In the last few years, cryptocurrency has gained much traction. In fact, Bitcoin reached an all-time record high in March 2021, with the value of a single bitcoin being over $63,000!
If you’re late to the game, you might be sad about missing out on Bitcoin. But the reality is, there are so many other cryptos to invest in that can give you a nice return.
For example, there’s Litecoin. What is it and what is the future of Litecoin? Read on to find out!
What Is Litecoin?
Litecoinis a cryptocurrency just like Bitcoin. In fact, it uses the same base code, but better! What this means is it’s much quicker to process transactions (4 times faster, to be exact).
Also, because transactions are 4 times faster, the number of Litecoin available will be 4 times that of Bitcoin. This makes it more readily available for people to buy in small quantities, as you might want to do when you’re just starting out.
Buying Litecoin
To buy Litecoin, you have to choose a cryptocurrency exchange. You’ll want to do your due diligence here, as you’re dealing with real money, after all. Things you’ll want to take note of especially are the fees and security measures.
Create an account and then verify your identity. You’ll usually need to provide evidence of something like your Social Security number or driver’s license.
Once you’re verified, you can purchase Litecoin with a bank transfer or payment from your credit or debit card. Consider getting a crypto wallet for better security.
Selling Litecoin
If you want to sell Litecoin at the right time, then you can do so on the same crypto exchange you’ve signed up with. If you’ve put your Litecoin into a crypto wallet, then you’ll have to first withdraw from the wallet and put it into the exchange.
The exception is if the wallet has a built-in exchange. In that case, you can just proceed to sell directly from there. It’s that simple!
The Future of Litecoin
When it comes to the future of this cryptocurrency, and more specifically, Bitcoin vs Litecoin, Litecoin will probably never be close to what Bitcoin’s worth.
However, Litecoin’s been around for over 10 years now, and it’s here to stay. However, do note that all cryptocurrencies are quite volatile, including Litecoin. But if you stick with it, you should see an overall upward trend, just like with all other cryptos.
Invest in Litecoin Today
Now that you’ve learned what this crypto is and have gotten a glimpse into the future of Litecoin, isn’t it a good idea to start investing? It’s a lot cheaper than Bitcoin is, which means it’ll be easier to get into.
While you probably won’t make millions on your first try, you can certainly learn the ropes quickly. This will pave the way for wiser future investments!
If you’d like to learn more about finance, make sure you check out the rest of our blog page!
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