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Learn how to buy Litecoin in India in this simplified guide to investing in the earliest altcoin
Litecoin is one of the earliest altcoins created in 2011 by Charles Lee, a former Google engineer. Being a low-cost payment crypto, buying Litecoin in India carries unique risks and should have a clear idea of legal, regulatory, and tax status.
The #12 crypto by market cap, Litecoin is still a highly volatile asset capable of major price swings in a single day. It is referred to as the ‘silver’ to Bitcoin’s ‘gold’ due to its similarities with Bitcoin and its goal of being a digital currency for everyday transactions. Since it’s an open-source blockchain technology, it utilizes a decentralized network and cryptographic protocols to enable secure and fast transactions. Cryptocurrency investments carry inherent risks, including market volatility, regulatory changes, and cybersecurity risks. To buy Litecoin in India, follow this simplified guide:
1. Choose a Crypto Exchanges
The first step is looking for a crypto exchange, the easiest method to buy Litecoin. The one that supports Litecoin trading in India. Some popular options include CoinDCX, WazirX, CoinSwitch, and Kuber
2. Create an Account
After choosing the exchange, sign up for an account on the exchange’s website. Users need to provide email id, photo id, and full KYC details. Complete the verification as per the exchange’s requirements.
3. Make a deposit
Once account verification is done, log in to the exchange, user can deposit using their convenient payment method such as bank transfer or UPI. Follow the instructions provided to deposit INR into your exchange account.
4. Place and review the order
Choose the appropriate order type and enter the desired quantity. A market order buys at the current market price, while a limit order allows you to specify the price at which you want to purchase Litecoin. Double-check the details. Once satisfied, confirm the order
5. Store Litecoin securely
After the order is executed, Litecoin will be credited to your exchange account. Transferring Litecoin to a personal wallet is highly recommended for security.