If you've ever wondered how to buy Litecoin in Malaysia, then this guide is for you. Although it's not as popular as Bitcoin, Litecoin has gained a lot of traction lately. The price of Litecoin increased by more than 50% prior to its halvening and at many points even outperformed Bitcoin.
This article outlines the fundamentals of Litecoin and the best place to buy Litecoin in Malaysia:
In many ways, Litecoin is similar to Bitcoin. It's a peer-to-peer digital currency that allows quick remittances around the world with low fees. It's also open-source and decentralized and has climbed to the top 10 list of total crypto market cap.
Although it's almost identical to how Bitcoin functions, Litecoin is able to handle much higher transaction volume than Bitcoin. It also has larger block sizes, which reduces occurrences of network congestion that could slow down the network, and thus delay transfers across its network.
Litecoin is one of the earliest altcoins and essentially a fork of the Bitcoin Core client, created in October 2011. It was released via an open-source client on GitHub and the Litecoin Network went live on 13th October. Unlike Bitcoin that is seen as primarily a store of value or "digital gold," Litecoin was created for the main purpose of enabling faster and cheaper transactions and remittances.
While the creator of Bitcoin, Satoshi Nakamoto, is a mysterious figure that has not made himself public, the creator of Litecoin, Charlie Lee, is an active public figure and frequently posts on his blog and social media.
Charlie Lee was previously working with Google and had a keen interest in cryptography. When Bitcoin was created and started to gain more traction, Charlie envisioned a better and more efficient version of Bitcoin - called Litecoin.
Bitcoin (BTC)] | Litecoin (LTC) | |
|---|---|---|
| What is it? | A currency (store of value) | A currency (medium of exchange) |
| Inventor | Satoshi Nakamoto | Charlie Lee |
| Went live | January 2009 | October 2011 |
| Supply Style | Deflationary (a finite # of bitcoin will be made) | Deflationary (a finite # of litecoin will be made) |
| Supply Cap | 21 million in total | 84 million in total |
| Smallest Unit | 1 Satoshi = 0.00000001 BTC | 1 Litoshi = 0.00000001 LTC |
| New token issuance time | Every 10 minutes approximately | Every 2.5 minutes approximately |
| Amount of new token at issuance | 12.5 new bitcoin are issued every 10 minutes. This number will half (to 6.5 new bitcoin) everytime Bitcoin creates 210,000 new blocks. The next halving will be reached 2020. | 25 new litecoin are issued every 2.5 minutes. This number will half (to 12.5 new coins) everytime Litecoin creates 840,000 new blocks. The new halving will be reached in 2019. |
| Utility | Bitcoin has been trending towards becoming a store of value like code. Although it is also used for purchasing goods and services | Used for purchasing goods and services, as well as storing value (much like how we currently use a checking account). |
| Price | View | View |
| Purpose | “Bitcoin is an innovative payment network and a new kind of money.”[฿] | “Litecoin is a proven medium of commerce complimentary to bitcoin.”[Ł] |
There are essentially several ways you can get hold of some Litecoin - mining, trading, or receiving a salary (or payment for a service) in the form of Litecoin.
Among the many ways to get your hands on them, buying Litecoin on a cryptocurrency exchange is by far the easiest and cheapest. Although there are dozens upon dozens of crypto exchanges that you can buy Litecoin with fiat or credit card, they are still limited and restricted based on your geographic location.
If you are located in Malaysia, for example, you won't be able to use exchanges like Coinbase or Kraken to buy or sell Litecoin. Instead, your next best option will be a peer-to-peer trading platform like Remitano-- one of the best peer-to-peer cryptocurrency platforms in the space.
Remitano allows its users to buy, sell or swap cryptocurrencies with fiat instantaneously. Think of it as a marketplace for cryptocurrencies. You can easily buy Litecoin on Remitano by choosing a trusted seller on the platform and transferring your fiat currency into his or her bank account. Once the seller has verified that the funds have been received, Remitano will release the Litecoin - that was held in escrow on that platform - to your Litecoin wallet on Remitano.
And just like that, you have bought Litecoin using your own national fiat currency. The platform is one of the largest, trusted peer-to-peer platforms that is the preferred choice for a majority of users in the emerging market, and now rapidly expanding its reaches to other regions across the globe.
Buying Litecoin on Remitano is a lot easier than you'd think. Once you've passed the KYC process - or also known as the Know Your Customer - you can start buying or selling cryptocurrencies with your national fiat currency.
To buy Bitcoin /Ethereum/USDT/Ripple/Litecoin on Remitano, follow these steps:
Step 1: From https://remitano.com homepage, scroll down, Find 1 seller from 'List of sellers' and click Buy
Step 2: Enter the amount of coin you want to buy
Step 3: Fill in your Wallet Address
Step 4: Click on [Buy BTC/ETH/BCH/USDT/XRP/LTC] to open the trade.
Step 5: Copy payment details of the seller from the trade page.
Access your internet banking and pay the seller through INSTANT TRANSFER.
Step 6: Then Press the [I have paid seller] and wait for the seller to confirm. You will lose money if you don't
And it's as easy as that! There are many options these days to buy or sell Bitcoin on peer-to-peer exchanges, but it's always best to go with a trusted platform like Remitano that has been around since way before the 2017 bull run.
