Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: sulphur007 on April 08, 2020, 12:34:34 AM
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Cryptocurrencies like Bitcoin, Ethereum, and Litecoin are making headlines because the value of these currencies has risen dramatically over the last year. These currencies rely on complicated mathematics and blockchain technology to create a system that allows users to pay, store, 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 important question of all: how to invest in Litecoin. Before you get started with Litecoin, you need a digital wallet. We recommend using Coinbase, which we will discuss a bit more below.
If you're considering investing in Litecoin, realize that there are a lot of risks - but also huge potential rewards. We try to break it down as easily as possible, but this is a complicated subject.
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What Is Litecoin
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized. Mathematics secures the network and empowers individuals to control their own finances.
Litecoin was the third most popular digital currency, behind in Bitcoin and Ethereum (okay, it's fallen a little bit due 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, split from the Litecoin blockchain.
How Litecoin Is Different
Litecoin is different than other currencies is a couple key ways.
First, unlike Bitcoin and Ethereum, Litecoin uses a software algorthym (Scrypt) to mine units. This somewhat prevents individuals from making powerful custom computers (or rigs) specifically to mine the currency.
Second, 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 cheapest 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.
How To Invest In Litecoin
If you're looking to invest in Litecoin, it's important to remember that Litecoin is a currency. This means it doesn't act like a stock or bond. Instead of buying shares of Litecoin, you are swapping your currency for Litecoin currency.
For example, $1 USD is equal to about $43 in Litecoin today. The goal is for the value of Litecoin to rise, in which case, you could exchange your Litecoins back to dollars (from someone willing to do the exchange).
So, where can you do this? Sadly, you can't invest in Litecoin at your stock broker. Instead, 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.
Final Thoughts
Like any currency, there is a high degree of risk involved if you're considering investing in Litecoin. However, given the low price point and ease of access via tools like Coinbase, it can be tempting to try a small amount and see what happens.
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I must say that investing Litecoin is great and you just have to be courageous to invest without fear. Crypto generally is volitile and it is good to take advantage of this feature to trade and invest with earn good returns after few months or within a year. There are risks in every business and crypto is not excluded. However business is a pool of risk and encourage any one to invest in Litecoin just like any other coins like Bitcoin.
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Same with bitcoin and eth that will recover. Be patient and wait for the right time hopefully this year. Despite of drastic and dramatic long falling of price, they can win the crisis.
Litecoin is not managed by any governmental that can control the entire movements.
Normal to doubt the recovery but why not try to invest and hold or if you are knowledgeable enough you can buy and trade litecoin. Take the risks.🙂
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Litecoin today is not Litecoin in the past with back up from Charlie Lee and Litepay. Yet it still maintain a huge community but don't overestimate it. It's just an altcoin. The saying "Bitcoin is gold, Litecoin is silver" doesn't sound right anymore.
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If you wish to invest and if you have money to do it why not? Litecoin is not new in the crypto industry I'm sure everyone has already known about Litecoin's function and purpose. if anyone thinks that Litecoin has the real use case to sustain its growth momentum and future demand then it is the right cryptocurrency for you, but if you don't believe that Litecoin has the real use case then you should find another crypto-currency to invest thats simple.
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LTC is a very good coin and it's in top 10 of CoinmarketCap. If BTC recovers other coins will recover also. BTC still has the dominance over the cryptocurrency market and every other currency follow this market. From past history, you will get enough proof about it. So pray that BTC market recovers soon so that we can see a price change of other crypto markets too.
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Litecoin is a very popular altcoin and many big investors keep their investments in Litecoin and wait for the growth of Litecoin and the entire cryptocurrency market. Litecoin technologies are original and very popular, which also helps Litecoin grow in value.
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Litecoin is one of top altcoins, it has a good rank in coinmarketcap. I think we mustn't be so afraid about the future of Litecoin. I am pretty sure that it will raise the value once other altcoins and Bitcoin are growing their values. Or we just need to see the next pump on the price. I believe it must recover.