Cryptocurrencies are the new cool in the field of investment and money exchange and Litecoin is the new kid on the block. You have probably heard of Bitcoin before but not much about Litecoin, right? Stay tuned till the end of the article as we are going to explain everything that you need to know about Litecoin and while you are at it, do not forget to check out our exciting signup offers for some amazing discounts and cash back.
What is Litecoin?
Much like Bitcoin, Litecoin is also a cryptocurrency. It is a peer to peer cryptocurrency and is licensed by MIT/X11. Litecoin is an open source project and all mining and transfer are also governed by an open source protocol.
The Litecoin is pretty much similar to Bitcoin and probably is inspired by it. But there are some basic differences. Where the maximum limit of Bitcoins is fixed at only 21 Million, the maximum limit of Litecoin is 84 million, 4 times greater than Bitcoin. This is because the Litecoin is designed to be 4 times faster than the Bitcoin.
The main difference you will find among them is the way of mining which is very much different in these platforms. Bitcoin uses an SHA-256 algorithm which is and the calculations required for this can be accelerated greatly if you use different parallel processing units. This is pretty much complicated and surely not for everyone to understand and work on it.
The thing is totally different for Litecoin. It uses the scrypt algorithm. The algorithm is somewhat similar to the SHA-256 but the calculations that you need to make are simpler. While that makes it easy for most of the people to understand and work but it also makes it a memory hog. Scrypt requires a huge amount of RAM and the more it is the better it is. And by huge, I really mean huge. Such RAM is only available in high-end gaming rigs or workstations which is surely gonna cost you a fortune. Also, you’ll need a huge graphics processing power and multiple GPU is recommended for this.
Litecoin can generate blocks really fast and that makes it handle many transactions all at once. This eliminates the risk of double spending attacks. But this faster generation and higher volume of blocks also mean that a large blockchain with a huge number of orphaned blocks.
So, is it legal to use Litecoin In India and what are the risks?
In case you are wondering if it is legal to use Litecoin in India, the answer is yes. The Government, however, does not recognize it as a legal and instead encourages blockchain technology in payment systems in the country ( Source: Wikipedia ). But please refrain from considering this article as any kind of encouragement or recommendations for investing in cryptocurrencies. Cryptocurrencies and their values are uncertain and any investment in them consists of high risk. The article is purely written for an informative purpose and the reader should use it on his/her own risk. Be very careful and verify all information, terms and conditions and regulatory requirements before you invest.
How can you buy Litecoin in India?
So, how can you buy Litecoin in India? That’s a still a problem because the Litecoin is not as much as popular as the Bitcoin. Still, there are plenty of ways you can get your hands on Litecoin.
But before you and start investing you must first make a secure cryptocurrency wallet. These wallets are generally more secure than the exchange service provider’s wallet and are a necessity if you are going to store your coins without much trading over a long period. Check out TechRadar’s article on best cryptocurrency wallets of 2018 for more details.
Check out below three of the most popular vendors and money exchange services who offer you Litecoin in exchange for real money or other cryptocurrencies.
Binance is a Chinese money exchange service which you can use for absolutely free of charge. There is state of the art tools and charts where you can compare various currencies and exchange rates. You can buy Litecoin from them but the payment for it must be made using other cryptocurrencies. And when you withdraw money from Binance, you will need to pay a small service charge.
BuyUcoin cryptocurrency exchange
In case you do not have bitcoins or any other cryptocurrencies there is also an option for you. Using BuyUcoin you can now buy Litecoin and other altcoins using INR. All you need to do is to register and link your bank account and you are good to go. Several payment options are available apart from regular credit and debit card such as IMPS, NEFT, RTGS, UPI etc. The only problem is that the exchange rates are a little higher than usual compared to other exchange services There is no additional cost for buying and selling cryptocurrencies.
Bitbay is a Polish money exchange service and one of the most famous exchange services available out there. The platform offers the very best trading tools a number of ways to withdraw your money. But the problem here is that you can not use INR to buy altcoins. You must use either the Euro or the US dollar to buy cryptocurrencies. There are also hefty trading fees, up to 0.3% for the maker and up to 0.43% for the taker. There is no deposit fee unless you use Polish express payment services. But there is a fixed withdrawal fee which is 0.005 LTC for Litecoins. But the site is completely trustworthy and feature one of the best cybersecurity systems in the world.
There are numerous other money exchange services which offer similar services like the above three. There is an option to buy these currencies from other investors and you can look at Pixful, Litecoin Local and other popular sites for such investors. You may also look for brokers in a website like Coinmama and 247exchange etc.
Last year the total market cap of altcoins rose from the previous value of USD 17.7 billion to almost 650 billions US dollars, an astronomical 3600% rise and this trend is still going strong. But as there is no central regulatory authority of the currencies they are vulnerable and it is risky to invest in them. But if you still wanna go ahead looking to make some decent money, go ahead and start investing and always be very careful.
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