. This makes LTC possible to handle more transactions.
Litecoin’s code is almost the same as that of Bitcoin’s and includes a fixed supply and an Litecoin block reward halving like BTC.
LTC also has similar network as BTC as it is powered by proof of work consensus. LTC, however, has a far larger supply limit of 84 million to BTC’s 21 million.
The several attributes Litecoin has with Bitcoin has made it to be dubbed as the ”digital silver to Bitcoin as digital gold”.
Is Litecoin a Good Investment In 2021?
Litecoin has stood it’s ground as one of the largest and most popular cryptocurrencies in the crypto industry. However, it is yet to reach a new all-time high in 2021 like Bitcoin or Ethereum. The question asked by crypto enthusiasts now is if Litecoin is a good investment today.
The fact that Litecoin is yet to dislodge other digital assets above it in ranking doesn’t mean that it is a bad idea. This point out the fact that LTC may have a greater reward risk ratio compared to other cryptos as it has a lot further to catch up with rest of the market.
Cryptors investors has seen LTC as a good investment because of its fast and inexpensive borderless transaction.
Another reason Litecoin is still a hot cake for investors is it’s affordability and stability which make it an excellent option for those looking to get their feet wet with altcoins.
How To Invest in Litecoin
You can invest in LTC by mining or buying online in a few simple clicks on a crypto trading platform or exchange.
If you’re buying and holding Litecoin, the first thing to do is to purchase the asset on a spot exchange. Then move it to a web or hardware wallet for safe storage for the future.
If you’re not buying and holding Litecoin, you can become traders when you try to profit from the asset’s fluctuation in price.
Investing in cryptocurrencies is a high risk to take as you could earn big or lose all your investment. However, the opportunities presented by Litecoin make it one of the best tokens to invest in 2021.
Also Read: List of Countries Where Bitcoin Is Legal
Prestmit is the best platform for you if you need to buy and sell Litecoin in Nigeria and Ghana. If you ever find yourself in a position to buy and sell cryptos, Visit Prestmit, it’s the best platform for you.