Litecoin is one of the first Bitcoin forks which went live on 13, October 2011 by former Google and Coinbase engineer Charlie Lee. To create this crypto, Lee copied the Bitcoin codebase and increased the total supply and the speed at which new blocks are added to the blockchain. It was mainly constructed as a lighter alternative of BTC, but faster and scalable one.
Litecoin, which aims to be the “Silver to Bitcoin’s Gold”, is the seventh-largest crypto. Just like its contemporaries, LTC functions in one sense as an online payment system. Users can use it to transfer currency to one another just like a bank’s online network, but instead of using INR or US Dollar, transactions are done using units of LTC. In the current market, LTC prices are very low than that of BTC.
These are just a few of the things you might hear getting tossed around when crypto fanatics talk about Litecoin. At first glance, Litecoin doesn’t garner much respect as it is not included in the top 10 market cap cryptocurrency. However, it presents an extremely useful and exciting application of the original Bitcoin blockchain. For all the criticism it gets, it’s easy to overlook what it is, and what functions it serves.
In this guide, we’ll cover the following sections of the project. Skip to a particular one if you prefer to get straight to it: what is Litecoin’s goal? What makes Litecoin different? And how can one trade Litecoin in India?
WHAT IS LITECOIN’S GOAL?
Litecoin’s motive is to help users to perform daily transactions using cryptocurrencies and a Proof-of-Work (PoW) consensus algorithm. Unlike Bitcoin which has long transaction times, LTC makes it cheaper and faster.
As mentioned above, LTC is known for being the silver to Bitcoin’s gold. It is worth mentioning that this coin has taken many things from BTC, and further modifying and improving many of them. While Bitcoin could certainly be used for long term investments or to store value, LTC can be used for payments.
There are several stores, shops, and websites that have already started accepting Bitcoin. However, many of them work with LTC as well. This allows the crypto market to have more possibilities for users who own cryptocurrency.
In the future aim of Litecoin is it wants to become a “peer-to-peer” internet currency. With its low fees and fast transaction times, it aims at providing almost instant and free transactions to crypto traders.
WHAT MAKES LITECOIN DIFFERENT?
There are three aspects which makes Litecoin different from other cryptocurrencies:
As mentioned earlier, LTC is based on the same open-source code behind Bitcoin, with some notable differences. Litecoin can confirm the legitimacy of transactions happens more quickly and process more of them in the same timeframe.
Number of Coins
One of the reasons some cryptocurrencies hold intrinsic value is because they are limited to some extent. This means once a certain number of bitcoins (BTC) or litecoins (LTC) are created, that’s it: No more new coins can be created.
While BTC has a limit of 21 million coins, LTC will max out at 84 million.
Although the top market place is taken by the king of the crypto market i.e. Bitcoin, Litecoin still ranks among the top ten cryptocurrencies. These rankings fluctuate based on price and number of coins in circulation.
HOW TO TRADE LITECOIN IN INDIA?
You can buy Litecoin in several cryptocurrency exchanges, such as PCEX Member. Litecoin can help you diversify your portfolio and hold an established digital asset in the market. Also, you will have the possibility to securely and properly hold it on your digital wallet.
It is a good virtual currency to hold which is also helping users who want to process payments. There are a few steps that one must follow to buy LTC in INR on exchanges like PCEX Member.
Step One: Create an account on the exchange
Step Two: Activate your account by completing the KYC process
Step Three: Add Bank Account
Step Four: Transfer INR from funding to the trading wallet
Step Five: Start trading LTC in INR market
Litecoin is one of the most popular virtual currencies in the entire cryptocurrency market. It can be used for several things, and it is helping cryptos like Bitcoin, Ethereum reduce the congestion on its network. Investors can simply acquire this coin to diversify their portfolios or use it to make daily transactions and fast payments.