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What are the pros and cons of investing in Litecoin LTC? Do the advantages of investing in Litecoin outweigh its potential drawbacks? Will LTC become a millionaire-maker? Keep on reading to find out if Litecoin is a worthy investment. Litecoin might be the missing piece in your portfolio. What Is Litecoin? Pros Of Investing In Litecoin. Cons Of Investing In Litecoin. Is Litecoin A Good Investment? Where To Buy Litecoin? Litecoin is also one of the oldest cryptocurrencies, launched just two years after Bitcoin by former Google employee Charlie Lee.
Well, with a four times higher supply and four times faster processing times thanks to an improved hashing algorithm, Litecoin is no doubt an appealing alternative to Bitcoin and a golden opportunity for investors. While Bitcoin is still the most prominent crypto in terms of adoption and market cap, Litecoin is a preferred choice for many savvy investors. Keep on reading to learn more about the pros of investing in Litecoin! What are the benefits of investing in Litecoin?
With low block generation times, improved Graphic User Interface GUI , and impressive trading potential, Litecoin is one of the top 20 cryptos currently ranking 1 5th in terms of market cap for a reason. One of the main advantages of investing in Litecoin is that Litecoin is open-source , which means that everyone can see how it works and changes to the protocol can be made by anyone. Note that changes are usually implemented to respond to the crypto market and its needs.
Being an open-source system also gives flexibility to Litecoin to implement tech innovations, such as SegWit and the Lightning Network protocol which make transactions faster and more convenient. Nodes are spread across the globe and the network is open to people from all walks of life. As a result, intermediary fees are eliminated, and the risks of price manipulation are reduced.
Perhaps one of the most important pros of investing in Litecoin is its speed. Compared to Bitcoin, Litecoin is four times faster. Litecoin processes transactions within a maximum of 2. Some claim that faster processing times also makes Litecoin more secure because hackers would have less time to attempt double-spending attacks, for example. Another major advantage of Litecoin is its scalability.
Litecoin can process 56 transactions per second. In comparison, Bitcoin can handle 7 transactions per second, while currently, Ethereum can process 15 transactions per second. Litecoin has relatively low transaction fees , especially when compared to other cryptocurrencies or traditional payment systems. This is a major factor that can make LTC adoption wider and smoother. As stated above, Litecoin is a flexible network that has embraced numerous improvements, such as SegWit and the Lightning Network protocol to make transactions faster and easier.
Lightning Network will build bridges over the highways. Litecoin has an upper limit of 84 million coins , which is four times bigger than Bitcoin. This means that the risk of inflation is eliminated, while investors will have plenty to invest in. Just like Bitcoin, Litecoin uses a proof-of-work algorithm t o validate transactions and create new coins.
Read More: How to Mine Litecoin? And as stated above, Charlie Lee and his team are regularly working on LTC, implementing wallet improvements, confidential transactions, and partnerships. To provide an example, Alba is one of the companies that are planning to use Litecoin as a smart contract platform.
As the company announced :. Commitment to Bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. Slightly better scalability than bitcoin in short term block size and block times ; 3. Many exchanges support Litecoin, with eToro being one of the most reliable platforms that allow investors to buy LTC and trade CFDs of over 90 crypto pairs.
On top of that, because of its lower price in comparison to other top coins - with almost zero transaction fees and lower volatility levels - LTC is an attractive option for beginners looking to invest in the cryptocurrency sector. Despite its pros, investing in Litecoin has some drawbacks. Investors should be familiar with the cons of investing in Litecoin to make an informed decision and decide for themselves if it is a good idea to invest in LTC.
As a fork of Bitcoin, many people think that Litecoin is the same as Bitcoin, which is one of the major cons of investing in LTC. Furthermore, though Litecoin revolutionised the crypto sector by improving Bitcoin, its uniqueness is kind of declining. Plus, the naming similarities can also be an issue. Although Litecoin has a trustworthy developer team, LTC has lost some of its credibility.
To be more precise, Charlie Lee sold his holdings near the all-time high of Litecoin in , which made people question his faith in the coin. Furthermore, the withdrawal of the defunct LitePay service also caused controversy among crypto enthusiasts.
This can be a major drawback for big investors and ordinary users, especially since the Silk Road muddied the image of cryptocurrency. Increasingly crypto traders are more drawn to DeFi projects with smart applications and transactional cryptos like Litecoin and Bitcoin Cash are getting left behind.
And this decrease in interest becomes apparent when you look at the charts. Litecoin only just beat its all-time high in the bull run. Litecoin price. Source: coinmarketcap. Meanwhile, much of the rest of the crypto scene was doubling or tripling old records. And so, we might assume that over time Litecoin may struggle in the next bull run to pick up the pace.
This is further supported by a stagnating number of active wallets. Active Bitcoin and Litecoin addresses. Source: bitinfocharts. Miners are losing interest in Litecoin at a rapid pace. In comparison to several years ago, mining Litecoin is nowhere near as profitable as it used to be.
As one of the oldest cryptos with one of the longest chains, mining difficulty has increased, and profits have decreased. In other words, miners need to work harder for less LTC. And the third factor is that there is a lack of demand for Litecoin, which means creating new coins is less profitable. Litecoin mining profitability. Source: statista.
And what makes this worse is that if miners lose interest, there will be no one to secure the network, which could leave it open to attack. After Tesla dropped Bitcoin as a payment method in May , it effectively put the brakes on the crypto bull run and shamed Bitcoin for its excessive energy consumption. Litecoin, just like Bitcoin, uses a proof-of-work mechanism to validate transactions and create new coins. And so, for many businesses, particularly those that want to appear environmentally friendly, Litecoin could also be off the table as a payment method.
That said, things might change in the future. For the time being, it looks like both the proof-of-work and proof-of-stake versions will co-exist. Granted, the crypto market as a whole is usually regarded as too risky by many.
The top Litecoin addresses own Especially so when you remember that there is a total of 4,, active and non-active Litecoin addresses, according to Blockchair. If those top one hundred addresses just decided to pull out of Litecoin, it would plummet at an extraordinary rate.
Whenever a new feature is added to Litecoin, it is often not built into Litecoin, but something added by a third-party - a kind of add-on. Take smart contracts for example. Several companies and organisations are attempting to build them for Litecoin - but not the Litecoin core team themselves. Then there is the Lightning Network which speeds up transactions by settling them off-chain and the MimbleWimble protocol which will improve privacy.
These features come from elsewhere. This all raises questions on how Litecoin can keep up with the rest of the market. Before you invest in LTC, do not forget that it all comes down to the risk-reward factor. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x. Gemini is 1 of the only brokers with multiple platform options based on skill level.
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. And Gemini offers a number of unique features over competing cryptocurrency brokers, including:. As among the 1st altcoins on the market, Litecoin typically holds its value better than newer altcoins with lower market capitalizations. Like any type of new technology, Litecoin also has drawbacks. If you decide to invest in Litecoin or any other altcoin always work through a trusted exchange — and never invest more money than you can afford to lose.
Related content: Litecoin vs. Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page. Learn more about the best cryptocurrencies and altcoins you can buy based on VC-backing, technology, price and more.
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Is bitcoin a good investment? Learn more about bitcoin and determine whether this cryptocurrency is the right investment for you. This content should not be interpreted as investment advice. Cryptocurrency is a volatile market, do your independent research and only invest what you can afford to lose.
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