5 Reasons to Buy Litecoin in India
- It takes almost one-fourth of the time to process transactions than in Bitcoin.
- It uses Scrypt as its cryptographic algorithm instead of SHA-256.
- Litecoin is also free from censorship.
- It has a market capitalization of more than $11 billion.
- It has a maximum supply of 84 million Litecoins.
What is Litecoin?
Litecoin was launched on October 7, 2011, via an open-source client on Github. It is also regarded as the lite version of Bitcoin.
It was designed keeping in mind the hurdles Bitcoin faces; it provides secure, fast, and low-cost payments harnessing the power of blockchain technology. It is decentralized and is not controlled (or powered) by any organization. The transactions in Litecoin process within a minute with extremely low fees, which makes it a potential match for developing countries to adopt it. All thanks to its mining algorithm, litecoins can easily be mined by people to earn money.
It is widely accepted over thousands of stores, both online and offline.
3 Things to know while Investing in Litecoin (ltc)
- Litecoin is a P2P cryptocurrency with faster payments and low transaction fees.
- It works on the Proof-of-Concept consensus algorithm.
- Litecoin is an open-source project that allows changes to be implemented easily adapting to the market.
Litecoin could also be bought directly through Peer to Peer (P2P) trade. There is always an
option to buy from a decentralized exchange (DEX) or from anyone who already has Litecoin. But the problem that arises in going through this route is the complex functionality of
these exchanges and also to find a trustworthy seller who can provide you the LTC.
Therefore, this route is mostly taken by the Pro traders.
For an easy and simplified experience, you can Download CoinSwitch Kuber!
You can buy Litecoin in just 4 steps on CoinSwitch Kuber:
- Open CoinSwitch Kuber, click on the Market tab from the bottom navigation, and select Litecoin.
- Click on the ‘Buy’ button.
- Enter the amount that you would like to buy Litecoin for, say ₹100, and click on the ‘Preview Buy button’
- Check all the details of your order and proceed by clicking ‘Buy.’
Congratulations, you just bought your first Litecoin!
There is no right price to buy a cryptocurrency as with the developments, the prices change frequently. Litecoin can be more valuable as time passes which will result in higher prices, and there would only be regret left for not buying it at the earlier price.
Instead, you can invest small amounts periodically and balance the opportunity and risk. Start investing in Litecoin for as low as ₹100
There is no available answer to invest in assets because the value increases over time. If you look for the opportunity to buy at lower prices, you may be missing the opportunity of gaining returns around this time. It’s always better to start investing from today.
Start with small amounts and use them over a period of time; however, you can always choose to invest a lump sum amount when Litecoin (LTC) is available at lower prices.
Litecoin is available on plenty of platforms but differs in the experience and interface, just as a better payments app will help you process your transactions with a click, while a cluttered app requires saving your credentials again and again.
The apps available are quite complex to understand, and it would be very difficult to invest; however, CoinSwitch Kuber takes away all the hassles of buying cryptocurrencies and allows buying Litecoin with ease.