In lite of recent 51% attacks and https://t.co/yfy2GcBfQE info, rest assured that the Litecoin is extremely secure and mining is very healthy. ??
– Pools are well distributed (largest 22%)
– Hashrate up 50x (past 1 year)
– High capital costs to attack ($322-761MM + ~$38-50k/hr) pic.twitter.com/hD8IrYM8dD
— Charlie Lee [LTC⚡] (@SatoshiLite) May 30, 2018
The security of cryptocurrency is paramount when choosing to invest. Realistically, one should not just look at the potential returns of their investment when choosing to put money into a project, one should also consider implications of security. Due diligence should dictate that actually, you are better off investing in a currency with high security parameters for a slightly lower return, than you are investing in a currency with a higher potential return, that has limited security parameters.
Charlie Lee, founder of Litecoin has recently tweeted some stats that highlight why he believes Litecoin is known for being ultra-secure. As a compliment to Bitcoin, Litecoin is of course a speedy cousin of the original cryptocurrency, yet, Litecoin also boasts enhanced security features that makes it not only difficult to obtain maliciously, but also, very expensive to obtain maliciously.
In his recent tweet, Lee refers to three key factors that make Litecoin stand up as a secure currency, making it resilient to attacks such as DDoS and 51% attacks. The factors mentioned are as follows;
- Litecoin pools are well distributed
- Hashrate is up 50x in the past year
- It costs a lot to hack (approx. $38,000 – $50,000 per hour)
Okay, of course Lee is going to sway positively towards the secure credentials of Litecoin, he created it after all, but I think (since the data comes from external, unbiased sources) this information does highlight some inherent benefits to Litecoin investment. As I have mentioned earlier, perhaps Litecoin is the currency that helps you trade off some potential returns, for a more certain and more secure investment?
How is Litecoin performing today?
Things are somewhat positive for Litecoin at the moment. At the time of writing, Litecoin is valued at $121.21, up 0.24%. After weeks of decline, Litecoin is finding a balance around $120.00. It is important that Litecoin balances above this for time being, if indeed it wants to make the most of any upcoming market surges, surges that look to be looming, in light of todays positive market movements.
Overall, Litecoin is a strong currency with good investment potential, given the figures presented to us. Please remember though, this is not investment advice and you should not go and invest in Litecoin based on what you see in Lee’s tweet or indeed this article. Please do your own extensive research prior to making any investment decisions and also remember that the markets are volatile. What we report today, can of course be very different tomorrow.