Should I invest in Litecoin? We all know that Bitcoin is known as "Digital Gold" and litecoin is known as "Digital silver". The cryptocurrency market is very variable. It is very difficult for any coin to stay in the top ten for a long time, but Litecoin and Bitcoin maintain a record of 409 weeks as top ten cryptocurrencies. Litecoin working principle matches BTC to one level. Litecoin is considered a good source of investment. Is litecoin a good investment? The common public scenario for Bitcoin investment is not clear due to the hater's false argument. But we will provide an explanation that supports the argument that litecoin is a good investment.
Litecoin was formed by Charlie Lee by a fork of the Bitcoin blockchain. Litecoin is better than bitcoin due to various reasons:
⦁ Less transaction fee
⦁ Better hashing algorithm
⦁ Quick blockchain generation
The first difference between the two cryptocurrencies is the transaction fee. The job of miners is to verify the transactions of blockchains and add new blocks in the chain. Bitcoin miners used to earn a lot of profit from Bitcoin mining. Do you know where this profit came from? High transaction fees. When the transaction fee of Bitcoin increases, the profit rate of miners reaches high peaks.
Is litecoin a good investment? The mining algorithm of Litecoin is a good investment for the average person. Lee Charlie used the Scrypt algorithm for Litecoin. Scrypt is one the first hashing algorithms which was launched after a complex algorithm SHA-256. The reason Lee chose the Scrypt algorithm for Litecoin is mentioned below. Mining is a complex process that needs strong, powerful, and efficient hardware. We can do mining with CPU, GPU, and ASIC. But ASIC provides more hash rate than CPU or GPU. Mining bitcoin with ASIC became a game of a few minutes. On April 28, Core Scientific-biggest mining pool bought 112,800 ASIC. Their strategy behind this was to become the biggest stakeholder of Bitcoin in market cap. But this is against the rule of Cryptocurrency which is decentralization. Due to this Lee launched Scrypt as a hashing Algorithm which is less susceptible to ASIC and is accessible to average miners.
Is litecoin a good investment? Lee charlie called Litecoin Digital silver and Bitcoin digital gold because of its dependability. Gold being an expensive metal is used as an alternative for buying expensive things as silver being an average metal used for buying average things. Bitcoin the transaction fee is less than Bitcoin it makes it easily accessible to everyone. But this point is not good in the field of cryptocurrency. Many altcoins are rotating in a market with Litecoin code. The reason why people start hating Litecoin is when its inventor Charlie Lee sold all his shares of Litecoin. This step disappointed a lot of investors who were planning to invest in Litecoin. But Charlie did perform this task for the better and success of Litecoin. He openly and clearly explained the backend idea of doing this act in an interview done by a worldwide exchange.
So all the facts provided above satisfy the fact "Bitcoin as a good investment"investment So if you are planning to invest in something which will give a heavy profit and will help you in a long way then invest in litecoin today. You can get to know about present litecoin to USD price so that you must keep on calculating profit rate after years. Buying a lite coin is easy you can buy litecoin with debit card.