What is Litecoin?
If you have been keeping track of the latest in the financial markets you would know that there has been a lot of talk about “Bitcoin” and crypto currencies in recent times. Many claim that they generate phenomenal returns as an investment or trading tool. Along with Bitcoin there are a huge number of other crypto currencies as well. Litecoin is one of the more popular crypto currencies which have been in news in recent times. Before we go any further let us get to know about the basic facts about the Litecoin.
Basic facts about Litecoin
Litecoin is a crypto currency or digital currency much like the Bitcoin. It happens to be a peer to peer currency of the most popular Bitcoin. It is a type of digital currency which makes use of the blockchain for maintaining the ledger of all the public transactions. This is a form of digital currency which is used to transfer money directly between both individuals as well as businesses without the need of intermediary like banks and other more conventional financial institutions. This crypto currency was launched in the year 2011.
How Litecoin is made?
Unlike the more conventional currencies Litecoin is not issued by the government. The government till recently used to be only entity, which society trusts to issue money. In comparison to conventional currencies which is issued and regulated by government agencies the Litecoin is created by an elaborate procedure which is known as mining. This consists of processing a list of Litecoin transactions. In contrast to the more conventional currencies the supply of Litecoins is fixed. There would ultimately be 84 million Litecoins.
How the Litecoin is different?
Much like most crypto currencies the Litecoin too operates on similar principles. However, there are some inherent differences of the Litecoin with the other more popular crypto currencies like the Bitcoin. The following are some major ones:
Litecoin was created with the help of some open source codes by engineer Charlie Lee. The first major difference of the Litecoin with Bitcoin is the transaction speeds. It is seen that the Litecoin generates blocks almost four times faster than BTC. Thus, Litecoin is able to confirm the legitimacy of transactions a whole lot faster than Bitcoin over the same transactions.
Number of Coins
It is to be noted that crypto currencies by themselves have an intrinsic value. This happens only because there is a limited supply. Once the Litecoins or Bitcoins are created the maximum limit of it is fixed. Bitcoin has a maximum limit of 21 million against which the limit for LiteCoin is 84 Million.
In terms of market cap, the market cap of the Litecoin is one of the top of all the crypto currencies.
How you can buy Litecoin?
It is possible that you are not interested in mining of Litecoin but want to purchase it. This could be done even for the purpose of trading wherein you want to invest in Litecoins to make financial gains later. In case you want to do the same you could easily do this on certain websites which are known as the exchanges. You can do so with Bitcoins you may be having. In case of certain exchanges like Conebase you could even buy Litecoin against the fiat currencies like the Us Dollars.
What are Litecoin Wallets?
Much like all other popular crypto currencies, the Litecoin too is stored in a digital wallet. There are different types of wallets. These include those which are software based and reside on computers and mobile devices. There are also the physical hardware wallets too. There is also something known as the paper Litecoin wallet which is a bit more complex method for storing Litecoins. Each of these wallets has some private keys which are required to receive and send coins and from the users address. Some consider this to be more secure than wallets connected to the internet. However, these are slowly getting outdated with the popularity of digital wallets for litecoin.
Along with this as a buyer you could also have the Litecoin Core developed directly by the Litecoin Development Team for a more efficient system.
Buying and trading Litecoins in India
In case you are looking to buy or trade Litecoin in India, the good news is that you could do that in India. This you can do through 4 secure exchanges India where in you could have Litecoin to INR.
This is a subsidiary of Bill Desk which happens to be India’s largest payment company at present. It offers instant e-KYC Approval.
This is another Mumbai based crypto currency exchange where in you could buy and sell Litecoin directly from Litecoin to INR.
This is another Exchange in India where in you could buy and sell Litecoins in India at fairly low transaction fees.
This is another exchange you could use to buy and sell Litecoins along with a total of 30 currencies.
So with so many exchanges now available in India right now you could directly trade in Litecoin directly in INR itself. This means that the cost of transacting Litecoins in India is now lower.
Thus, whatever is the Litecoin price you could have the Litecoin price in INR, which is a great ting for enthusiasts of Crypto Currencies in India.
What is Moon Litecoin?
If you have been following in the world of crypto currencies you might have come across the terms known as Moon Litecoin. This is a facet with a slight difference. Most of mining bitcoin is related with play and win games. You can now choose how often you want to claim the facets. It is generally seen that most facets allow users to claim facets once an hour or even once per day. However with Moon Coins you are allowed as a user to claim as and when they wish to avail the claim.
In conclusion, we can say that crypto currencies have indeed grabbed much attention in recent times. The most popular one of them all is by no doubt the Bitcoin. However along with Bitcoin, there are certain others which have also grabbed attention in recent times and Litecoin is certainly one of them. We hope that you have now gained a fair idea about the Litecoin. As already pointed out that if you are really keen to buy and trade in Litecoin in India you could do so in INR itself. However in case you decide to do so make sure you are careful because the Litecoin Price is very volatile.