Why Buy Litecoin
Litecoin is a cryptocurrency, but it is not new. It entered the market as an early competitor to bitcoin. As bitcoin grew, litecoin trailed behind, getting lost in the competition as new cryptocurrencies entered the market.
why buy litecoin
If hackers can access the Litecoin platform, their steps are easily traced. A hacker might be able to remain anonymous, but any stolen litecoins have definite tracking through the blockchain. Once a hack is identified, the litecoin can be returned to its rightful owner.
Litecoin has a much higher supply than Bitcoin. It has a hard-cap of 84 million LTC. In addition, the Litecoin network generates new blocks in two and a half minutes, as compared to ten minutes for block creation with Bitcoin. Both of these factors make litecoin more appealing for cryptocurrency transactions, with bitcoin functioning primarily as a store of value.
Litecoin is one of just four cryptocurrencies that users can buy and sell on the payment platform Venmo, along with bitcoin, ethereum and bitcoin cash. To trade most cryptocurrencies, users must open an account on a crypto exchange like Coinbase, Gemini, eToro or Kraken, which were all rated by GOBankingRates in the top eight cryptocurrency apps. You can also trade litecoin on any of these exchanges.
Like other cryptocurrencies, you can invest in litecoin. You can also mine litecoin, which means that you verify transactions to help the blockchain run quickly and efficiently, earning coins in exchange for the computer processing power you provide.
Litecoin was developed off a fork in the bitcoin blockchain. Since cryptocurrency was originally developed as an alternate payment method, litecoin developers were hoping to further democratize crypto mining, taking it out of the hands of larger enterprises to disburse the wealth.
Litecoin started its life worth about $3 per coin and eventually gained 140% of its value by 2020. At the end of 2021, LTC closed at $146.51, nearly three times the value it holds in November 2022. But this can hardly be considered a downtick specific to litecoin, because the entire crypto market has fallen in 2022.
Again, Changelly has the most aggressively optimistic predictions. The blog forecasts litecoin hitting a maximum price of $1,995.34 by 2031. That means if you invested just $100 in LTC in mid-November 2022 at the price of $57.53, you would have $3,471.89 by 2031.
If you trust most of the experts, litecoin does, indeed, have a good future in the crypto market. Although it is not within the top 10 most popular or most-traded cryptocurrencies, it is widely accepted and easy to trade.
If you are prepared to buy and hold litecoin for the long haul, you could stand to gain a lot of money from a small investment. But keep in mind that the crypto market has lost much of its value this year, and litecoin is among the coins that have dropped in value.
If you wish to have control over the private keys of your crypto wallet, you need to create a non-custodial litecoin wallet. Then transfer the coins to that wallet address after you purchase them. eToro offers the eToro Money app, which allows you to do just this.
First things first: log in to your eToro account. Then, you go to the specific page to fund your account before buying litecoin (LTC). You can now put in your card details using a credit or debit card.
What about safety and security? Well, eToro in the USA is registered with FINCEN and is a member of FINRA/SIPC. The FCA regulates the UK platform. Consequently, your litecoin, and any other investments, will be protected on eToro.
Coinbase offers an intuitive and user-friendly interface on the web or as a mobile app, as well as an advanced trade interface. Suppose you want to buy and hold litecoin long-term. In this case, Coinbase will allow you to withdraw your crypto to a non-custodial litecoin wallet by inputting your crypto wallet address.
The exchange is a solid all-around choice for buying crypto, including litecoin. This is partly because the platform offers more than just exchange-specific services. Binance also provides many other services, including the earning and staking program, a Visa debit card, and more.
You can purchase litecoin using any of the above platforms mentioned in this guide. All allow you to buy litecoin using a debit or credit card. This makes transactions easy and straightforward. If you want to buy litecoin as fast as possible, then eToro is your best choice. An eToro account on eToro will also allow you to trade hundreds of popular trading assets and stocks.
