Litecoin (LTC) is considered the next best thing to Bitcoin. The cryptocurrency was launched a couple of years after Bitcoin, and by its own admission, is quite similar to the pioneering cryptocurrency. But there are certain things which Litecoin offers that make it suited for the present day crypto investors, users, and traders. It is growing at a fast pace and is already closing the gap on Bitcoin. The recent crypto slump has brought Litecoin down to $122.7. You should use this opportunity to buy it when it’s cheap. Why do you ask? Well, here are a few good reasons.
Reasons why you should buy Litecoin LTC when it’s cheap now
- A Newer and Better Bitcoin
It’s no secret that most people invest in altcoins because of the stories of early investors of bitcoin. Like them, present-day investors want to buy a coin for cheap and become millionaires. LTC is one currency that can actually make that happen for you. It is much like Bitcoin, only better. It uses a proof-of-work algorithm but is ASIC resistant and allows both CPU and GPU miners. It is also much faster and scalable than Bitcoin. Its network is as secure as Bitcoin’s, if not more. LTC fell from around $300 to just above $100 but is still better than others since it is stable. It’s already moving upwards, so the time is ripe to buy and HODL litecoin (LTC).
- Abra app using Litecoin network for smart contracts
Abra is an app that allows users to trade fiat-crypto, crypt-fiat, and crypto-crypto pairs. 20 cryptocurrencies and 50 fiat currencies will be available on Abra. However, users have to first buy Litecoin and then use that for future trading in the app. Abra uses smart contracts for the exchanges but uses Litecoin network for the smart contracts. This decision was made because Litecoin transactions are faster and more scalable, and the Litecoin network is much more secure than BTC, the other alternative for this use case.
- Litecoin Core is released
The reason why Litecoin didn’t slump as low as many other altcoins during the market drop recently was because of the launch of Litecoin Core. The network ensured that users continued to believe in Litecoin and the price of the coin remained above the $100 mark. This is again a sign of Litecoin’s stability as a cryptocurrency, something you don’t see very often in this universe.
- Gemini Exchange Lists Litecoin now
The Winklevoss Twins’ Gemini exchange is one of the world’s most popular crypto exchanges. It sees millions of users and traders on a daily basis. The exchange has now listed Litecoin on their portal as well, allowing users to trade in the cryptocurrency as and when they want. This is another significant step in Litecoin’s journey as it brings more users in close contact with the cryptocurrency. The exchange has a large pool of users and listing Litecoin there will increase trading in Litecoin. When trading increases, the price of the currency is sure to hike.
Litecoin (LTC) is already ranked at #5 in the list of cryptocurrencies. It is not a new cryptocurrency, but it has continually adapted and improved itself to match the needs of users and tackle the issues that have come up in its history. This attitude is pivotal in creating the successful and popular image of Litecoin. The cryptocurrency is only going to go up. Last year saw a jump from $5 to $300 in Litecoin prices, like all other altcoins.
This year it saw a drop, like all altcoins. But the drop was lesser, and the recovery much quicker. These are signs of a cryptocurrency that is stable. When you add that to the growing list of partners of Litecoin (LTC) and its fast transactions and scalable nature, you have a cryptocurrency poised to become the leading name in the industry. If you invest in it now, there’s a very good chance you’ll enjoy the fruits in the near future.
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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.