One of the oldest cryptocurrencies on the market right now, Litecoin has experienced dramatic surges of growth accompanied by drops in value during its 10-year lifespan among the range of other well-known and reputable cryptocurrencies. But what is Litecoin and just how popular is it?
Described as an Altcoin, which is essentially a cryptocurrency that isn’t Bitcoin, one Litecoin is worth around $230 at the time of writing, although it has experienced a significant drop in its value following an initial all-time high of $412.96 on May 10. Since then, Litecoin’s price has wavered a fair bit, but like all cryptocurrencies, it’s sell-offs don’t necessarily define its future. For instance, people selling their Litecoin collection might not necessarily be making the correct decision as it could experience another surge in value in the near future. Like all cryptocurrency investments, it’s relatively unknown what the future holds for Litecoin but it’s certainly still a popular option for many.
What exactly is Litecoin?
In order to make an educated decision on whether or not Litecoin is potentially for you, it’s worth knowing exactly how it works. According to Ben Weiss, CEO, and co-founder of CoinFlip, Litecoin’s clever technology makes it an appealing investment, especially as it can be mined every 2.5 minutes, which is a great deal quicker than Bitcoin’s 10 minutes, for example. He recently said: “Litecoin is a digital currency that uses peer-to-peer technology to send payments anywhere in the world quickly. Due to Litecoin’s complementary nature to Bitcoin and the fact it has established a market for itself, it is often considered the first successful alternative cryptocurrency, or altcoin.”
As such, Litecoin has certainly won over investors thanks to its faster transactions and the fact that it can be used as an accepted form of currency in some areas, particularly in the casino gaming space, where you can experience classic slot games at an LTC Casino. The options don’t end there, though. In fact, as Litecoin’s usage begins to grow further and it gets potentially adopted on a wider scale, the options on how and where you can use it could increase also.
Is Litecoin worth investing in?
Litecoin is certainly more stable than many other cryptocurrencies on the market, ranking in the top 15 by market cap on an impressively regular basis. Should more people invest in Litecoin and its usage experience growth, then – as we’ve seen in the past – its value could undoubtedly rise with it. It’s appeal is clear to see too, namely with regards to the aforementioned fast transactions, but also due to Litecoin’s all-round impressive technology which enables the quick and inexpensive borderless transactions to run so smoothly.
A factor which has put some people off from investing in Litecoin in recent times is rather telling, though, as its creator reportedly sold all of his coins minus a few to keep as collectibles. Still, that could be for a wide range of reasons. The fact remains that there is still value in Litecoin and its impressive technology, with people still flocking to buy it directly from PayPal or popular exchanges such as Coinbase or Coinmama.