The extraordinary success of Bitcoin has paved the way for numerous altcoins aiming to improve the blockchain and find more applications for cryptocurrencies. While BTC is often compared with gold, a number of its followers can be likened to silver, and LTC is one of the most popular and useful tokens among them. In this article, we explain why Litecoin can be considered a promising investment right now and give you a couple of reasons to start believing in a bright future for this coin.
What is Litecoin
Litecoin is one of the largest cryptocurrencies in the world by market cap: while it has been pretty far from the top 10 list for a while now, it consistently remains among the top 25 coins. The Litecoin code is very similar to the code behind the Bitcoin blockchain, and both BTC and LTC work rather similarly, but there are still some differences. The Litecoin blockchain can process transactions faster, the fees are lower, and the total supply of LTC is four times larger.
Litecoin is also known for its unique confirmation mechanism: the blockchain utilizes the Scrypt PoW algorithm that is especially efficient and secure. However, the majority of crypto investors don’t want to know all these technical details, and you probably say to yourself: alright, that’s interesting and all, but should I buy Litecoin or not? And we’re about to give you several good reasons to think of LTC as a potentially profitable investment option.
Litecoin has been around for quite a while. Launched in 2011, it has come a really long way from just an obscure tech novelty to a widely known digital currency. Now, even major merchants and financial institutions accept LTC as payment. That means Litecoin is not just a speculative asset. More people start seeing it as a viable currency, creating additional demand and constantly pushing the price up.
The LTC community is rather old and involves many devoted crypto enthusiasts. Users help the team work on the project making the token better with each passing year, and that works just great to build trust among investors.
Litecoin seems like a stable and well-designed cryptocurrency, so it is definitely an interesting option for long-term investors. LTC has all the chances to be adopted by major institutions very soon, and a steady influx of new users will probably help the price grow even further.