Nowadays, more people are checking the price of Litecoin and other cryptocurrencies. It’s the latest investment option that’s sweeping the world. Litecoin is one of the thousands of cryptos you can find on the internet. Many people consider it the silver to Bitcoin’s gold, so they want it in their portfolios.
Let’s explore the humble beginnings of the internet’s digital silver. We’ll compare it with digital gold Bitcoin and check their differences. We will also teach you how to track the price of Litecoin, so you can start buying. Last, we’ll show the steps to your first cryptocurrency purchase.
The world is eager about the bright potential of blockchain technology. People are keeping an eye out for the latest cryptos in particular. Governments around the world are also checking into this new investment tool. Getting into Litecoin and other altcoins could be your key to success in our new normal.
What is Litecoin?
Before we get into the price of Litecoin, we got to understand it first. If you’ve been checking these internet bucks, the first thing you’ve noticed might have been bitcoin.
It’s almost golden in the eyes of investors. Bitcoin’s the most popular cryptocurrency, so it’s also the most expensive. This makes it challenging to invest if you’re starting.
Thankfully, you could choose other cryptos or altcoins instead. Bitcoin is open-source, so people can use it to launch other blockchain monies.
Related Articles
Best Cryptocurrency to Invest in for 2021
What is Dogecoin?
Should I Invest in Ripple?
This is why many of them are soft forks of bitcoin. You could call them “versions” of the biggest crypto. In contrast, Litecoin is a hard fork of the bitcoin core client.
The Litecoin network uses a different blockchain from bitcoin. This means there are differences in how they work. What’s more, you got more to learn than just the price of Litecoin!
Former Google engineer Charlie Lee created LItecoin in October 2011. According to Litecoin.org, it’s a peer-to-peer internet currency enabling near-zero cost payments worldwide.
He also shared updates using Litecoin.com. The Litecoin Foundation and other experts helped the site further in 2014. Check both sites to learn more about the silver to bitcoin.
Bitcoin vs Litecoin
As we said, Bitcoin (BTC) and Litecoin (LTC) have fundamental differences. If you’re serious about investing, you should check beyond the price of Litecoin.
There are only 21 million bitcoins in circulation. Since its beginning in 2009, many have mined this internet money. With limited supply and high demand, the price of each coin grew.
Meanwhile, there are 84 million Litecoins available. At the time of writing, 1 Bitcoin cost around $55,000 while 1 Litecoin cost roughly $186.75.
When you multiply the price by the supply, you get market capitalization. Based on the previous info, Bitcoin’s market cap is $1.02 trillion while Litecoin’s is $12.45 billion.
This means Litecoins might be a good choice for beginners. Though, you can buy smaller bits of Bitcoin called Satoshis instead.
Besides the price of Litecoin, its biggest perk is its speed. You’ll take around 10 minutes per Bitcoin transaction. Litecoin only takes 2.5 minutes, so it’s 4 times quicker!
Please note that cryptocurrencies are known for sudden and regular price changes. Here’s the summary that traders should know about Litecoin and Bitcoin:
| Features | Litecoin | Bitcoin |
| Supply | 84 million coins | 21 million coins |
| Transaction speed or Block time | Around 90 seconds (2.5 minutes) | Roughly 600 seconds (10 minutes) |
| Maximum number of transactions per second | 15 | 7 |
| Hashing algorithm | Scrypt | SHA256 |
Tracking the price of Litecoin
If you want to start investing, you should check the available cryptocurrencies. You can head to various websites to check how their prices move.
One of the major ones is CoinMarketCap. It shows Litecoin’s price index in USD and other updates in real-time. What’s more, you could check their past performance within a given time.
If you’re serious about investing, the updates within the last 24 hours won’t do. You should check online news for the latest Litecoin price predictions.
Nobody can guarantee you’ll make big bucks from your digital coin, though. Still, those forecasts could help you make long-term returns from digital currency.
Related Article: Best Oil Stocks to Buy Right Now
How to buy Litecoin
There are lots of sites that provide Bitcoin, Litecoin, and other altcoins. Some of them are Binance, OKex, Bitfinex, and Kraken. Binance is one of the most popular, though.
Here are the general steps to buying cryptos from these sites:
- Make your account.
- Link your credit card, debit card, or bank account.
- Choose your preferred crypto, then select USD or other currency.
- Confirm your purchase. After checking, the site will show the transaction’s complete.
Remember that you might find differences among these sites. Also, your country may not allow its citizens to buy and sell crypto-assets.
After buying your first coins, you’ll see them stored in your account. Open it on a PC or smartphone to check the current price of Litecoin and the ones you own.
Some hackers can enter software wallets, though. For better security, get yourself a hardware wallet. They look like regular thumb drives, but they keep your Litecoins safe.
Related Article: What Can I Buy with Bitcoin?
Final Thoughts
The price of Litecoin and other cryptos change often. If you want short-term earnings, you might sell at the slightest price drop. Or you might keep your hopes up for that goner crypto.
Learn when to HODL (hold on for dear life) and when to jump ship. As we said, you can’t just check the recent trends and call it a day. Research carefully to find a good investment
What’s more, check online tips from industry experts and analysts. Listen to their outlook for their take on a crypto’s performance for the rest of the year.
Don’t forget to check the LItecoin website. Learn more about the development team and the direction it’s going. Do the same for other cryptos that catch your attention.
Alternatively, you could try out mining cryptos. There are also online tips for it too. Check them out to learn about proof-of-work and other know-how.
You could ask other traders on Reddit or social media. People there could give some good pointers. No matter who you ask, check their advice carefully.
