I’ve talked about investing in bitcoin and ethereum, but haven’t really mentioned Litecoin. It’s fairly similar to bitcoin, has been around since 2011, but hasn’t gotten anywhere near the amount of attention the other two cryptocurrencies have. But that may all be about to change.
Litecoin comes to Coinbase
Coinbase is a popular Bitcoin exchange that allows you to buy and sell bitcoin using a credit card. It’s a very popular service because it’s easy to use, secure and well designed.
Coinbase has now added Litecoin (alongside Bitcoin and Ethereum) to their exchange. This is a big deal for Litecoin. Although you could buy it from other exchanges, by being on Coinbase, there is an added sense of legitimacy.
It’s not surprise that the price of Litecoin jumped after the news got out.
Will Litecoin be the next Bitcoin?
Did you miss out on buying Bitcoin or Ethereum in the early days? Are you kicking yourself now? Well it’s quite possible that litecoin will do the same. Although the software behind litecoin is similar to bitcoin, many people feel that the direction of it’s platform could be superior to that of bitcoins.
Of course that’s no guarantee the price will continue to increase. The way I see it, I’m happy to get on board while the price is low, in the off chance that it does increase quite a bit.
Investing through Coinbase
Coinbase makes is super easy to buy litecoin. I signed up, had my identity verified (for fraud prevention) and bought litecoin in around 10 minutes. You are limited on how much you can buy per week, again this is another fraud prevention measure, but the limits shouldn’t trouble most people.
Investing through eToro
eToro, the popular social trading platform, is adding Litecoin trading. This will be a huge boost to the currency, as it will be exposed to traditional traders. Investing in Litecoin via etoro allows you to profit from both the rise and fall of the currency as you can choose to go long or short. eToro has become a popular place to trade Bitcoin and Ethereum and it’s good to see them adding more digital currencies.
I see Litecoin as a risky investment, but it is certainly interesting to be part of it’s journey.
Are you investing in Litecoin? Think it’s price will go up? Let me know in the comments.