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Bitcoin’s “rival awe” is called Litecoin and is a virtual currency based on the same protocols as BTC. According to experts, the most important difference between a BTC and an LTC is the speed with which they are created (through algorithm programs), with LTC being almost four times faster, which translates into a higher transfer rate of LTC, especially for service markets and goods.
The limit of LTC coins that can be released on the market is 84 new, compared to the limit of 21 million in Bitcoin. Meanwhile, 54 million LTC coins are in circulation, compared to the 16.7 million Bitcoin coins currently on the market. The noticeable difference between the two popular digital cryptocurrencies is that LTC’s network is much less secure and resistant to attacks due to the large difference in computing power to the detriment of LTC.
LTC was created by former Google technician Charlie Lee, in 2009, and is considered to be the third best cryptocurrency to invest in, after BTC and Bitcoin Cash (BCH). In other words, if BTC is the new gold, LTC is the new silver, an alternative to Bitcoin.
“My vision is for people to use LTC every day to buy things”, Lee said.
LTC, Bitcoin’s younger brother, does not offer exciting technological advances over BTC, but it is likely to be a permanent element of the cryptocurrency ecosystem for many years to come.
Why should I buy LTC?
LTC offers cheaper transactions, than Bitcoin or Ethereum. Moreover, it is faster, cheaper, and now -through recent improvements- protects privacy more than any other cryptocurrency. Many investors consider it preferable to trading rather than storing value, as BTC is more secure. To be fair through, securities in LTC are now more reliable than ever. This is shown by the Hash Rate, the degree of difficulty in creating new currencies, which is at its all-time high.
The “players” of the cryptocurrency market remain optimistic about the future of the big digital currencies. Important and well-known cryptocurrencies, such as Bitcoin, Ethereum, Ripple, and Litecoin have proven to be both good and bad investments; good for those who bought them early, before their prices soared, and sold them at their “peak of glory”, and bad for those who rushed to get them, when their prices were close to record levels and either sold them when their prices fell or still hold them, but suffered heavy losses. According to experts, many amateur investors seek to invest in both currencies to have some protection from the instability of BTC.
How can I buy LTC?
Nowadays, the easiest way to find LTC is through litecoinlocal.org. Alternatively, you can get it through an online Crypto Exchange.
PayPal
PayPal made it easy to find LTC through its platform but is still more expensive than buying it through an exchange platform.
Buy with credit/debit card LTC
Don’t have a SEPA account? No problem! You can get LTC either by credit or debit card. Card transactions also provide an instant solution to entry the cryptocurrency world right away, without waiting for the payment to be settled.
Bank transfer (SEPA)
Do you want to make a big purchase of LTC? A secure SEPA bank transfer provides a low-cost way to deposit as much as you want into a transaction.
Buy LTC- Where?
You can easily get LTC in the following platforms:
- Kriptomat
- Coinbase
- Coinmama
- Bitpanda
- CEX.io
- Kraken
Remember that investing in big cryptocurrencies is an extremely risky game that appeals more to speculators than to investors. If investing means a big profit bubble, that offers the opportunity for big profits in short term, or hides the risk of catastrophic losses, then “yes”. Conversely, if “investing” is rooted in discipline, strategy, academic background, and differentiation -with a view to maximizing returns on a declared risk-, then investing in digital cryptocurrencies is more like a roulette game than an investment.
To sum up, LTC is a relatively safe choice due to its relationship with BTC and of course as it is an investment without frequents ups and downs in value, ensuring a not too high, but above a satisfactory profit. It would probably suit a little more to conservative investors, who want a guaranteed good return, without assuming a high risk.
