Litecoin – The sole digital asset that has ever been worthy of being termed as “Silver to Bitcoin’s Gold” is one of the oldest participants in the crypto marathon. This also means that Litecoin (alongside Bitcoin) played a good role in the surging demand of crypto. The term “Digital Silver” would have been unbelievable back in 2013 when Litecoin’s price was merely a couple of hundreds in INR.
Litecoin price in India has witnessed steady and comfortable growth. As of 4 January 2022, one Litecoin is worth nearly 12,010 INR. This massive and constant growth of Litecoin price in INR has proven it as a suitable option for new or intermediate investors. Make use of the Litecoin price calculator above to get a good estimate of potential holdings depending on your funds.
As mentioned earlier, Litecoin has been looked at as “Digital Silver” and has also gained a reputation for being almost identical to Bitcoin (in technicality). Litecoin is the world’s 21st largest cryptocurrency by market cap.
What is Litecoin?
Litecoin is an alternative crypto coin/altcoin that was created in 2011. The founder of this digital asset – Charlie Lee, was a former Google engineer and became interested in cryptocurrency in 2011 too. Charlie also stated that the idea behind Litecoin was a simple hard fork of Bitcoin.
Like other crypto coins, Litecoin is decentralized, which means that it is not issued by a central authority or any government administration. Litecoin was created as a “lite” version of the existing Bitcoin and wished to improve the flaws of Bitcoin.
All Litecoin transactions take place on blockchain and are visible on the blockchain ledger for everyone to see. Litecoins are created through mining – a process to gain new crypto coins by solving complex puzzles.
How Does Litecoin Work?
Litecoin is a P2P (Peer-2-Peer) cryptocurrency. Litecoin uses blockchain to bring more Litecoins into existence. Its algorithm, however, is different from Bitcoin. Bitcoin uses the SHA-256 algorithm, whereas Litecoin makes use of Scrypt, a specific algorithm designed by Charlie himself. The algorithm was developed to avoid large-scale and custom-build attacks on the system’s hardware. Scrypt requires more RAM than the SHA-256 algorithm.
How do I Invest in Litecoin?
To invest in Litecoin, you’ll have to search and head over to a platform that allows consumers to buy Litecoin in India. Thanks to modern-day technology, many such platforms have emerged and have made it easier for Investors to get their hands on Litecoin. You simply need an account on an exchange like WazirX to get started.
WazirX offers users to trade in Litecoin and other cryptocurrencies with tools such as limit order. The price charts give investors a better overview of growth and drop – in the value of a coin.
How to Buy and Sell Litecoin in India?
Platforms such as crypto exchanges enable investors to buy and sell cryptocurrencies at their current rate. You can visit a crypto exchange app like WazirX to start trading with as little as 100 INR today!
Is Litecoin Illegal in India?
Now, down to the infamous question on every new Indian investor’s mind. To clarify things in simple words; No, cryptocurrencies are not illegal in India. Indians can feel free to trade in digital currencies such as Bitcoin and Litecoin. An important point to note is that cryptocurrencies are unregulated within India. We could, however, witness a crypto regulation agency that enhances trade management soon.
