In this financial world, you will come to know about several running international currencies. Now, like any other currencies, there are many cryptocurrencies also. But you may seem to be more familiar with Bitcoin as it is the foremost cryptocurrency, which was founded by Satoshi Nakamoto in 3rd January 2009. Ever since it gained popularity, people from all over the world started referring and dealing in cryptocurrencies. They even started considering these digital currencies as the best substitute for traditional currencies. Since Bitcoin is a much popular cryptocurrency, it gets all the limelight amongst the crypto lovers. But those who are into the crypto business can very well understand the competition brewing between the latter crypto coin and other altcoins. But most probably amongst all these alternate coins, Litecoin is the one which possibly can give closer competition to the latter coin (Bitcoin). So today we will know about how to buy Litecoin in India.
Knowing All About Litecoin
Before we proceed to know about how to buy Litecoin in India, let us give you a brief introduction about it. Like every technology has a founder behind it; similarly, Litecoin too was founded by Charlie Lee. He is an MIT graduate and had worked formerly worked as an engineer in Google. Coming on to Litecoin, it made it’s beginning in the year 2011. Among many of the alternate currencies, Litecoin works on the base of the Bitcoin model. The current Litecoin price is supposed to be $51.16, and market cap is 1.171. After XRP and Bitcoin, it is known to be third-largest cryptocurrency according to market capitalization.
Akin to other cryptocurrencies, Litecoin can also be used as an online payment system. Users can buy Litecoin with Paytm. All it needs is to follow the procedure correctly by entering the right amount and address of the Litecoin. After this step, the user has to click the next option and then verify the OTP sent to the mobile or email. After verification, it becomes possible to see the PayTM number/QR code. Then the user has to scan and proceed with the payment. When the verification of the payment is done, the Litecoin is sent to the user’s address.
Making Of Litecoin
Akin to many other digital currencies, a government has no role in issuing the Litecoin. The cryptocurrency is rather created by the mining procedure, which involves Litecoin transaction processing. As it is seen that the supply of traditional currencies is fixed, the same is not the case with Litecoin. You will expect only a particular range of circulation of litecoins. It does not exceed more than a limited level. The Litecoin network generates a block every 2.5 minutes. This is where the inherent value of Litecoin is derived. The mining software verifies the block, which is visible to the curious miner. When the miner confirms the block, the chain accepts the entry of the new block. Every transaction of Litecoin is stored as a record.
The miner is rewarded when the verification of the block becomes a success. But with time, the number of tasks gets reduced. The previous halving of Litecoin was done in October 2015. It will continue to persist until it reaches a certain level. Now imagine, what if the immoral miner misuses these blocks to spent the same litecoins twice, unethically? Well, it may not be so easy as it will come into the notice of another miner, who will successfully detect it. To make the process of false transaction successful, it needs the agreement of the majority of miners, which is not possible.
Now there must be a question popping in your mind as to where can I buy Litecoin in India? Litecoin enables its users to make payments worldwide by following a correct procedure. But the trading of this cryptocurrency is not that simple in comparison to its crypto counterparts, Bitcoin and Ethereum. However, there are some ways through which buying of Litecoin in India can become possible for the user. So if you choose to buy Litecoin online India, then it is better to prefer Unocoin, WazirX, LocalBitcoin, Koinex and many other web platforms. So this is how you can buy Litecoin in India.
Apart from referring to these online sites, you need to know about three important methods that can help in buying of Litecoin in India.
If you are interested in buying Litecoins, then you need to follow a much speedier and authentic way. And that possible way is exchanging Bitcoins. There are multiple exchanges like Okcoin, Bitfinex, Kraken and many others for converting any currency like Ether and Bitcoin to Litecoin.
Follow Conversion Techniques
Another method to buy Litecoin in India is following conversion techniques. Before applying this method, the creation of the Litecoin wallet is essential. For this, a Litecoin wallet address must be provided by the user to receive the converted coins.
Use Of Credit Cards To Buy Litecoin
It may not be easy for companies like Coinbase for the purchase of Litecoin in India. However, there are companies which can prove helpful in buying of Litecoin directly via credit cards.
Also Read: What Is Best Cryptocurrency ETF?
Is Litecoin Legal In India?
Litecoin is open-source software and a P2P cryptocurrency, which indicates that if it is used again, then it won’t be having such restrictions although there can be some mandatory restrictions.
So this is how you can buy Litecoin in India. Hope this information seems much helpful in providing information about the main topic. To know all about its buying, one needs to understand about the cryptocurrency. So we began with the introduction of Litecoin and provided all essential information about it. If you think there is no other alternate coin which can challenge Bitcoin in any aspect, then you are wrong. When it comes to faster block generation rate, then Litecoin supersedes to Bitcoin. Besides the introduction, we also let you know about how Paytm and other sources can be used as a medium for the buying of Litecoin by following a specific procedure.
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