How to Invest in Litecoin the Smart Way
Litecoin, also known as the silver equivalent to Bitcoin’s gold, has come a long way since its release in October 2011. The cryptocurrency is currently considered one of the best investment options for those looking to invest in crypto and consistently makes it to the top 10 crypto investment options based on its market cap.
Since Litecoin offers many benefits such as faster transaction speed, and lower transaction costs, it is seen as a good alternative to Bitcoin, or for those who already have invested in Bitcoin and are just looking for other cryptocurrencies to expand their investment portfolio.
Because of its growing popularity, Litecoin is also being accepted by online shopping sites, where they are legal. If you have invested in Litecoin and are looking to shop online with crypto, you have come to the right place. Here, we are going to take a quick look at why Litecoin is the best choice for shopping online.
Widely Recognizable and Available
While it is not as well known as Bitcoin, it is easier to purchase Litecoin as compared to most other cryptocurrencies. Furthermore, Litecoin is recognizable by businesses. This is one of the reasons why many online stores are looking to start accepting Litecoin as well.
Whether you are carrying out normal transactions or want to shop online with cryptocurrency, you will need one that doesn’t take long to complete a transaction. One of the main features of Litecoin is that it allows for quicker transactions than any other cryptocurrency. This alone makes it the preferred choice for online transactions.
Better than Fiat Currency
Another edge that Litecoin has over other crypto options and fiat currencies is that you will be able to carry out transactions faster than using traditional fiat currency. This is because online transactions using fiat currencies take days to process, mainly because there is always a middle man involved. There are also protocols that banks need to follow, which does hinder the process quite a bit. These are obviously done for security reasons, and are quite necessary, but they do delay processes by quite a bit. So, if you request a return or refund, it will be a few days until you can get them if you are using fiat currencies. On the other hand, Litecoin makes for faster, transparent, and efficient online payments.
Set Up a Wallet
We’ve done many articles on setting up a crypto wallet, and for good reason. It is important not to use a single wallet but rather multiple crypto wallets to store your investment. The purpose of a crypto wallet is to keep your Litecoin safe, mainly because keeping it in the bank is not going to be an option. Besides, the growing incidents of cyber criminals should be enough to get you to use a crypto wallet to make sure your Litecoin is safe. There are several different types of wallets, so it should be easy to find one that suits your requirements. Even if you want to invest in different wallets, you should look for those that promise to keep your cryptocurrency safe and secure and out of the hand of people with malicious intentions.
It goes without saying that there are other precautions that need to be made when using Litecoin for online shopping, as in choosing a reputable and legal crypto wallet and exchange and taking advantage of resources such as the Pattern Trader app.
This article has been published in accordance with Socialnomics’ disclosure policy.