After former Google employee Charlie Lee launched Litecoin as a lighter substitute for Bitcoin, to serve as the currency to facilitate cheaper, simpler transactions, this new cryptocurrency LTC took the crypto world by storm. Being only a fork of the Bitcoin Core client, Litecoin was launched in 2011. It has seen massive growth in value since it launched and it has enjoyed a meteoric rise in 2017. The coin has been in the sun for a while now, despite the slight fall in 2018, it seems sure to have a turnaround soon. If that’s not enough reason for you to invest in Litecoin, we’ll give you five.
Let’s have a look at the 5 reasons why you should invest in LTC right now:
1. Credibility: Charlie Lee, the founder,is completely committed to taking Litecoin forward. He has even quit his day job to contribute even more to the Litecoin ecosystem. Having a visibly active founder helps Litecoin’s case by lending it a greater degree of visibility.
2. Increasing Listings: Litecoin is getting listed in more and more cryptocurrency exchanges, including in the well-known US-based crypto exchange Gemini owned by the Winklevoss twins. With this increased impulse, it should see a price rise soon which makes it extremely investable.
3. Low Fees: Compared to Bitcoin, the Litecoin network charges extremely low fees. This is extremely beneficial as this encourages more and more merchants to embrace it and adapt to it. If such a thing happens, this pushes circulation up and subsequently drives prices higher up as well, reaping higher profits for investors.
4. Faster block-processing and speedier transactions: While Bitcoin takes about ten minutes to process each transaction, Litecoin gets it done in just about two and a half minutes. This makes for a higher efficiency rate that also encourages greater adoption and circulation, ultimately influencing the price positively.
5. People’s psychological affinity for rounded numbers: Bitcoin has the well-advertised 21 million mark after which it will no longer be produced. This means that as time goes on, one will have to reduce the bitcoins into decimal parts to be able to use them. On the other hand, Litecoin, with its higher number of coins, will provide a whole number experience to users which is always more convenient as users usually prefer rounded number prices. With greater adoption, it will be the investors who will benefit.
Since Bitcoin is perhaps the most trusted cryptocurrency in the market and Litecoin seeks to better it in so many counts, it is likely to see increasingly bright fortunes. With all these advantages that combine credibility with efficiency, Litecoin makes for a very investment-worthy cryptocurrency.