What is Litecoin and why should you use it?

In today’s world, cryptocurrencies are becoming more readily acceptable than ever; from Bitcoin to Ethereum, billions of dollars have been invested in crypto.

People are always looking for new ways to add value to the money they already have, which is why we hear names of new cryptocurrencies with each day that passes. There are a number of cryptocurrencies, apart from the mainstream ones, which are attracting the attention of investors, Litecoin being one of the most prominent ones.

What is Litecoin?

Litecoin (LTC) is a peer-to-peer cryptocurrency founded in October 2011 by an erstwhile Google engineer Charlie Lee. It came to the scene two years after Bitcoin, and many thought it would give tough competition to Bitcoin. The creator of Litecoin, Charlie Lee, termed it as a “lite version of Bitcoin.”

Like Bitcoin, Litecoin is decentralized, meaning it is not controlled by any central authority. Being the 23rd biggest cryptocurrency by market capitalization, more and more people are investing in Litecoin as its popularity continues to increase.

Initially, LTC did not get a good start because of an over-saturated crypto market and the lack of awareness and knowledge regarding crypto as a whole. Nevertheless, with an increased interest in crypto globally and with people exhaustively investing in cryptocurrency, LTC has become the go-to for many because of a number of reasons.

Reasons to Invest in Litecoin

There are myriad reasons to consider utilising Litecoin as an investment; some of the most important ones are explained below:

LTC is 4x Faster than BTC

One of the biggest reasons the world is turning to cryptocurrency is the ease and speed of transactions it provides. It allows for rapid transactions and can be used to transfer money all around the globe in an instant. Litecoin is a perfect choice for people looking to transfer large sums of money because it takes 4 times less time processing transactions than Bitcoin. Because of this particular reason, there is a high probability that many big corporations might end up using LTC.

Potential to grow

As of January 2022, one LTC is trading for $148.71, an amount that is expected to increase as more and more companies adopt Litecoin as a form of payment. Over 3,000 merchants worldwide already accept LTC as a form of payment, a number that can only grow given the dynamics of the crypto market of today. With a total fixed supply of 84 million coins, the demand for LTC is only expected to increase, and with a limited supply, you can expect the value of the coin to skyrocket once demand increases.

Easy to Liquidate

One of the major reasons to invest in Litecoin is its ease of liquidation. Being one of the most liquid coins in the market, LTC has a high 24-hour volume, and you can trade large quantities of coins within a short period of time.

With large corporations like UFC, Atari, and Overstock.com using LTC for payments, it is only a matter of time before other big corporations turn to Litecoin for its ease of use and quick transactions. With the ever-changing dynamics of the crypto market, you never know which currency to rely on. Nevertheless, if you want to invest in a currency with significant potential to grow that is easy to liquidate, Litecoin should be on your radar.