The cryptocurrency is a profitable business which has been used by investors to generate great profit for them. The generation of digital currencies has arrived and the people who are engaged with cryptocurrencies are ahead of the game. It all started with the introduction to Bitcoin back in 2009 where it revolutionized the currency transaction industry. It fortified the security of fund transfers as we know and the cryptocurrencies became the new savior of investors. People started to deviate towards Bitcoin and blockchain.
The introduction to Bitcoin also gave birth to Litecoin which was considered as the clone of Bitcoin. But Litecoin was actually different than the Bitcoin which was later understood by the investors. These investors understood that the Litecoin was much different than Bitcoin when they considered the block time of the cryptocurrency. Litecoin was much more adaptable with the investors because of the faster transactions when compared with Bitcoin. Here are some reasons that you should buy Litecoin when you think of investing in cryptocurrencies.
Transaction speed and fees
The transactions which are done in Litecoin are fast and cost-efficient. The Litecoin cryptocurrencies have less blocktime which is around 2.5 minutes when compared to the 10-minute blocktime of Bitcoin. The transaction charges are also less which is $0.23 for a block executed. Hence the Litecoin, in general, is a pretty profitable cryptocurrency to invest in.
The hashing algorithm that Litecoin uses is simpler than the hashing algorithm of Bitcoin. The Litecoin uses a Scrypt algorithm which is more advanced than the SHA 256 algorithm. The hashing algorithm decides the block time which it takes to complete the transaction. Hence during mining Litecoin, the less block time will speed up the process of mining and transaction.
The blockchain that is integrated into the cryptocurrency governs the cryptocurrency. This blockchain watches all the transactions that happen in the cryptocurrency which secures the complete system. The blocks are added continuously to the blockchain as the transactions proceed. The Litecoin has a much efficient blockchain than many major cryptocurrencies in the market.
The Litecoin has an open mind to updates and upgrades which can be powerful for the future of Litecoin. The Bitcoin, on the other hand, has a preservative mindset towards their technology. They like to preserve the technology which was responsible for the foundation of Bitcoin. New technologies give the cryptocurrency more chances to accommodate the needs of the user.
Future of Litecoin
The market capital of Litecoin is over $3 million USD which puts Litecoin in the list of top ten cryptocurrencies. The Litecoin is predicted to have a bright future because of the growing demand for Litecoin. The trading volume of the Litecoin cryptocurrency is around $465 thousand USD which is much more than two to three cryptocurrencies above it on the list. There are many online Cryptocurrency Exchange platform such as Evonax who have adopted Litecoin and are providing Litecoin Exchange services.
Here are some significant reasons why you should invest in Litecoin. The Litecoin has a huge user base and it has more chances to be successful in the future. Litecoin holds a great potential to become more profitable which will skyrocket the demand of Litecoin cryptocurrency.