Buy Litecoin (LTC)
Cryptocurrencies around the world, and Nigeria is no exception, have long had the status of valuable assets that traders use to make speculative profits, and large investors place their deposits in cryptocurrencies on a long-term basis. Whereas "digital cash" used to be represented only by Bitcoins, a whole niche of systems based on Blockchain technology has now emerged.
In this article, let's take a look at Litecoin (stock ticker LTC) and talk about how you can profit from this cryptocurrency.
What is Litecoin(LTC)?
Litecoin was originally created as an alternative to Bitcoin. It was Bitcoin's programming code that was taken as the basis for creating the new cryptocurrency. On October 13, 2011 the whole world knew about Litecoin(LTC).
According to statements of the project developer Charlie Lee, there was no intention to surpass Bitcoin, on the contrary, Litecoin is positioned as a field for experiments. Very often, it is the innovations of Litecoin that are soon introduced into Bitcoin as well.
Prior to developing Litecoin and making it one of the most popular cryptocurrencies in the world, Charlie Lee managed to work at Google.
Charlie Lee's cryptocurrency, today, is a kind of virtual silver when compared to Bitcoin. It has earned its place as the world's payment currency, and its value is growing. The capitalization of the coin reaches $14 billion. In addition, it is now possible to mine it.
Litecoin's transactions are faster compared to Bitcoin and there are more coins available. Litecoin also uses a different hashing algorithm. These differences are thought to have helped LTC succeed and remain one of the leading cryptocurrencies over the years.
Today, Litecoin is one of the main trading tools on various online exchanges, and being a low-cost alternative to Bitcoin, it is also great for various kinds of payment transactions. For this reason, LTC is accepted by many outlets around the world. This coin can be used to buy all kinds of goods, from cars and electronics to housing, as well as to pay for various services.
According to many investors, to buy LTC for their investment portfolio is the right decision.
How to buy Litecoin in Nigeria?
The easiest and fastest way for a beginner to invest in Litecoin in Nigeria is to use an online platform using CFD trading. Trading platforms or trading terminals are software that can be installed on a desktop or laptop computer to execute trades.
Such platforms make it easy to buy and sell cryptocurrencies with low commissions and robust security features. Modern terminals also have tools for technical (evaluating price movements) and fundamental analysis (evaluating the asset itself, the company).
The interactive platform offers its clients many charting tools to develop the best trading strategy.
The terminal is essentially a personnel office, where the investor can see the status of the account, the composition of the portfolio, the history of transactions and much more. Modern exchanges offer a large selection of cryptocurrencies and high volume of trades, so you should have no problem to sell or buy Litecoin.
Automatic stop-loss (closing a position at a certain loss) or take-profit (closing a position at a certain profit) will make it much easier to enter the trade, and many indicators will give a wide manoeuvre for technical analysis. You will also get full information about the current situation on the exchange: trading volume, the order book, which reflects all current buy/sell orders, etc. The terminal has a newsfeed that will help you keep abreast of all developments. Also, the economic calendar is very useful, it will help to understand where the market is going and create your own long-term trading strategy.
On modern marketplaces, you will find many training videos, webinars, help guides and more to teach newcomers how to use the terminal's advanced tools.
In addition, users can easily send their questions to the technical support team, which is always quick to respond.
All popular platforms have applications for smartphones and tablets. They can be used by experienced traders and beginners alike to get started on their journey towards making the best trades of their life, monitoring market movements, getting express online support and much more. This service is important for users who like to keep their hand on the pulse, who travel a lot and like to check quotes and dispose of assets on the go.
You can also buy Litecoin in Nigeria the classic way by opening a cryptocurrency wallet. Such wallets are fairly easy to set up and provide quick access to balances, making them convenient for traders.
But this option involves a deeper understanding of the nature of digital coins, and transactions from a cryptocurrency wallet are more complex and take longer.
How to invest in Litecoin in Nigeria?
The trend of investing in cryptocurrencies is steadily gaining momentum. It's very simple, accessible to everyone and quite profitable. Therefore, now is the perfect time to invest in Litecoin.
The benefits of investing in cryptocurrency are:
- low entry threshold;
- high yield;
- ease of entry into the market;
- low costs.
We will give you a few options to consider as to how you can make money from digital coins. That said, in order to get the highest possible returns, you don't want to stop at one option. It makes much more sense to combine several methods at once.
HODL is the misspelled word for "hold", which itself means "to hold" or "to keep".
In the context of cryptocurrencies, it refers to holding coins for the long term, despite what happens to their exchange rate.
It is one of the strategies for dealing with digital assets. The idea is to buy tokens for long term storage instead of trading them all the time.
