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.
After your purchase Litecoin on Swyftx, it will be stored in your personal wallet automatically. A crypto wallet is required to send, receive and store digital assets. You won’t need to set anything up, as your wallet will already be integrated into your account when you sign up. You can also withdraw your LTC and send it to a supported Litecoin wallet like a hardware wallet or mobile wallet.
The Swyftx trading platform is rich in features and designed to create a seamless trading experience for both beginner and seasoned traders. One of our most popular features is our personalised customer support and live chat that delivers quick and custom responses. Other features included low trading fees and spreads, price triggered buy and sell orders, recurring orders, 2FA and biometric login security and our demo mode which users can use to mock trade with artificial currency. This allows users to learn the markets without committing themselves financially.
The Swyftx trading platform offers low trading fees and minimal spreads when you buy and sell Litecoin (LTC).
Verify online instantly without uploading documents and deposit NZD to start trading in minutes.
Our advanced security features and measures will protect your account from scammers and bad actors online.
Learn to trade and gain experience with Swyftx risk free by enabling the demo mode. We even simulate real life liquidity and market depth.
Deposit and withdraw NZD via bank transfer.
Automate your crypto investments. Setup recurring deposits to your Swyftx account and have then automatically split across your own range of cryptos.
Never miss a trade or get caught out by the crypto market volatility. Set Buys and Sells to trigger at any price you want.
Easily secure your account with multi-factor authentication and biometric login. Swyftx also monitors other sites for data breaches that might result in compromises on your account.