Founded in 2011, Litecoin has the ninth-largest market cap among cryptocurrencies and is known as “silver to Bitcoin’s gold”. Many people see Litecoin as the future of cryptocurrencies but one of them may be a little bit biased and act like a fan – the founder of Litecoin, a Google veteran and MIT graduate, Charlie Lee. If you ask the question: “Is Litecoin a good investment?” you can try to give an ear to learn what is so good and unique about this special cryptocurrency.
- Litecoin never had downtime in 10 years
Charlie Lee claimed that Litecoin has never experienced downtime while Bitcoin and Ethereum, the top two cryptocurrencies faced it several times. “Litecoin has been running nonstop for almost 10 years,” he told and put an emphasis on how long Litecoin has managed it.
- A more secure mining algorithm
Litecoin’s mining algorithm, Scrypt can be dominated by Litecoin at around 99%. In Bitcoin Cash, the situation is different since the mining algorithm has only 2% dominance, which means that attacking Bitcoin Cash and the death of it do not cost attackers since they can go back to mining Bitcoin. If Litecoin miner attacks Litecoin, it is like shooting your own. Therefore, the Litecoin mining algorithm protects itself from itself!
- Litecoin has great ATM support, more than any crypto except Bitcoin
According to the latest data from CoinATMRadar, Litecoin is supported at 9,425 ATMs while Bitcoin is offered by nearly 15,000 ATMs. “There are a lot of places where you can buy and sell Litecoin, it’s the second-best supported cryptocurrency,” said Lee.
- Top-10-ranking cryptocurrency ever since it was founded
Is Litecoin a good investment? The answer may be hidden in consistency. Litecoin has not fallen below the top-10-ranking during its life and always maintained a high level of standard. Even the DeFi coins are rising fast, Litecoin seems to keep its place among the others.
“There’s a lot of coins that have had their 15 minutes of fame but receded,” said Lee.”Litecoin has never really left the spotlight; it’s quite impressive.”