Litecoin offers a number of tradeoffs for users compared Bitcoin, including faster processing speeds and lower transaction costs. While it does achieve this goal to a certain extent, newer blockchain innovations such as Stellar Lumens do a much better job than Litecoin. In , Litecoin is officially a dinosaur coin, and presents especially high risk for a top 20 crypto project. For more modern altcoin options, see Best Altcoins in Investing in Litecoin or any other type of cryptocurrency typically begins by opening an account with a crypto exchange.
A crypto exchange offers you access to a trading platform where you can buy and sell cryptocurrencies by placing buy and sell orders. There are dozens of exchanges offering access to the cryptocurrency market. Some of the factors you might want to consider when you choose a broker might include:. Not sure where to begin your search? Consider opening an account with a few of our favorite beginner-friendly exchanges offering access to Litecoin.
Trade Litecoin, Bitcoin, Ethereum and more with real-time data tracking and top-level security. This is because 1. This unique fee schedule also works in reverse. This is because the spread fee only applies to the final price of the sell order. Also, 1. This unique pricing model can help you manage losses more effectively. Coinbase is among the largest and most popular cryptocurrency investing platforms in the world, with 35 million verified users and supported countries. With 39 cryptocurrencies available to Coinbase users in the U.
Most users will be able to open an account in just a few minutes, and you can place your order with a few clicks from your home screen. Coinbase is also 1 of only a few brokerages that allows you to buy cryptocurrency using a credit card. The platform even allows you to schedule recurring deposits that allow you to automatically authorize investments on a schedule you set.
Interested in learning more about the crypto market before you invest? After you learn, you can answer a few quiz-style questions on each crypto. Planning for Retirement. Retired: What Now? Personal Finance. Credit Cards. About Us. Who Is the Motley Fool? Fool Podcasts. New Ventures. Search Search:. Sep 17, at AM. Author Bio Zhiyuan Sun is a statistician with a knack for analyzing clinical trials and company financials.
Investing in healthcare and cannabis is his passion, as well as looking out for new, actionable stock investment ideas in these sectors.
Fool since April Image source: Getty Images. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Join Stock Advisor Discounted offers are only available to new members. Stock Advisor launched in February of Similar to investments in any type of currency, investors are speculating that Litecoin will build relative wealth over time.
Litecoin is a peer-to-peer virtual currency, which means it is not governed by a central authority. Litecoin's network offers instant, near-zero cost payments that can be conducted by individuals or institutions across the globe. Bitcoin, Litecoin, and many other cryptocurrencies use the proof-of-work PoW algorithm in order to secure their networks.
Basically, PoW requires that one party proves to all the other participating parties in the network that a required amount of computational effort has been expended. Litecoin can be used as an avenue for paying people anywhere in the world without an intermediary having to process the transaction. Like bitcoin, the creation of Litecoin tokens involves a process called mining.
For participating in the act of mining, miners are rewarded with Litecoin. A Litecoin halving refers to an instance of halving the amount of Litecoin rewards that miners are given for each block. The last Litecoin halving took place on August 5, On this date, the mining reward was reduced from 25 Litecoins per block to There will ultimately only be 84 million Litecoins in circulation.
In August , there were 66,, Litecoins in circulation. But as cryptocurrencies become more readily accepted and their values stabilize, one or two of them—possibly including Litecoin—will emerge as the standard currencies of the digital realm.
Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author does not own Litecoins. Bitcoin Forum.
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