The benefits of this strategy are obvious. If an investor expects to hold coins for a few months or years, he does not need to react to temporary market crashes, get nervous about what is happening, and update cryptocurrency rates and his own portfolio a hundred times over. He knows that after a while, the market situation will be much more attractive and the coins will become more expensive.
Hodl's strategy is paying off in the cryptocurrency market. Coins are really able to grow in value over a long period of time and make a profit.
The miners who mine LTC get a lot more coins than BTC, due to the high virtual rate at which they are created. In other words, Litecoin mining produces higher and more profitable results.
Mining refers to the process of earning cryptocurrency by solving cryptographic equations using powerful computers.
The solving process involves checking blocks of data and adding transaction records to a public record (registry) known as Blockchain. This is achieved through the use of sophisticated encryption techniques. Meanwhile, new coins are generated to reward miners for their work in securing the network. Thus, miners have an interest in protecting the network by participating in the transaction verification process, which increases their chances of receiving newly mined coins. Accordingly, a personal LTC wallet will be needed, as that is where the earned coins will be stored.
Staking is a way of earning money by storing your money in an exchange account in a cryptocurrency wallet to perform blockchain operations using the PoS algorithm.
Proof-of-Stake is an algorithm in which income depends on the total amount of coins "frozen" in a user's wallet for blockchain transactions. The more cryptocurrency an individual has, the more reward they can expect to receive. There is no need to spend at all on acquiring computing power and paying huge electricity bills.
Staking is easy. All you need to do is:
- Buy a cryptocurrency that runs on the PoS algorithm.
- Deposit the coins into a cryptocurrency wallet or exchange account.
- Freeze the funds with a special contract.
- Receive passive income.
Cryptocurrency trading is available to everyone.
You can start earning by trading LTC with a little capital. Basically, it is a process of making money on the differences in the exchange rates of the assets. Simply put, to make income from crypto trading, you need to buy LTC cheaper and sell them at a higher price.
The volatility of digital coins remains quite high, with rate fluctuations of several percent in a day, which means a good profit can be made from it. Cryptocurrencies are traded around the clock without interruption due to their decentralization. You can trade both up and down.
Traders now have a very useful and popular trading instrument, the CFD. These contracts allow you to start trading Litecoin without much effort, time or money. The ability to deposit and withdraw money for free, transparent commissions and the availability of automated trading make CFDs a great solution for traders.
In its most basic form, a CFD allows you to invest in Litecoin without actually owning it. Instead, you simply speculate on the future price of the asset.
A contract for difference is an agreement between two parties, the seller and the buyer, to transfer the difference between the current value of the asset at the time the contract is made/opened and its value at the end of the contract/closing of the position. If the price of the asset increased between the first and the second transaction, the buyer will receive the price difference from the seller.
If the price decreased, the seller will receive the price difference from the buyer. Usually, the term of such a contract is not set, and it can be terminated at the request of only one party, which has been granted such a right.
In fact, online platforms offer their customers great opportunities to profitably invest in Litecoin in Nigeria. Sign up for a terminal and see for yourself!
How to start investing in Litecoin(LTC)?
On the way to success, each beginner makes mistakes, overcomes them, and develops his or her own rules for successful investing. Here are a few recommendations for you, following which increases your chances of success:
- Start by choosing an online platform for safe and convenient LTC trading. The reliability of a trading platform is primarily determined by the volume of trading and the number of users.
- Choose a suitable trading strategy or create your own. Whatever happens, don't deviate from the plan you have chosen - all your actions must be clearly planned.
- It's always better to progress slowly but surely towards your goal by gaining your own experience and understanding of cryptocurrency investing fundamentals. So do more research, follow market news and analyse.
- Buy different coins (diversify risk) to diversify your portfolio. This is an important rule to avoid losing all your capital at once in case of a negative scenario.
- You should only start cryptocurrency trading with free funds. In addition, you should first put the knowledge into practice with small amounts of money.
Is it safe to invest in Litecoin(LTC)?
LTC is just as safe as Bitcoin as a means of payment and has enormous growth potential. During its existence, Litecoin exchange rate has risen sharply several times. The coin is known to everyone and has a reputation as a stable and valuable coin in the market, and the system itself is versatile and time-tested.
How safe is it to invest in Litecoin(LTC) online?
When it comes to security, the modern platform guarantees the safety of its clients' money and personal information. It uses strong encryption protocols and takes all necessary measures to protect against illegal data interception.
In addition, the withdrawal process involves a variety of security measures to prevent unauthorized access to traders' money. Different methods are also supported to securely log in to your account - in addition to a password, this can be a passphrase, two-factor authentication, etc.
So, you have already realized that you can make big profits by investing in cryptocurrencies. And it's not just the professionals who can succeed. Depending on your risk appetite, you can work on active trades or focus on passive solutions. The choice is yours. Well, we wish you the best of luck!