Understanding how Litecoin digital currency works
As a different choice than Bitcoin in the crypto market, Litecoin represents one of the more popular cryptocurrencies known as alt coins. It provides a very robust option for cryptocurrency investment and trading that doesn’t come with the huge price tag of Bitcoin or Ethereum. However, litecoin holders are still able to make a sizable profit from the currency as well as exchange it for payment. Litecoin is regularly recognized by all the major crypto trading platforms available and has gained in popularity by new investors looking to get into the market in 2021 without the price tag of the more expensive cryptocurrencies.
Background and History
Litecoin was originally developed in 2011 by a fellow named Charlie Lee. It was originally intended to work better than the structure of Bitcoin, but it really didn’t gain full stability until about four years later in 2015. When that occurred, Litecoin began its primary appreciation in price as well as acceptance. The first big test of Litecoin happened in 2017 with the historical big spike in crypto value that occurred that year. Then the currency settled back again in the drop. Litecoin really started to get recognition and historical strength when it was listed on Coinbase the same year as well.
As a cryptocurrency, Litecoin has lived up to its name. It doesn’t have the weight of Bitcoin and Ethereum in comparison moved higher in value. However, Litecoin was no penny-crypto either. It slowly but steadily gained value. By the end of November 2020, Litecoin was valued at about $65. Then it began to appreciate the rest of the main crypto market. By January of the new year, Litecoin had doubled its value to over $120 per coin and was continuing to rise. As of the first quarter of 2021, Litecoin is now well entrenched at about $220 per coin. It has not reached its all-time-high above $350, but the currency has done quite well in a single year and has the stability and network to continue to rise with the rest of the market. No surprise then, Litecoin tends to be the leader of the alt coins, those currencies other than the main two digital contenders, Bitcoin and Ethereum.
A Better Alt Coin Than the Usual Mix
A key advantage of Litecoin versus other alt coins is that it does not rely on the ERC-20 network, which is based on Ethereum. This is a big advantage as any such coins have suffered significantly from the high transfer fee costs the Ethereum network charges to process transactions. The fees alone make it useless to move any small amount of alt coins in other currency forms, only being worthwhile when an investor wants to move a large dollar amount. Litecoin has no such issue, using an entirely different blockchain network for its function and operation.
Investors can easily trade Litecoin with ease, both on a smartphone, mobile device, or computer using the Rubix Wallet & Exchange App. Designed for ease, mobility, intuitive function, and robust crypto market access, Rubix provides users a gateway to a wide variety of digital coin choices along with security and reliability. The Rubix App provides instant transaction trading as well as wallet protection for long-term holding, a big feature many new investors are taking advantage of with Litecoin versus only having a small partial amount of a singular Bitcoin. Users can also sell and liquidate their Litecoin quickly with Rubix in a market downturn, protecting their profits and not losing them to sudden market shifts that still happen with the crypto field operating 24/7 worldwide. Try Rubix and you will find it provides everything you need in a digital exchange and wallet, hands down.