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Litecoin is generally considered as a peer-to-peer cryptocurrency and open source software project that is released under MIT/X11 license. The creation of the coin is based on the open source cryptographic protocol and thus it is not managed by any central authority. Technically, Bitcoin (BTC) is almost identical to Litecoin but it is far quicker and cheaper. According to the views of the cryptocurrency market experts, Litecoin pricing acts in a more rational manner than Bitcoin and it has a more sustainable future. The value of the Litecoin depends on the demands of currency trading websites like Bitfinex, OKEx, GDAX, and Coinbase. In the current scenario, some online stores, in fact, started to accept cryptocurrencies to buy products like jewelry, groceries, clothes and other important stuff.
Litecoin (LTC) is known to be the next best thing to Bitcoin. This cryptocurrency was launched a couple of years later after Bitcoin and it has a few aspects which make it acceptable to the present day crypto investors, users, and traders. This coin is growing at a fast pace and it is already taking the initiative to close the gap on Bitcoin. It is true that the recent crypto slump has brought the Litecoin down to $122.7 and this is the best opportunity to buy the Litecoin when it is cheap. Some of the good reasons to buy Litecoin are discussed below.
Better than Bitcoin:
Most people tend to invest in altcoins because of the early investors’ reliance on Bitcoin. Like, those many new investors want to buy coins at a cheap rate and want to become richer. For this reason, it is the best time for you that you should invest more on Litecoin. Although it is much like Bitcoin it is better than it. It generally uses proof-of-work algorithm but it is ASIC resistant and allows both CPU and GPU miners. The network of Litecoin is as secure as Bitcoin. Although the price of LTC fell from around $300 and to just the above margin of $100 but still it is better than other crypto coins because of its stability. However, the trading price of Litecoin has started to rise and thus it is the ideal time for you to buy Litecoin.
Litecoin’s association with Abra app:
Abra app allows the users to trade crypto-fiat, crypto-crypto pairs and fiat-crypto. Through Abra App, you can avail 20 cryptocurrencies and 50 fiat currencies. For this, the users need to buy Litecoin first and then they can use this for future trading in the app. This app, in fact, uses Litecoin to access smart contract as Litecoin transactions are faster and scalable with a much more secure network.
The launch of Litecoin Core:
Litecoin was not much affected by the recent bearish trend in the crypto market because of the release of Litecoin Core. The investors still believe in Litecoin and the price of the Litecoin remained above $100 mark. This actually contributes to Litecoin’s stability gaining the confidence of the traders.
Gemini Exchange Lists:
The Winklevoss Twins’ Gemini exchange is considered as one of the world’s most popular crypto exchanges. This exchange has listed Litecoin on their portal. They have allowed the users to trade in Cryptocurrency according to their basic requirements. As the exchange has a large pool of users, a listing of Litecoin in their portal will increase the trading in Litecoin.
The Advantages and Disadvantages of Litecoin as a Short Term of Investment
The short-term investment generally means 1-12 months of investment. Some of the advantages and disadvantages of short-term investing in Litecoin are discussed below.
Advantages:
High Trading Volume:
Litecoin is a popular choice for the investors because of its high trading volume, which means you can easily find the buyers.
The huge expectation in 2018:
Charlie Lee, the founder of Litecoin tweeted that there is “One huge unexpected surprise” coming in 2018, in the early phase of 2018.
Listed on Coinbase:
The listing of Litecoin on Coinbase attracts more investors. Only four coins are listed on the Coinbase, Litecoin being one of them. This means you can easily buy and sell coins.
Disadvantage:
The only disadvantage is the volatility of the cryptocurrency market. This makes the short-term investment in Litecoin a bit risky.
Conclusion
Litecoin which is already ranked 5 (according to the coincapmarket.com) is not a new name in the realm of cryptocurrency. However, it still undergoes several changes and improvements to tackle the issues that have come up in the history of Litecoin. However, you can invest in Litecoin right now so that you can enjoy the benefits in the near future.