Most of the investors recognize how Bitcoin completed incredible profits in the last year. Although this kind of presentation can’t be predicted ahead of time, but there is a crypto currency from public attention and interest in Litecoin. Litecoin is the world's fourth largest crypto currency, which is now getting promotions all over the world.
What is Litecoin Cryptocurrency?
Crypto currency, also known as alternative currency or virtual currency, is a form of digital money designed to be used as a medium of exchange and it uses cryptography to control additional transactions. The property is to control the construction of additional units and verify the transfer. Due to its security feature, it is difficult to duplicate crypto currency. Crypto currency is not regulated or regulated by any bank, government or centralized financial authority. Instead of it depends on the power of the Internet to guarantee its value and confirm the transaction.
The first crypto currency was the Bitcoin, which was built in the year 2009 and is still the most recognized Crypto currencies have exploded in the last decade and now there are about 1,000 available in the market.
Bitcoin is measured in comparison to the fiat currency such as US dollar, Chinese Yuan or Euro. There is a highly volatile market in crypto currency. Its rates can fluctuate up to $ 200 during the day. However, Bitcoin has bought investors money beyond their imagination. It has been one of the most profitable investments in the last few years. In 2011, the price of bitcoin did not exceed $1. In June 2013, the value of currency increased from $ 100 in June 100 to 3,025 in June 2017. In the last 12 months, Bitcoin prices have increased by more than 900%. In the last three months, in October 2017, the rate of bitcoin has increased by three times in value to $ 4,942, which was $ 14,249 in December 2017.
After bitcoin, many crypto currencies have increased in markets like Litecoin, Ethereum (ETH), Ripple (XRP). Comes with its unique technique and vision to change every world. Litecoin is one of the postures performed after bitcoin and is named as silver for digital gold bitcoin. To achieve popularity faster, Litecoin is said to be fully young brother of Bitcoin.
Founded in 2013, Litecoin Crypto currency is now the world's fourth largest Crypto currency. It is a peer-to-peer digital currency that enables instant payments to anyone in the world and can be mined efficiently with consumer-grade hardware. The symbol for this currency is LTC or XLT.
Litecoin can be easily purchased using all types of currencies and can be sold on many exchanges. Litecoin can make transactions faster than bitcoin, so it can handle high volume of transactions. Litecoin takes 2.5 minutes to build blocks or transactions compared to 10 minutes of bitcoin. The launch of bitcoin futures can also be an important reason for the increase in prices of other virtual currencies. Light cognition is less recognized and it can be a better option for investors because there is not much controversy around this coin. It offers fast speed and low fees.
Investment in Crypto currency involves a high degree of risk because the prices are extremely volatile. Many experts say that there is nothing to analyze because it is an imaginary posture.
Unlike other investments, they are not governed by government, institutions or banks. There is no central authority like SEBI, which can be contacted in case of the receipt and processing of complaints from citizens and consumers. If we buy some Crypto currency and break up, then we can not claim any unit and it is impossible to withdraw money.
Another major hurdle for Indian investors is its legal status. The Reserve Bank of India (RBI) does not recognize cryptology as 'currency'. In 2013, the RBI released a press release warning users and virtual currency holders about potential financial, legal and operational risks. In 2017, it was further stated that it has not issued any license to companies to do business in any virtual currencies. The RBI further said that investors who are investing in such currencies will be doing their own risk.
There are several operational issues in the business in Crypto currency. Endangered at a high rate of return, many investors are investing in Crypto currency. Prices are also rising in an unexpected way, but when some investors tried to withdraw money, they had to face a lot of problems. They were unable to sell the currency easily. Besides, after a lot of troubles, when they sold, the funds were not immediately deposited in their account. In many cases it took three months to get the money.
How to invest in Litecoin Crypto currency in India?
At present, there are many websites through which a Litecoin can buy. It can be purchased using two methods - using the Fiat currency or exchange with other Crypto currency.
There are many websites like Unocoin.com, coinbase.com, coinspot.com.au where you can buy Litecoin Crypto currency.
Open a website through which you want to buy Litecoin. Complete the details of the sign-up form like the first name, last name etc. and be registered manually by verifying the email. You now need to sign in to the account. You will be directed to the KYC verification screen. For this process, you need to upload your identity and address proof. After uploading, it takes a few days to verify your account. Once verified, you can buy Litecoin by clicking the Litecoin option. The process can vary slightly on every website.
Another way of buying Litecoin is exchange of Crypto currency with Litecoin. Exchange is the fastest and most reliable way of buying any crypto currency in India. Okex.com, coinmarketcap.com, buyucoin.com are the names of some websites that provide the services of exchange of crypto currency.
In the last few quarters, Litecoin Crypto currency is gaining prominence. Along with zooming to new high level of bitcoin, other Crypto currency also started moving forward. Experts believe that LiteCoin will move new high in 2019. However, risk factors should be considered before investing in Litecoin.