Litecoin is a cryptocurrency, often referred to as “LTC,” created in 2011 by Charlie Lee, a former Google engineer. It is one of the earliest and most well-known alternatives to Bitcoin, often referred to as an “altcoin” or “Bitcoin’s silver” due to its similarities with Bitcoin. In this blog, we can see how to buy LTC on Bitcoiva, Best Indian Cryptocurrency Exchange.
To know the current price of LTC, click the below button for a live chart.
Here are some key characteristics and features of Litecoin:
- Blockchain Technology: Like Bitcoin, Litecoin operates on a blockchain, which is a decentralized and distributed ledger technology that records all transactions across a network of computers.
- Proof of Work (PoW): Litecoin, like Bitcoin, initially used a PoW consensus mechanism. Miners solve complex mathematical puzzles to validate transactions and secure the network.
- Faster Block Generation: One of the key differences between Litecoin and Bitcoin is the block generation time. Litecoin has a shorter block generation time, with new blocks being created approximately every 2.5 minutes, compared to Bitcoin’s 10 minutes. It allows for quicker transaction confirmations.
- Scrypt Algorithm: Litecoin uses a different hashing algorithm called Scrypt, considered more memory-intensive than Bitcoin’s SHA-256. It was intended to make it resistant to specialized mining hardware, although ASIC miners for Litecoin have been developed over time.
- Supply Limit: Litecoin has a maximum supply cap of 84 million coins, four times the supply limit of Bitcoin (21 million). It means there will ultimately be more Litecoins in circulation.
- Use Cases: Litecoin is often used for similar purposes as Bitcoin, including as a digital store of value and a medium of Exchange. It can be used for online purchases, peer-to-peer transactions, and investments.
- Segregated Witness (SegWit): Litecoin implemented the SegWit upgrade before Bitcoin did. SegWit is a technology that increases the blockchain’s capacity by segregating transaction signatures, allowing more transactions to be processed in each block.
- Lightning Network: Like Bitcoin, Litecoin has also been integrated with the Lightning Network, a second-layer scaling solution that enables faster and cheaper microtransactions.
- Security: Litecoin is considered secure due to its decentralized nature and the robustness of blockchain technology. However, like all cryptocurrencies, users must take precautions to protect their wallets and private keys.
Litecoin has been widely adopted and is traded on numerous cryptocurrency exchanges. It has a strong community and is accepted by various online and offline merchants. While it shares many similarities with Bitcoin, its faster block generation time and different hashing algorithm make it unique in its own right.
How to buy/sell LTC in India?
Create an Account on Bitcoiva
There are two ways to create an account on Bitcoiva, India’s best cryptocurrency exchange platform.
- Register using the
- Bitcoiva App
Update your Identities and verify your KYC; it may take 2 to 3 days. Your INR deposits can be made using a Bank transfer.
Deposit Fiat Currency In Your Bitcoiva Wallet
Before you buy LTC on Bitcoiva, ensure that you have a minimum balance of INR 100 in your Bitcoiva wallet.
Buy LTC Via Bitcoiva
Login with your registered email with the Bitcoiva app or website
- Click on the Menu icon and select Exchange.
- Select LTC
- Enter the INR amount you would like to buy
- The quantity of LTC that you can purchase will be displayed.
- Check all the order details.
- Click on Place Buy Order
- You can receive a message that your order has been placed successfully.
What are the use cases of LTC?
- Litecoin is widely accepted as a means of payment for various goods and services.
- It provides an efficient method for charitable organizations, bloggers, and other non-profit entities or individuals to receive donations in Litecoin.
- Additionally, Litecoin offers a speedy, user-friendly, and cost-efficient solution for conducting large-scale payouts.
- Digital Payments: Litecoin was created as a digital currency for everyday transactions. It offers faster confirmation times (thanks to its shorter block generation time) than Bitcoin, making it more suitable for day-to-day purchases. You can use Litecoin to buy goods and services from merchants that accept cryptocurrency.
- Peer-to-Peer Transactions: LTC can be used for peer-to-peer transactions, allowing you to send funds to friends, family, or anyone worldwide quickly and with lower transaction fees than traditional banking methods.
- Store of Value: Like Bitcoin, Litecoin can serve as a store of value. Some investors buy and hold Litecoin as a long-term investment, hoping that its value will appreciate over time.
- Cross-Border Transactions: Litecoin can be used for cross-border transactions, enabling individuals and businesses to send money across borders more efficiently and cost-effectively than traditional banking systems.
- Micropayments: Litecoin is suitable for micropayments and small transactions due to its low transaction fees. It can be used for tipping content creators, making small online purchases, or paying for digital services.
- Cryptocurrency Trading: Litecoin is listed on numerous cryptocurrency exchanges and is actively traded by investors and traders. It can be used as a trading pair with other cryptocurrencies, allowing for speculation and profit potential through trading.
- Integration with the Lightning Network: Litecoin has been integrated with the Lightning Network, a second-layer scaling solution.
- Smart Contracts: While Litecoin doesn’t have the extensive innovative contract capabilities of platforms like Ethereum, it does support simple intelligent contracts.
- Privacy Features: Litecoin has implemented privacy features, such as Confidential Transactions and Mimblewimble, which can enhance user privacy when needed.
- Hedging: Some investors use Litecoin as a hedge against other cryptocurrencies. Its price movements are only sometimes perfectly correlated with Bitcoin or other assets so that it can provide diversification within a cryptocurrency portfolio.
Convert LTC to INR
You can convert LTC to INR with Bicoiva Converter. Using the crypto calculator in Bitcoiva, you can calculate the equivalent value of INR for LTC.
Visit us at: www.bitcoiva.com