With every passing day, digital currencies are becoming an integral part of our financial systems. The values of these currencies are regularly increasing thereby proving a challenge for the government to regulate these. All this development is due to the unmatched security of the transactions in this digital currency set up. Moreover, the investors and regulators are also relieved off the extra charges from banks and financial institutions. Now, the transactions take place directly between sellers and buyers without any role of the intermediaries. This has also increased the transaction speeds a lot.
What is Litecoin?
Litecoin is also a cryptocurrency that was introduced in 2011. It also uses peer-to-peer blockchain technology for fast transactions at zero cost all across the world. Litecoin is also an open-source decentralized global payment network where all the transactions are safe through various encryption codes. A special kind of mathematics is employed to secure the payments by enabling the individuals to control their own finances and transactions at any time. It has a market cap of $16.30 billion makes it the fifth largest cryptocurrency of the world. It is also one of those cryptocurrencies that have soared a lot in their values this year. Figures show that the cryptocurrency has seen about 4000% rise in value since January 2017.
This means that the currency that is trading at about $300 was trading at about $4.33 in January 2017. On December 2017, the digital currency has hit an all-time high value of $360.2. This marked an increase of about 4000% since January. All this is because of its being an open-source currency and fast transaction speeds. The following are the main features of this currency.
- The very first and the most charming feature of the Litecoin is its lightning-fast transaction speed as compared to other cryptocurrencies. A transaction in this payment system takes only 2.5 minutes to complete. This means that it is 100 times fast than Bitcoin and about 4 times fast than all other cryptocurrencies.
- The second feature of Litecoins is the use of the hashing algorithm ‘Scrypt’. This algorithm helps to keep the mining of Litecoins realistic for desktop users. This algorithm also decreases the transaction time a lot. This makes Litecoin better than Bitcoin where SHA256d Algorithm is used. This Algorithm becomes more time and power-intensive with the passage of time.
- Another feature of the Litecoin is the continuous support from the founder. Charlie is continuously pushing the Litecoin users and investors to upgrade to Segregated Witness (SegWit). The implementation of this upgrade will bring innovations in the currency by making it more secure, fast, and reliable.
- The limited supply of Litecoins in the market is also a good feature of this digital currency. There are about 84 million Litecoins circulating in the market. This supply also makes it greater than Bitcoin which has only 21 million of supply. Still limiting this supply to 84 million makes it a reliable currency across the world.
Buying Litecoins Instantly with Debit/Credit Cards
Buying Litecoins is also a technical decision and various methods of buying these coins are being used all across the world. One of the most convenient methods of buying Litecoins is buying these through Credit/Debit cards. This is because you have not to go anywhere and buy coins sitting in your home. The following are the main steps that would tell you enough about buying these coins.
1-Registring with Changelly
Changelly is one of the most reliable resources for buying Litecoins. This is because it accepts various currencies as payment to buy the coins of your choice. If you want to buy Litecoins, you will have to register yourself with this website. There is no registration fee charged. This means that you can register yourself by putting your verified email address in the specific column in the Signup form. The website sends an email to your verified email address. This email contains all the login details including username and password. Now, using those details, the users can log in to their accounts. After logging in, a screen appears before you.
2-Selection of Currency
There are two long bars on this screen before you. First is the currency in which you want to make your payment. You can select various currencies by clicking the arrow key at the right side of the bar. The next bar offers you the coin you want to purchase. Select the Litecoin here and press the green buy button on the right side of the bars. This will take you to the payment processing page. If you are not logged in Changelly website, clicking the payment button will ask you to log in first.
3-Confirmation of Order
Once you have selected the currency, pressing the buy tab will take you to the order confirmation page. Changelly offers all the details once again on the screen for confirmation. You should confirm that you are going to buy Litecoins and paying in the currency you want. After ensuring that all the details are correct, press the confirmation tab. This will take you to another page.
You should know that cryptocurrencies are always stored in wallets either hardware or software. Here, once again you will have to make the decision. Always go for the wallet that offers multi-currency support and enhanced security. Ledger Nano S wallet is considered as the best cryptocurrency wallet. This is because it supports various currencies and is a lot reliable and secure. You will have to enter the address of your Ledger Nano wallet for completing the buying process.
Read Also :5 Best Litecoin LTC Wallets 2020
5-Checking and Confirmation of the Information
Buying the cryptocurrency process needs confirmation of information at various steps. After entering the wallet address, you will have to confirm the wallet address and the other necessary information. When you are sure of the details, press the confirmation button and you are guided to the credit/debit card details page.
If you are buying Litecoins through credit/debit cards, you will have to enter all the details of your card on this page. Usually, these details are the card number, its expiry date and the security code for processing the payment. The page will tell you if there may be an error in the information of the card. Before processing payment, the website will also show you the amount of USD being deducted from your card.
For confirmation that you are authenticating your own card, an SMS will be sent to your registered cell number. This SMS will contain a code that you will need to enter on the page. Entering the code will finish the payment process and you will receive the Litecoins in your wallet after some time.
After the deduction of sufficient money, Litecoins begin to reach your wallet. This process of transferring Litecoins will complete in 5-30 minutes. The speed of transferring also depends on the kind of wallet you are using. Ledger Nano S is, once again, a very good option because it offers a fast speed.