It has been a while since I have written or shared opinions on the topic of cryptocurrency, but seeing how Litecoin is being utilized and in what capacity, it does have a good future. What is this crypto coin that got more publicity recently than Bitcoin, the most popular and famous cryptocurrency in the world, did so with such great success that people believe that they are going to be successful and dominate the money market. But before you can invest in one of these coins you need to know about its history, which will show whether or not it’s worth investing in.
It was first released in 2009 as an alternative for US dollars and other currencies. It also began trading under the symbol LTC in 2014. In 2018 it became available to It buy and sell for everyone worldwide.
Today we see many companies in various industries using this currency due to its use in transactions. In recent news stories, businesses have started selling their goods and items with the new digital currency and others have become rich by simply purchasing it through the internet at extremely low prices.
The blockchain technology behind the platform enables smart contracts at any time between two parties, where for example if something happens in another country that needs goods or services from someone from inside your native land but it doesn’t require anything extra or an exchange to do so, then you don’t have to worry about those requirements anymore because everything is done already online. Even better, now all transactions are made without any fees and taxes and you can receive it at any day, even in emergencies. Some countries, like Iceland have banned its usage while others have yet to make laws against it. Although it had already gained acceptance and popularity, it still has many fans among investors on social media. The current price of the token is $1.18 which is higher compared to the previous price in 2017 when it traded for $0.05. Still, it is worth holding onto it and keeping track of its progress.
Another advantage to cryptocurrencies is they are decentralized in nature and therefore are difficult to trace. They are not based on national borders so you don’t have to worry about them getting stolen if some person hacks into your bank account or just decides to sell your assets for $100,000. If at all there is any misuse on their part, there are no rules or regulations to follow on whether or not you can get money back. That is why they are considered safer than banks and other financial institutions and hence many traders prefer them over others. Moreover, each transaction comes out uniquely on the network which means that only the owner or creator knows who the actual buyer or seller is. For example, suppose bitcoin is used in transferring funds and you pay someone for giving you bitcoins. No matter how much you paid him, your transactions won’t be mixed up with any other transaction at the same time. This means that if you want to send it via cash, you can use cash instead and they won’t be able to determine what you got. This makes it safe and reliable like no other type of payment system. Furthermore, you can even own some tokens using your private key and withdraw them whenever you wish. Other cryptocurrencies like Ethereum, Ripple, etc are used for similar purposes and they cannot perform the same functions at the same level as LTC.
However, there are drawbacks with cryptocurrencies such as high volatility and transaction costs, especially if you want to trade the asset. Cryptocurrency is quite volatile since it depends not only on the value of the underlying asset but also the speed at which the values change. As mentioned above, transactions are recorded and encrypted making it highly un-traceable. Therefore, if you lose all your money you would have no way to recover it unless, at least, there is a trusted party that keeps a copy somewhere else. The cost of the transaction would depend on the amount of money sent which is usually determined by the number of currency in circulation. Depending on this factor, the amount could be low. Then again, the demand of the currency in the market could very easily make the value rise causing the value to fall in turn, however, the opposite could happen as well. Another drawback to cryptocurrencies is the fact that it’s hard to convert ones LTC into real currency such as pounds sterling, Euro, etc., since it takes time for different governments to set laws for the two currencies. There are several other less popular cryptocurrencies out there, including Solana, Avalanche, Terra, Cardano, Polkadot, etc, and you can find out more about them later. The point here isn’t to give up on the concept but rather to keep up with the latest developments so you can be prepared when things change. Do keep in mind that anyone can mine the cryptocurrencies but you need special equipment and other resources for doing so, including computing power and mining hardware. You may want to consider investing directly in cryptocurrency such as buying the asset directly or indirectly. One way to do that is to sell the LTC you hold and purchase more or directly from exchanges like BitXchange and Coinbase. It also pays off to learn more about the subject and go to webinars or conferences and conferences if possible. All in all, the cryptocurrency market is relatively young compared to other financial markets. However, its potential might increase in the coming years because more and more businesses are utilizing it nowadays and it’s expected to grow. With the growing number of users, it should be easier to access and less expensive to maintain in terms of transaction fees and maintenance, not to mention the fact that the government is also working hard on introducing stricter policies to prevent illegal activities such as counterfeiting. So, do take heed of my advice and keep an eye out for news articles and updates regarding the growth of cryptocurrency. Your investment will likely earn you a lot more returns than you think.