Buy Litecoin (LTC)
The rapid growth of the cryptocurrency market leaves few people indifferent. Increasingly, the popular media in Kenya is reporting on new highs in Bitcoin and people are asking how to start investing in cryptocurrencies. That's great, because cryptocurrencies and blockchain technology really could change the world as we know it.
The relevance of virtual money will grow for a long time as it evolves and improves along with information technology. And the defining advantage of digital coins is the high chance of generating large profits. Experts predict a massive proliferation of cryptocurrencies on par with the Internet and provide analytics that estimate that by 2024, 1 billion people will be using cryptocurrencies.
Today we will talk about the digital silver of the blockchain industry, the cryptocurrency Litecoin. It is one of the first forks of Bitcoin and is often considered its main competitor.
What is Litecoin (LTC)?
Litecoin was created in 2011 in order to improve the Bitcoin technology. The system was developed by Charles Lee, who was until recently an employee of Google.
Litecoin's transactions are four times faster than Bitcoin. Litecoin became the first cryptocurrency to make a transaction through the Lightning Network in May 2017.
Using the Lightning Network, 0.00000001 Litecoin was transferred from Zurich to San Francisco in less than one second!
The speed of transactions can be compared to receiving/sending messages on modern messengers.
Unlike Bitcoin, the maximum number of Litecoin coins is limited to 84 million - 4 times more than the Bitcoin supply (21 million).
The Litecoin team in its network is developing and testing technologies that could also be added to Bitcoin in the future.
Litecoin is already being considered as a fallback option in case something goes wrong in the Bitcoin system, causing its credibility to plummet.
In that case, Litecoin could quickly replace Bitcoin and become the dominant cryptocurrency.
Advantages of the coin include:
- Open source and the ability to make changes to the protocol.
- Transaction speed, as mentioned above.
- Scalability and the ability to conduct up to 56 transactions per second.
- Coin optimization.
- Easy to mine.
- Availability on almost all online exchanges.
- Reliable development team.
LTC can also be used to buy goods and pay for services at retailers that officially accept cryptocurrency payments.
In recent news, LTC support has appeared at more than 13,000 South Korean ATMs, as well as the ability for Google Chrome users who make online purchases using the Bitcoin Rewards browser extension to receive Litecoin for free. And the other big news is that Litecoin cryptocurrency has been added to the trust of major crypto-asset management company Grayscale.
All this suggests that buying Litecoin in Kenya would be the right decision.
How to buy Litecoin in Kenya?
Litecoin always has good trading volumes (over $9.5 billion a day).
To buy LTC in Kenya, you need to use specially created services - online trading platforms. This is the fastest and most convenient way, used by thousands of traders and investors. You, too, can open an account at an online platform today and start trading in a few minutes. Just follow a few simple steps - create an account and choose a way to buy Litecoin.
The online platform allows you to search and buy the assets you are interested in and to monitor the status of your investment portfolio.
The platform displays the market situation, i.e. it provides you with the information about quotes in real time. This information is systematized and grouped for display in chart form. You can select the time period over which the information is grouped.
On the terminal you will find real-time news feeds from the major news agencies, sound alerts indicating important system and trade events, saving trading history, generating transaction reports and much more.
The best trading platforms offer a wide range of options for individual interface customization and full-fledged technical analysis, with the widest possible range of charting tools, technical indicators and ready-made strategy templates.
The professional platform has the following advantages:
- Competent support service.
- Speedy application processing.
- Attractive rates for the user.
- The service supports various cryptocurrencies.
- Possibility to track transactions and their status.
- Wide choice of deposit and withdrawal options.
- High level of security.
You can easily buy Litecoin in Kenya through a mobile app. It provides access to your trading account from your phone.
This service has a user-friendly interface that allows you to buy/sell cryptocurrencies, view trading history, open orders and cryptocurrencies with their equivalent value in US dollars. Traders can use limit / market order and stop limit functions.
Another way to buy LTC is to open a cryptocurrency wallet. Such wallets are quite easy to set up and provide quick access to the asset, which makes them very convenient.
But this option involves a deeper understanding of the nature of digital currencies, and transactions with a cryptocurrency wallet are more complex and take longer.
How to invest in Litecoin in Kenya?
Litecoin continues to interest investors because of its close association with Bitcoin. And that's a good reason to add Litecoin to the list of cryptocurrencies worth investing in. There are many ways to do this, and we will now look at the most popular ones.
HODL is a particular strategy. The point of which is, in fact, a long-term investment. That is, a potential investor buys the cryptocurrency of his choice (in our case, LTC) and does not sell it for a long time. The essence: to buy Litecoin cheaper, in order to sell it later at a higher price, most profitable for himself.
