2.1. Litecoin cryptocurrency
2.2. Litecoin wallet
2.3. should you invest in Litecoin
Though Bitcoin might be getting all the hype nowadays, it’s the other coins that most sensible investors watch out for. There are hundreds of altcoins (alternative cryptocurrencies) on the market. Each altcoin is backed by proprietary technology and a market offering. Litecoin is the world’s first altcoin. Like Bitcoin, Litecoin exists on the internet and is a form of digital money. Litecoin is based on an entirely different protocol as it was designed to act solely like digital money.
Litecoin is also open source, decentralized, and backed by cryptographic mathematical algorithms to secure transactions, much like Bitcoin mining. Litecoin is a complimentary payment solution alternative to Bitcoin.
Though the rest of the cryptoworld is experiencing volatility, Litecoin has remained in the list of top 5 currencies by market capitalization. It has also proven to be relatively unaffected by fluctuations. That is why Litecoin is rising in price and is becoming a good alternative. Many investors are now looking for ways to securely store Litecoins and there is a number of different hardware, software, and desktop Litecoin wallets available on the market.
The Ledger Nano S is the most popular hardware wallet that supports Litecoin. It allows control over private keys as they are controlled in an offline environment. Trezor Hardware Wallet is another alternative wallet. When more people started worrying about security, the Trezor wallet was created in a Czech-based company known as SatoshiLabs. It thus became the first hardware wallet.
Exodus is a free wallet. It is a multi-currency desktop wallet and supports up to 8 cryptocurrencies, including Litecoin. Another one on the market is Jaxx – a popular multi-currency blockchain interface HD wallet supporting 13 cryptocurrencies, including LTC. Its advantage is that it allows its users to restore their funds with a 12-word backup seed key feature. There are other wallets for storing LTC, but there are simply too many to mention without going into too much unnecessary detail.
The question being asked by many is whether it is feasible or even sound to store in LTC. The answer is an enigmatic as the entire crypto market together taken. There is no simple answer as the market is too volatile and that which seemed robust at first may falter the next day. Hence, it is wise to diversify portfolios rather than rely on a single currency.
Though the crypto market is still relatively new and lacks many of the traditional institutions of a civilized market, there are projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects. Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty. The concept behind it is to support market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies. Such instruments based on highly advanced scoring models involving machine learning and AI are incomparable with human intuition that even the luckiest and most prudent investors could ever be endowed with. The multitude of factors involved in predicting a cryptocurrency’s rise or fall are all taken into account by the algorithms that Cryptics employs. Investors should consult such projects as the expense is well worth the ensured profit and peace of mind.