Have you decided to take part in the campaign? You can buy LTC on Coinbase, Robinhood, and Crypto.com.
Litecoin has been widely accepted as a useful microtransaction good, which makes it much easier for individuals to send payments without high fees. Litecoin transactions can be four times faster than a Bitcoin transaction, making Litecoin a widely used cryptocurrency for point-of-sale payments around the world. In addition, the transaction fees for Litecoin are only 1/100 the cost of a Bitcoin transaction and 1/500 the cost of using Ethereum!
What is litecoin?
Litecoin (LTC) is a cryptocurrency designed to enable fast, secure, and inexpensive payments for microtransactions – primarily point-of-sale payments. Litecoin was introduced in 2011 by former Google employee Charlie Lee and was quickly recognized as a useful crypto for peer-to-peer payments.
Similar to Bitcoin, Litecoin was developed as an open source blockchain protocol. This means that there is no central control of the coin – all transactions are managed by a peer-to-peer network. The special thing about Litecoin is how fast payments can be made with such low fees. This is due to the block verification time, the time it takes to verify a transaction. The Litecoin network can confirm a block in 2.5 minutes, with Bitcoin blocks being mined every 10 minutes or so.
Litecoin is powered by the Proof-of-Work (PoW) consensus mechanism, which uses computing power to verify transactions. Many new projects have moved away from PoW and implemented Proof-of-Stake (PoS). This mechanism is much more environmentally friendly and allows for improved scaling.
Litecoin market position
LTC’s market capitalization as of October 2021 is around $ 13 billion with a circulation of 66,000,000. A Litecoin doesn’t cost around $ 195 and maintains its rank as the # 14 cryptocurrency by market capitalization.
Litecoin recorded a value increase of 250% from the previous year’s high of 64 USD in September 2020. However, Litecoin has still not regained its all-time high of over $ 350. This could very well be due to the proof-of-work consensus that Litecoin is still using. Proof-of-stake tokens like Cardano could very well be a better option, and investors seem to agree as they rate ADA as the fourth largest cryptocurrency with a market cap of over $ 70 billion.
Jane Kane Bull Case for Litecoin
Jane Kane is Editor-in-Chief at Liteforex, which also covers emerging crypto markets. Kane brings up an interesting point about how the Litecoin Foundation holds a 9.9% stake in the German WEG bank that was given to the foundation as a donation from the Swiss blockchain company TokenPay.
Together they hold a stake of 20% in the conservative German bank, in which mainly real estate investors are invested. Kane states that Litecoin can thus be recognized as a possible cryptocurrency for buying real estate in Germany in the long term.
If this news comes to fruition – and it’s not a fake – LTC can make huge profits over the next 12 months. However, this is true as long as the cryptocurrency markets remain bullish as altcoins typically follow the price movement of bitcoin.
Luke Conway Bear Case for Litecoin
Luke Conway is a blockchain analyst and reporter who discussed the latest fake press release from Global Newswire alleging that Walmart (NYSE: WMT) was partnering with the Litecoin Foundation. This fake press release was followed by a tweet from the official Litecoin Twitter account, which was deleted just minutes later. This caused the price of Litecoin to increase up to 26% as the news spread on social media, which then fell sharply back to the previous range. Another fake press release of this magnitude could dent the reputation that Litecoin has worked so hard for.
Where can you buy Litecoin?
You can currently buy LTC on Coinbase (NASDAQ: COIN) and Gemini. A centralized exchange like Coinbase or Gemini is a great way for individuals to buy cryptocurrencies on their computer or mobile device. Make sure you always do your own research before buying cryptocurrency.
1 minute review
Coinbase is one of the largest trading platforms for cryptocurrencies on the Internet. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally easy to buy and sell large cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which has more order types and advanced features.
While Coinbase doesn’t offer the cheapest prices or the lowest fees, its simple platform is easy enough for absolute beginners to master with just a single trade.
