Litecoin is a peer-to-peer (P2P) digital currency that is based on a fork of the Bitcoin protocol. It was founded by former Google employee, Charlie Lee in 2011. Originally touted as the “lite version of Bitcoin”, Litecoin differentiates itself from Bitcoin in a number of ways, including faster block generation, a different hashing algorithm, and a larger supply cap of 84 million coins.
The Litecoin blockchain can handle higher transaction volume than Bitcoin as well. The first Lightning Network transaction took place with Litecoin, and also Litecoin was the first major cryptocurrency to adopt SegWit, a protocol upgrade that increased block size limit. Litecoin also allows for Atomic swaps, a cross-chain exchange of coins without the need of a third party. Litecoin uses the same Proof-of-Work consensus mechanism as Bitcoin, relying on miners to verify transactions, however, miners receive a larger block reward than Bitcoin. Litecoin has often been referred to as “ the silver to Bitcoin’s gold.” Litecoin has been one of the biggest cryptocurrencies by market cap for years now.
To Buy Litecoin in New Zealand with Swyftx, create a free account and start trading.
The easiest way to buy Litecoin in New Zealand is to sign up to a registered crypto exchange like Swyftx. Swyftx is a feature-rich platform with low fees and personalised customer service. To buy Litecoin, start by creating your free trading account with Swyftx. To do this, you’ll need to provide a few simple details like your full name, email address and phone number as well as creating a secure password. The next step is to submit a piece of government-issued photo identification to verify your account. Verification typically takes no longer than 3 minutes to complete. Once verified, you can deposit NZD into your account via bank transfer. Once you have funds in your account, you can buy Litecoin (LTC) and other assets listed on the Swyftx exchange.
There are a number of similarities between Bitcoin and Litecoin. They are both decentralised cryptocurrencies which mean they do not rely on a third-party intermediary such as a bank. Bitcoin originated in 2009 and remains as the largest cryptocurrency in the world. Litecoin, which was founded 2 years later, is one of Bitcoin’s main competitors. The key difference between LTC and BTC is that Litecoin can produce a greater number of coins and its transaction speed is a lot quicker. Additionally, both cryptocurrencies use different cryptographic algorithms. Litecoin uses an algorithm called Scrypt, whereas Bitcoin uses the SHA-256 algorithm.
The best place to buy Litecoin is right here at Swyftx! Swyftx offers a fast, secure, and user-friendly platform that allows traders to easily deposit Australian dollars to trade Bitcoin and other cryptocurrencies instantly. We offer competitive fees and excellent customer support and we are proud to be Australia's highest-rated crypto exchange as per our Trust Pilot Reviews.
Yes, Swyftx is a safe and secure platform to buy and sell Litecoin (LTC). Swyftx employs a range of advanced security measures to protect user funds and personal information and has been awarded ISO27001 certification for information security.
Swyftx is a AUSTRAC registered exchange that conducts regular security audits and maintains strict compliance with Australian Anti-Money Laundering and Counter-Terrorism Financing Laws.
You can find more information on our security practices here.
The price of LTC is determined by the forces of supply and demand in the market. Similar to other assets, the price of Bitcoin is determined by the number of buyers and sellers in the market at any given time.
Some significant factors that can influence the demand for Bitcoin are adoption rates, Macro economic factors, News events, upgrades and advancements in its tech and investor sentiment.
You can deposit Australian dollars (AUD) into Swyftx via a number of methods including:
Swyftx also allows you to deposit cryptocurrency from another wallet into your account.
Swyftx does not allow you to directly buy Litecoin with credit card, however, we do support credit and debit card deposits. Once your deposit has arrived in your account, you can then buy LTC instantly.
Swyftx has a trading fee of 0.6% for all buy and sell orders. In addition to the trading fee, Swyftx applies a spread to each cryptocurrency trade.
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