Invest in Litecoin

HOW TO INVEST IN LITECOIN

An Investment in Litecoin

As the floodgates of investors in cryptocurrencies have opened, upon the realisation of the advantages of holding digital currencies, many have started to look for investment opportunities outside of Bitcoin and Ethereum. More and more, we are seeing Litecoin being used as a great alternative. 

Litecoin was launched by Charlie Lee, a former google engineer, in October 2011 with the intent of creating a currency that would serve as ‘the silver to Bitcoin’s gold’. Since then, Litecoin had gone on to become extremely popular as an alternative to bitcoin and has seen tremendous growth in the short period of time it has been available to become the fourth largest Cryptocurrency by market capitalisation. In fact, Since the start of 2017 Litecoin has risen 7,291% against Bitcoin’s 1,731%. 

Many consider Bitcoin and Litecoin to be clones of one another, and in many ways they are. However, there are some fundamental differences which can make Litecoin the better option to some investors.

Litecoin vs. bitcoin

Total Amount of Coins:

One of the primary differences between Litecoin and Bitcoin has to do with the total number of coins each cryptocurrency can produce. The bitcoin network can never exceed 21 million coins, where as Litecoin has been designed to accommodate up to 84 million coins.

While this may be negligible due to the fact that both Bitcoin and Litecoin are divisible into nearly infinitesimal amounts, it is thought to offer some psychological advantages due to its (so far) smaller price for a single unit. With some users preferring transactions in whole units rather than in fractions of a unit.

Transaction processing speed:

Long term data suggests that Bitcoin network’s average transaction confirmation time is just over 9 minutes per transaction, whereas the equivalent figure for Litecoin is roughly 2.5 minutes. This difference in transaction confirmation time is thought to make Litecoin more attractive to merchants, as the wait would be nearly four times less to confirm payment through Litecoin as opposed to Bitcoin.

Different Algorithms:

The most fundamental difference between Litecoin and Bitcoin are the cryptographic algorithms which they employ. Litecoin makes use of a comparatively new algorithm called Scrypt, where as Bitcoin makes use of it’s longstanding SHA-256 algorithm.

Litecoin’s proof-of-work algorithm, Scrypt, is a sequential memory-hard function that requires more memory than an algorithm which is not memory hard. Due to the nature of Scrypt’s algorithm ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce that they are for Bitcoin’s SHA-256 algorithm. Scrypt has been deliberately designed to make sure that mining is as accessible and democratized as possible for all users regardless of their experience with cryptocurrencies.

How to Invest in Litecoin

If you’re wondering ‘Where Can I Buy Litecoin’, or ‘How Can I Invest in LTC?’ — You couldn’t have come to a better place. We offer cryptocurrency IRA accounts and most would consider Litecoin as our specialty. We have experts on staff to help you understand Litecoin, walk you through the LTC buying process, and even allows you to fund your Litecoin LTC IRA account with an existing fund such as your IRA or 401k.

Reach out to us today and learn more about investing in Litecoin, the long-term value in LTC, and most importantly, Open Your Litecoin IRA Today with CryptoWallet IRA!

Litecoin Price Chart