• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Cult Of Money

Cult Of Money

Personal finance for the crypto-curious.

  • About
  • Podcast
  • Contact
  • Cryptocurrency
      • How To Start

      • What Is Cryptocurrency And How To Invest?
      • What Is Bitcoin And How Does It Work?
      • What Is Ethereum And How Does It Work?
      • Most Common Crypto And NFT Scams (And How To Avoid Them)
      • Proof Of Work vs. Proof Of Stake vs. Proof Of History
      • How To Invest In Crypto In Your IRA Or 401k
      • Tools + Resources

      • Best Cryptocurrency Exchanges
      • Best Cryptocurrency Wallets
      • Best Crypto Savings Accounts
      • Best Tax Software For Crypto And NFT Traders
      • Reviews

      • Coinbase Review
      • Gemini Review
      • BlockFi Review
      • Binance Review
      • Hodlnaut Review
      • Ledger Wallet Review
  • DeFi
      • How To Start

      • What Is DeFi?
      • What Is Staking Your Crypto?
      • Centralized vs. Decentralized Exchange
      • Tools + Resources

      • What Is Uniswap And How Do Decentralized Exchanges Work?
      • Reviews

  • NFT
      • How To Start

      • What Is An NFT?
      • Tools + Resources

      • Most Popular Play-To-Earn Crypto Games
      • Popular Projects

      • What Are VeeFriends And Are They Worth It?
      • Bored Ape Yacht Club NFTs Are Popular (And Expensive)
      • What Is The Sandbox And How Can You Play?
      • Why Visa Bought A CryptoPunk
  • Investing
      • How To Start

      • Tools + Accounts

      • Reviews

  • Personal Finance
      • Banking

      • Best Bitcoin Rewards Checking Accounts
      • Tools + Resources

      • Tax

      • Income Tax Prep Guide
      • Bookkeeping And Accounting For Crypto And NFTs
Coins

How To Invest In Litecoin (LTC)

By Robert Farrington • January 12, 2022

At The Cult of Money, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners whom we receive compensation from. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. CultOfMoney.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The Cult of Money does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. CultOfMoney.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Share
Tweet
Pin
Share
Email
Litecoin LTC

Unless you've been living under a rock in the crypto world, you've probablty heard of Litecoin. 

Litecoin is one of the most popular and oldest cryptos and has maintained its relevance in the crypto community over the years.

The cryptocurrency has enjoyed a long-dominant stay in the market with incredible gains. Because of this, many crypto investors wonder whether it's too late to invest in this digital currency.

Whether you're new to Litecoin, thinking of getting back in, or just want to know if you should invest in Litecoin (LTC) - this article is for you. In it, we'll answer the long unanswered question of whether Litecoin is a good investment, what it is all about, and how to buy it.


Table of Contents
What Is Litecoin (LTC)?
How Is Litecoin Different Than Bitcoin?
What Are The Benefits Of Litecoin?

Should You Invest In Litecoin?
How To Buy LTC
The Bottom Line

What Is Litecoin (LTC)?

Following Bitcoin's footsteps, several altcoins were released to build upon or improve what the world's first-ever cryptocurrency set out to do. 

One such altcoin was Litecoin, created and released in 2011 by Charlie Lee, a former Google employee.

Altcoins are cryptocurrency alternatives to Bitcoin. And Litecoin fits that description perfectly. Created as a fork of Bitcoin's source code, the cryptocurrency is almost identical to Bitcoin but with better utility.

The goal of Litecoin was to solve the transaction limitations of Bitcoin's network, and it does this as a lighter version of Bitcoin. 

Litecoin has a faster transaction and confirmation speed and can do so because it runs on Scrypt Algorithm. Scrypt confirms crypto transactions quickly because it utilizes high-speed memory and can generate coins that handle bulk transactions.

The project aimed to supplement Bitcoin's network rather than compete. Soon, the crypto's investors and enthusiasts quickly accepted this narrative and dubbed the altcoin "the silver to Bitcoin gold."

As more investors learned about it, Litecoin witnessed a price surge making it one of the highest valued coins and top five cryptos for a long time.

Litecoin Price Chart All Time

How Is Litecoin Different Than Bitcoin?

The most noticeable difference between Litecoin and Bitcoin is each cryptocurrency's algorithms. While Bitcoin uses the SHA-256 algorithm, Litecoin works with Scrypt, a faster and easier algorithm that uses less energy.

Litecoin also has some differences/advantages compared to Bitcoin. As mentioned earlier, the cryptocurrency was launched to prioritize transaction speed, which is the main reason for its popularity. 

Currently, it takes the Bitcoin network an average of nine to ten minutes to confirm the status of one transaction, while Litecoin's is roughly 2.5 minutes - four times faster than bitcoin.

This shorter transaction speed is because Litecoin's network possesses faster block generation. 

Although Litecoin comes with all these improvements to the crypto community, Bitcoin still tops the table.

What Are The Benefits Of Litecoin?