Best for
- New cryptocurrency traders
- Cryptocurrency traders interested in important pairs
- Cryptocurrency traders interested in a simple platform
advantages
- Simple platform is easy to use
- Comprehensive mobile app reflects desktop functionality
- The Coinbase Earn feature rewards you with crypto as you learn more about available coins
disadvantage
- Higher fees than competitors
1 minute review
Gemini is a cryptocurrency exchange and custodian that offers investors access to 26 coins and tokens. Gemini was founded in the USA and is expanding worldwide, particularly to Europe and Asia. The offer includes both large cryptocurrency projects such as Bitcoin and Ethereum as well as smaller altcoins such as Orchid and 0x.
Gemini is one of the few brokers with multiple platform options based on level of knowledge. New investors will love the streamlined user interface of Gemini’s mobile and web apps, while advanced investors will appreciate all of the tools that come with ActiveTrader.
In addition to a variety of platform options, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Find out more about what Gemini can do for you in our review.
Best for
- New investors looking for a simple mobile and web app
- Seasoned investors who need a more advanced platform with more tools
- Users looking for a one stop shop to buy, sell and store all of their coins
advantages
- Easy and quick registration – can start in just a few minutes
- Variety of platforms for traders of all skill levels
- Hot wallets include insurance to protect you from theft and hacking attempts
disadvantage
- Collects both a commission and a convenience fee for users who buy and sell through the desktop or mobile app
Best for
Buy and sell Dogecoin
getting started
safely through the Robinhood website
1 minute review
eToro, headquartered in Cyprus, England and Israel, has been offering forex products and other CFD derivatives for retail clients since 2007. A major asset to eToro is its social trading activities, including OpenBook, which allows new clients to copy trading with the platform’s top performers. Its social trading features are top notch, but eToro is losing points due to the lack of tradable currency pairs and disappointing research and customer service features
Best for
- US-based cryptocurrency traders
- Social and Copy Traders
- Simple user interface
- Community engagement and tracking of other traders
advantages
- 25 cryptocurrencies
- Extensive network of social trading functions
- Large customer base for new traders to follow suit
disadvantage
- US traders can only buy cryptocurrency
How long does it take for Litecoin to reach $ 300?
To reach $ 300, Litecoin would have to double its market cap, which requires continuous growth in partnerships and will not become obsolete by using the PoW consensus. Given recent market moves, we can expect some price consolidation as the price enters a previous resistance / support zone. If Litecoin continues its 250% annual surge, we could expect $ 300 by February 2022.
Where can you keep Litecoin safely
When thinking about how to store your cryptocurrency, there are two options to choose from: software wallets and hardware wallets.
- A software wallet is an application on your computer or mobile device.
- A hardware wallet is a special type of wallet that stores the user’s private keys in a secure hardware device – your private key information is stored on your computer and on the external device.
Best hardware wallet: Ledger
Ledger is the most famous and widely recognized hardware wallet currently available. The device is primarily an offline hardware wallet. Ledger also connects to Bluetooth and USB depending on whether you want to use your computer or mobile device. Using ledger also makes it much easier to secure, store, and manage your assets.
Best software wallet: Coinbase wallet
Coinbase Wallet is the number 1 mobile cryptocurrency wallet in the App Store. Coinbase makes it easy for users to secure, store and manage their cryptocurrency. A software wallet like Coinbase Wallet is perfect for people who want to start buying and storing cryptocurrencies.
Bonus area: Consider other cryptocurrencies similar to Litecoin that implement PoS as PoW is quickly becoming outdated technology.
Current crypto prices
The total market capitalization for all cryptocurrencies is currently just over $ 2 trillion. The long-term positive market sentiment continues as the industry continues to grow. Although there was a slight sell-off in the short term as prices struggled to stay above support. The current market structure will largely depend on whether the price action can maintain the current level of support.
So is Litecoin a good investment?
Litecoin is relatively well established and a cryptocurrency that is widely accepted by various vendors and traders around the world. As Litecoin continues to grow its partners, market capitalization will continue to grow – a long-term investment – making it a relatively safe purchase option for investors. However, it has failed to maintain its competitive advantage as the detection of stake cryptocurrencies can be faster and cheaper than Litecoin. Make sure you always do your own research on projects before investing.
Benzinga has developed a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offers, prices and promotions, customer service, mobile app, user experience and benefits, and security. To see a full breakdown of our methodology, please visit our Cryptocurrency Methodology page.
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