With the crash of cryptocurrencies, Bitcoin is not doing so well, with a loss of 40% of its value. Furthermore, the grass is not greener on the other side as altcoins have also taken a massive hit. For example, Litecoin has dropped from a high of $184 to $30 as of the writing of this piece.
Litecoin is a Bitcoin spin-off cryptocurrency developed on an open-source software platform. Like Bitcoin, it’s intended to be a peer-to-peer crypto that offers an alternative to the traditional monetary system.
This article will look at how Litecoin is doing after the crypto crash and what other alternatives you have in the altcoin scene. So if you’re ready to get cryptonized, keep reading to learn more.
Is Litecoin Still a Good Investment?
Also known as the digital silver of crypto, Litecoin is only second to Bitcoin when it comes to heritage and market dominance. Besides sharing most of Bitcoins traits, it has also consistently managed to be in the top ten cryptocurrencies by market capitalization.
In addition, it has a fixed number of coins and an LTC block reward halving. Furthermore, it operates on a proof of work consensus recorded chronologically on a blockchain. However, during the recent market crash, it lost most of its value, which has led to some concern by investors.
However, the cryptocurrency and the cryptocurrency industry, in general, are young. They have not entirely found their footing, and as the need for a decentralized currency rises, crypto will bounce back and play a more significant role in the finance industry. So buying Litecoin might not seem like the right thing to do right now, but there is a real upside when prices rise again.
How to Buy Litecoin
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PayPal
There are different payment methods to buy Litecoin right now. For instance, PayPal is one of the most reliable payment methods to buy Litecoin. PayPal is a good payment method due to high speed. There are many step-by-step guides on how to buy Litecoin with PayPal, the one created by the German site Cryptomonday.de says: “mit PayPal Litecoin kaufen geht immer recht schnell, Es sollte jedoch mit der Wahl des richtigen Brokers gekoppelt werden”.
This is translated in English as “buying Litecoin with PayPal is always quite fast, however, it should be coupled with choosing the right broker”.
So if you decide to buy Litecoin, here are some pros and cons to expect.
Pros
- Easy to use- it’s user-friendly, and picking up on how it operates is intuitive. Buying Litecoin on Paypal will be easy.
- Safe- it uses high-grade encryption to secure financial transactions and user data.
- Mobile app- there is a mobile app that makes access convenient.
Cons
- Expensive- the platform charges a parentage on all transactions and should be ready to pay more than the price of the Litecoin you’re buying.
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Mobile Payment
Mobile payment is another excellent way to buy Litecoin. It is any form of payment conducted from a mobile device. It does not involve using traditional payment options such as cards or banks. Instead, the transactions take place on a mobile device via a payment app.
Pros
- Convenient- you don’t have to worry about carrying cards or cash; you just need your phone to process payments.
- Safe- mobile money transfers are secure and don’t expose you to risks such as hacking.
- Fast- the payment is instant, and vendors receive their money immediately.
Cons
- Bad spending habits- the ease and convenience of paying can cause you to develop bad spending habits.
Other Top Altcoins to Buy
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Dogecoin
Initially, it started as a meme but quickly became a real contender for the best altcoin to invest in after the one and only Elon Musk voiced his support for the currency. It has held its own ever since, and prospects are not looking bad.
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Ethereum
Second to Bitcoin, Ethereum is the most known altcoin out there. To miners’ relief, its native token has grown considerably, and investors expect the same upward trend for the currency. In addition, its smart contract functionality makes it an excellent prospect for growth in the future.
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Avalanche
Avalanche is one of the cryptocurrencies that can scale without sacrificing decentralization. As a result, it has more validators than most other currencies, a strong sell point for investing. In addition, the number of systems that can be interconnected to work with this technology is virtually limitless.
Conclusion
The recent crypto crash has been hard on all. However, even though investor confidence has been shaken, it has not been lost. If the past dip and rise of Litecoin are any indication, the markets will recover. And when they do, you will know what currency and method to invest from this and more pieces. But until then, we sit with our fingers crossed and our hopes high that all will be well soon.
