Litecoin is one of the most popular cryptocurrencies of the crypto market. It’s also one of the oldest ones, and has existed for 10 years.
But what is Litecoin really, and is LTC still a good investment in 2021?
In this guide, you will find answers to all your Litecoin questions. You will discover Litecoin’s history, and get to know what makes LTC such a popular cryptocurrency.
What is Litecoin?
Litecoin (LTC) is one of the original altcoins – alternative cryptocurrencies. As the name suggests, the main difference between Litecoin and Bitcoin is that LTC is “lighter”, which means that Litecoin transaction times and fees are smaller compared to that of Bitcoin’s.
Litecoin was created in 2011 by a former Google employee Charlie Lee, also known as Satoshi Lite. The fact that LTC was created only two years after Bitcoin makes it one of the oldest and most time-tested cryptocurrencies in the blockchain ecosystem.
Like many other popular altcoins, Litecoin is a fork of Bitcoin. The word “fork” means that Litecoin used Bitcoin’s source code, and modified it to improve certain features of BTC that were problematic, such as high transaction times.
What Are the Advantages of Litecoin?
The main advantage of Litecoin is the fact that it is a very efficient cryptocurrency. Other popular digital assets such as Bitcoin or Ethereum have been known to have high transaction times and fees, especially at times when the network was congested due to a lot of volume.
Transaction times of Litecoin are much lower than Bitcoin’s. A payment made with BTC might sometimes even take hours to proceed. Litecoin is much faster – a LTC transaction is usually complete in just a few minutes at most.
One of the reasons why many people prefer to use Litecoin for making cryptocurrency transactions is the fact that LTC is much cheaper than BTC or ETH. Bitcoin fees for a regular-size transaction can be as high as $10 or even more, and transactions made with ETH can even cost hundreds of dollars. Making a Litecoin transaction is much more efficient, as it only costs a few cents.
Is Litecoin a Good Investment in 2021?
Over the years, other cryptocurrencies surpassed Litecoin in popularity. Many investors neglect LTC because it is a very simple crypto. It doesn’t come with any fancy features marketed with popular buzzwords.
Instead, Litecoin only does what cryptocurrencies were invented to do in the first place. It enables anyone, anywhere in the world to make anonymous and secure payments.
When it comes to actually being used as a digital currency, Litecoin is often much better than many newer altcoins. It’s easy to use Litecoin to buy something online or to send someone money, which is why after 10 years since it was launched LTC is still one of the most popular cryptocurrencies.
If we take all things into consideration, it’s clear that Litecoin is still a good investment. What’s also important is that it’s one of the safest cryptocurrency projects to invest in.
Litecoin has existed for over a decade with no issues or security concerns, and it’s safe to assume it will continue to be around for at least another 10 years.