Bitcoin fork, Litecoin, is a cryptocurrency that serves as peer-to-peer Internet money, facilitating instant and near zero-cost payments. It was created in 2011 by Charli Lee to complement Bitcoin. According to Lee, the original purpose of Bitcoin was to facilitate daily transactions. But its scaling problems make it hard by soaring its fee and slowing its transactions. To solve this issue, he proposed the idea of Litecoin, a new cryptocurrency with a Bitcoin base code incorporated with scaling improvements that can handle small-volume decentralized transactions. 

Litecoin (LTC) is based on Bitcoin source code with some technological changes like lowered block generation time (2.5 minutes), a higher maximum number of coins (84,000,000 LTC), and a different hashing algorithm (Scrypt). With these changes, Litecoin allows faster transaction confirmation time and improved storage capabilities than Bitcoin. It can handle a higher transaction volume than Bitcoin due to its more frequent block generation and unique hashing algorithm. Litecoin's release in 2011 came with 150 pre-mined LTCs. These coins were pre-mined to confirm the validity of the Litecoin mining process before its launch. Like Bitcoin, Litecoin also undergoes halving every four years, through which its mining reward reduces to half.

How does Litecoin (LTC) work?

The working of Litecoin (LTC) is very much similar to that of Bitcoin. It uses the proof-of-work (PoW) consensus mechanism to mine new Litecoins and verifies Litecoin transactions. Under this consensus mechanism, specialized computers, also known as Mining rigs, try to solve the equations presented by the Litecoin blockchain to get a chance to verify and record new Litecoin transactions. Whoever verifies the transactions successfully gets Litecoins (LTC) as a mining reward. This mining reward reduces to half every four years through an event called Litecoin halving. It slows down the creation of new coins driving the price of existing coins higher. 

Unlike the Bitcoin blockchain, Litecoin uses a memory-intensive hash function called Scrypt. It requires significant memory (RAM) to perform its computations efficiently. It makes Litecoin mining more resource-intensive, particularly for specialized mining hardware, like ASICs (Application Specific Integrated Circuits). By doing so, Scrypt deters the dominance of ASIC miners who are computationally superior to CPU and GPU miners. It helps to compensate for the disadvantage the CPU and GPU miners face due to the higher capabilities of ASICs and promotes a more decentralized ecosystem.

The total supply of Litecoin is 84 million with 150 pre-mined LTCs (4 times greater than Bitcoin's maximum supply), and the time its blockchain takes to generate a new block is 2.5 minutes (1/4th of the 10-minute block generation time of Bitcoin). It has completed two mining events, one in August 2015 and the other in August 2019. The next Litecoin halving will take place on 23 August 2023. It will reduce the Litecoin mining reward from 12.5 LTC to 6.25 LTC. 

How to Buy LTC in India? 

There are many platforms where you can invest and trade LTC in India. One such platform is Flitpay. To buy LTC in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Through the linked bank account, deposit the amount of which you want to buy LTC and execute the LTC purchase. You can instantly convert your INR to LTC and LTC to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

How do I convert Litecoin (LTC) to INR on Flitpay? 

Buying and converting LTC directly on Flitpay is a task of a few clicks using the Flitpay OTC platform. If you have already made an LTC purchase on Flitpay and want it to convert into INR, all you need to do is; sell it on Flitpay, and you will receive the INR in return. If you have your LTC holding in another exchange, you will have to deposit your crypto on Flitpay and then execute the selling process to convert LTC into INR.

To learn; how to deposit LTC or any other crypto from another platform, refer to the link. 

You can easily withdraw your converted INR through the instant bank withdrawal service provided by Flitpay in a breeze.

Why Use Litecoin (LTC)? 

Litecoin (LTC) offers several reasons for its usage and adoption. Firstly, it provides a higher capacity for processing transaction volume than Bitcoin due to its faster block processing time. It enables quick transaction confirmation, promoting a more efficient and scalable payment system. Secondly, it utilizes a Scrypt hashing algorithm that supports consumer-grade hardware available to everyone. It promotes a decentralized mining atmosphere for all participants by giving them equal opportunity to mine new Litecoins.

Moreover, it has a higher maximum supply than Bitcoin (84 million LTC), making it suitable for broader distribution and adoption. It is also the second oldest cryptocurrency after Bitcoin and has a solid track record since its release in 2011. Lastly, the Litecoin blockchain also acts as a testing ground for new Bitcoin technologies, showing its role in Bitcoin development and enhancement. Thus, Litecoin is a good cryptocurrency with a reliable framework

FAQs

What is Litecoin (LTC)?

Litecoin (LTC) is a cryptocurrency that facilitates instant peer-to-peer transactions at near-zero cost. It was created as a Bitcoin (BTC) fork in 2011 to become a more efficient way of performing micropayments worldwide. The maximum supply of Litecoin (LTC) is 84,000,000.

What is the Litecoin (LTC) price in India?

Check out the LIVE INR price of Litecoin (LTC) in India on Flitpay.

Which is the best platform to buy Litecoin (LTC) in India?

The best crypto exchange in India to buy LTC or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of Litecoin (LTC)?

Litecoin (LTC) offers a faster transaction confirmation time and shorter block generation time of 2.5 minutes compared to Bitcoin’s 10 minutes. It makes Litecoin a convenient option to do everyday transactions. The Scrypt hashing algorithm of this cryptocurrency makes Litecoin mining highly decentralized for the participants. It also enjoys the strong support of its community and investors because of its reliable history.

Is it safe to invest in Litecoin (LTC) in India?

Yes, investing and trading in Litecoin (LTC) is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges to invest in RVN. It offers the most real-time prices and advanced investing features.

Is Litecoin (LTC) a Good Investment?

Litecoin (LTC) is one of the top 30 cryptocurrencies in market cap. It is the second oldest cryptocurrency after Bitcoin. Being a Bitcoin fork, Litecoin (LTC) enjoys a positive reputation in the market. With a fast transaction speed and low transaction cost, it is gaining an important place in crypto. However, it depends on the risk appetite of individual investors if they should buy LTC or not.