You can buy litecoin on many popular crypto exchanges. One of the easiest and cheapest ways to buy LTC is to use the eToro trading platform. You can purchase litecoin on eToro in a few easy steps. Binance and Coinbase are also good options for buying LTC.
If you want to invest in litecoin and buy this crypto asset with your credit or debit card, you have to create an account on an exchange or trading platform. You simply need to create an account, verify your identity, enter the amount of LTC coins you want to purchase, and input card details. One of the easiest ways is to use the eToro platform.
The easiest way to buy litecoin is to create an account on eToro. After you complete the KYC (Know Your Customer) process, you can easily select the digital asset to buy, and all you have to do is input your card details to complete the purchase. The entire princess of buying litecoin should only take a few minutes.
It was designed keeping in mind the hurdles Bitcoin faces; it provides secure, fast, and low-cost payments harnessing the power of blockchain technology. It is decentralized and is not controlled (or powered) by any organization. The transactions in Litecoin process within a minute with extremely low fees, which makes it a potential match for developing countries to adopt it. All thanks to its mining algorithm, litecoins can easily be mined by people to earn money.
A new block ledger of recent litecoin transactions is generated by the litecoin network every 2.5 minutes. Anyone can buy litecoin through decentralized exchanges present across the globe. The litecoin network has incentives for its miners. The first miner who successfully verifies a block is rewarded with 12.5 litecoins.
The cryptographic algorithms are different for litecoin as well as bitcoin. There are a few inherent advantages of litecoin over bitcoin. This is another reason why crypto enthusiasts and investors are so inclined to buy litecoin.
The current price of Litecoin as of October 2021 is $173.09. The total market capitalization of litecoin(LTC) stands at $11,877,086,694. The circulating supply of this coin is 68,681,420.50 LTC. This cryptocurrency reached its all-time high of $412.96 as of 10th May 2021. LTC saw its all-time low value in 2015 at $1.11. The ROI of this cryptocurrency gives investors a good enough reason to buy litecoin.
Although Litecoin was designed on similar blockchain technology as bitcoin, however, this cryptocurrency focuses on faster and more scalable transactions. You can buy and sell litecoins (LTC) on the major crypto exchanges of India.
Once all the documents have been verified, the users are required to submit a certain sum of fiat currency. The same amount of litecoin is credited to your CoinDCX account. This is the simplest and easiest way to buy Litecoin.
Like Bitcoin, Litecoin uses a form of Proof-of-Work (PoW) mining to determine which group of transactions will be appended to the blockchain next. Litecoin uses a hash function called scrypt. This hash function was introduced as a way to make litecoin (LTC) mining more accessible to hobbyists than bitcoin (BTC) mining.
So it is essential to watch the market trends before you decide to buy litecoin with credit card instantly. Credit cards are widely accepted on cryptocurrency exchanges and brokers because they are popular and very easy to use. This is undoubtedly their biggest strength and appeal but remember, usually the more complex the process when buying a product ETC like Litecoin the cheaper it will be. Most experienced users and professional traders get the best rates for this reason.
As of early March 2021, one litecoin token was worth $198.15 and the market capitalization for all litecoin tokens is $13.31 billion. The highest price in Litecoin history was $366.66, hit in early 2021. Prior to 2021, Litecoin had never gone over a token value of $150, but has seen large jumps since that calendar year changed over.
If you are the first person to complete the transaction, you are rewarded with 12.5 litecoin. As mentioned above, this is a fairly advanced procedure that requires both significant know-how and a powerful, energy intensive computer setup. For the more novice investor, simply buying litecoins on an exchange is likely a better option.
Is it time to buy litecoin? As both seasoned veterans and newcomers arrive at a cryptocurrency exchange of their choice, they come face-to-face with an abundance of options. Choosing what digital asset to invest in depends on your familiarity, goals, and how much you want to own in your cryptocurrency wallet. 041b061a72