HODL can bring huge profits, but sometimes you have to wait at least a few years for that. Investors who buy crypto assets early and cheapest benefit the most from this strategy.
HODL is simple, because there is no need to learn stock trading, fundamental and technical analysis, and no need to spend time on daily trading, constantly monitoring exchange rates and cryptocurrency news. If you want to make a profit in the near future, HODL is unlikely to work for you.
Mining is the process of mining cryptocurrencies. It has become particularly popular as the price of digital assets began to skyrocket in 2017.
In professional parlance, it is supporting the functionality of a cryptocurrency network by creating blocks in Blockchain using computing technology.
Miners use the power of a computer to solve a cryptographic equation that closes a block.
A miner who finds a digital signature is paid a certain amount of digital coins. Cryptocurrency mining ensures the integrity of the blockchain ecosystem; miners control the movement of assets, protecting the network from double-spending assets. By and large, it is not the miners themselves that generate the new coins, but the software code, and it does so according to a predetermined algorithm.
To start mining cryptocurrency, you need to open a crypto wallet for reward.
Staking is an activity in which a user locks their funds into a cryptocurrency wallet to work together to perform proof-of-stake blockchain transactions. Staking is very similar to crypto-mining in the sense that it helps the network reach consensus by rewarding users who participate in the process. Cryptocurrency staking has become one of the hottest trends of 2020, allowing you to earn a passive income of up to 16%. It is simpler and more affordable than mining, and it is also the most environmentally friendly as it does not require a lot of energy. It is important to know that the more coins you put in, and the longer you do Staking, the more profit you make.
Trading is not just a set of measures aimed at making a profit, but also an exciting activity which can bring a lot of excitement in addition to money.
The main aim of trading is to buy LTC as cheaply as possible and sell it at a higher price. The difference in price is the trader's profit.
Deciding to become a trader is worth learning the basic skills:
- Know how to use a chart.
- Do a good technical analysis of cryptocurrency and trading volumes.
- To make transactions to buy/sell cryptocurrencies in time.
- Do not ignore the trading history (it is necessary for analysis).
A Contract for Difference (CFD) is a popular type of derivative financial instrument, or derivative.
Technically, a CFD is a contract between a broker and a trader, the essence of which is to exchange the difference in the value of the underlying asset arising between the initial and final price of the contract. This financial instrument allows you to trade cryptocurrency without having to own it.
CFDs allow you to trade in either direction. In other words, you can make money not only on a rising market, but also on a falling one.
The peculiarity of this contract is that it allows you to use only a fraction of the amount you need to open a trade. This method is called margin trading or leveraged trading. This allows traders to take larger positions with little capital. Care should always be taken when trading with leverage, as it can increase your profits as well as losses.
How to start to invest in Litecoin in Kenya?
Many newcomers in Kenya want to try their hand at cryptocurrency trading. And the first question that arises is where to start? We'll give you some tips that you can follow to invest in Litecoin without any problems:
- Before you invest, you need to find a reliable online platform. Focus on the availability of the virtual coin of interest, reliability, reputation and terms of service.
- You need to understand what your investment objectives are and how you will achieve them. Try to get a good idea of how long you are willing to keep your investment open and what returns you expect to make.
- You should only make transactions with your own money that you can afford to lose. Trading with borrowed funds will be a risky move.
- It is better to hedge and diversify risks. Create a good investment portfolio of several promising cryptocurrencies.
- Start with small amounts. When you understand a lot about cryptocurrencies, study market behaviour and the impact of various factors on the LTC exchange rate, then you can think about large investments.
Is it safe to invest in Litecoin (LTC)?
LTC has stood the test of time and managed to acquire many fans, who leave positive feedback about the coin wherever possible. It may have appeared a bit later than Bitcoin, but it is far superior to the latter in its capabilities. A whole army of investors supports this project, which has both a strong team and good prospects for future development.
Is it safe to invest in Litecoin online?
By registering on a regulated trading platform, you can buy LTC in a direct and secure way.
All payments are made anonymously. Every transaction is hidden from prying eyes. The system works automatically and does not allow users to hack accounts in any way. Every customer's money will be kept in maximum safety.
Be sure to set up two-factor authentication when registering with the online exchange.
When choosing a wallet to store your money, remember, the security of your money is primarily up to you. Never store private keys and passwords electronically, and don't share this data with outsiders.
Make your choice, consider strategies, choose the one that is acceptable to you and invest in the emerging cryptocurrency market today. We wish you only profitable investments!