Cryptocurrencies were invented as better alternatives to fiat currencies bringing transparency and efficiency to traditional financial systems. They do this by applying blockchain technology to the system, which has led to crypto projects solving real-world problems.

Litecoin is one of such projects used as a means of payment. As mentioned earlier, the altcoin offers faster transactions and confirmations, quickly settling transactions.

The cryptocurrency is also accepted as a standard means of payment on many platforms.

Another benefit the crypto has is its multiple and secure storage options. Every crypto investor understands that a critical aspect of investing is ensuring your coins are safe from hackers.

The best way to keep your coins is by investing in a cold storage wallet.

And unlike most coins, Litecoin is compatible with multiple and reliable cold storage wallets.

Should You Invest In Litecoin?

The relevance and value of every cryptocurrency are highly dependent on the frequency of its use and the number of people holding it.

Following the failure of the August halving to push Litecoin's price higher, the cryptocurrency has struggled to maintain its previous stay in the top crypto-list worldwide.

At the time of writing, Litecoin possesses 0.47% market dominance and ranks #18 on Coinmarketcap. Investors speculate this steady decline is also caused by the absence of new capital flow, which has tamed transaction volumes worldwide. 

In 2021, Litecoin failed to reach a new all-time high, even as Bitcoin and Ethereum have. 

But, this doesn't mean that buying/investing in Litecoin is a bad idea. 

It shows Litecoin may have a greater reward to risk ratio when compared to other assets because it has a lot of catching up to do with the rest of the market.

That said, Litecoin may have more financial rewards long after other coins have exhausted their bullish momentum.

How To Buy LTC

Presently, LTC is listed on top exchanges like Coinbase, FTX, even Gemini.

That said, our recommendation, however, is the SEC-approved eToro platform. 

eToro is almost unrivaled in the arsenal of analytical tools it provides. 

To buy LTC on the eToro exchange, follow these steps:

  • Sign up: Go to eToro.com, create an account, fill in your KYC details, and confirm the process.
  • Make a deposit: Use the best-suited option to transfer currency into the platform. That could include fiat, stable coins, ETH, or Bitcoin.
  • Search for LTC: After that, navigate to the trade section. You will need to select the currency pair you want to exchange for the coin and click the Buy button. 

The purchased LTC coins will be sent to your wallet on the exchange. 

The Bottom Line

Just like other crypto assets, Litecoin isn't yet accepted universally. 

That is because the crypto market has only been around for a short period - 14 years - and is still expected to become a major game-changer in the financial sector.

With many years of adoption still ahead, we can safely say that it isn't too late for those who want to invest in the digital currency.

Also, apart from the crypto's functionality, many Litecoin investors consider the crypto to have potential long-term holding benefits. 

Like any currency investment, investors and analysts speculate that Litecoin will build relative wealth over time.

Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

How To Invest In Litecoin (LTC)

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

Subscribe
Login
Notify of

0 Comments
Inline Feedbacks
View all comments

Primary Sidebar

  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter
  • YouTube

Editor’s Picks

  • 8 best cryptocurrency exchanges ranked

    8 Best Cryptocurrency Exchanges Ranked For 2023

  • crypto savings accounts

    6 Best Crypto Savings Accounts For 2023

  • Cryptocurrency Bonus Offers

    10 Best Crypto Promotional And Bonus Offers

  • best crypto wallets

    Best Crypto Wallets For 2023 (Software And Hardware Options)

  • Best Portfolio Trackers For Cryptocurrency And Stocks

    6 Best Portfolio Trackers For Cryptocurrency And Stocks

  • best tax software for crypto and NFT traders

    Best Tax Software For Crypto And NFT Traders In 2023

Popular Posts

  • proof of work vs. proof of stake vs. proof of history

    Proof Of Work vs. Proof Of Stake vs. Proof Of History

  • Why I Bought An NFT

    Why I Bought An NFT [And 5 Reasons You Should Too]

  • My Dogecoin Experiment: What I Learned From Investing $2,000 In DOGE

  • common crypto and nft scams

    Most Common Crypto And NFT Scams (And How To Avoid Them)

  • Bookkeeping and Accounting for Crypto and NFTs

    Bookkeeping And Accounting For Crypto And NFTs

  • what is a 51% attack

    What Is A 51% Attack? (And How Is That Game Over For Crypto?)

  • what is staking crypto

    What Is Staking And How Can You Make Money With Your Crypto?

  • what are veefriends

    What Are VeeFriends And Are They Worth It?

  • how to file a complaint against crypto exchanges

    How To File A Complaint Against A Crypto Exchange [Crypto Regulators]

Footer

Pages

  • Best Cryptocurrency Wallets
  • Best Cryptocurrency Exchanges

Categories

  • Cryptocurrency
  • DeFi
  • NFT
  • Personal Finance

About

  • About The Cult Of Money
  • Contact
  • How We Make Money
  • Advertise With Us
  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter

Copyright © 2023 | Cult of Money | Privacy Policy | Terms of Service

wpDiscuz