IS LITECOIN A SCAM?

IS LITECOIN A SCAM

Cryptocurrency is another name for the virtual form of currency spent on the internet. The invention of cryptocurrency came as a response to the global financial downtime that plagued the world at that time. The time before the creation of the first crypto asset was characterized by inflation. Inflation that almost crippled the entirety of the global economic system.

Expert traders created cryptocurrency to solve the challenges of themonetary forms at that time. Cryptocurrency is generally more stable than other forms of currency because it was a part of the design mechanisms that were put into creating it. The world did not accept the cryptocurrencyinitially. It was hard for people to imagine a form of money that one could not hold or touch in the form of hard currency, and so many people stayed away from the cryptocurrency niche at the time of its creation.At some point, someone traded ten thousand bitcoins for Pizza in the early days of the premier crypto asset.

There are over thirty cryptocurrency assets in the world now. Many investors have delved into the art of trading cryptocurrency, and many more are still profiting in the crypto asset market. The development of the cryptocurrency world has not been without somechallenges. The pseudonymous feature of cryptocurrencies has made them becomeone of the largest scam schemes on the internet. The fear of being drawn into crypto scams is why a lot of traders tread the path of crypto investments carefully, and they are right to be careful because crypto scams have taken over a large part of many new cryptocurrency inventions today.

LITECOIN

Litecoin is one of the cryptocurrency inventions that followed after the Bitcoin. Litecoin has been in existence since October 2011, although its makers released a new version of the crypto asset in May 2019.A Google employee and one-time Engineering director at Coinbase; Charles Lee is responsible for the creation of this crypto asset.This form of cryptocurrency assethas climbed the ladders of greatness since its inception. There was once a time in 2013 when the value of Litecoin doubled in 24 hours.

Bitcoin is the most substantial cryptocurrency asset in the world today, but the Bitcoin is very expensive, and it is hard to get anyone who can afford to buy a lot of Bitcoin at once. Because of the vastness of the Bitcoin, many crypto investors are looking at the option of other cheaper crypto assets,and the Litecoin is one formidable substitute for the Bitcoin trade asset.This article is a review of the Litecoin cryptocurrency trade asset, and it will help determine if it isn’t one of the many crypto scams on the internet.

WHERE CAN I FIND LITECOIN?

There are several ways to make money while trading cryptocurrencies, especially for those who do not want to go through the hassle of having to mine the coin from scratch.To avoid falling into one of the crypto scams online, a trader must buy Litecoin from verified sources.

One must note that a trader who wishes to buy Litecoin must, first of all, get a very safe crypto wallet to store his/ her coins.

The following are some of the places where a trader can safely buy Litecoin crypto assets:

www.luno.com

This platform is best for areas around Nigeria, South Africa, Indonesia, and Malaysia.It has an interface that’s friendly and easy to get around.

www.coinmama.com

This platform serves a global audience and is available almost in all countries of the world. The Coinmama platform is both a reliable and a trusted broker, the maximum limit of Litecoin that can be purchased on this platform is the same with the maximum limit that can be purchased with a credit card.

www.eToro.com

The Etoro platform serves a vast audience and has an assets database of close to twenty Crypto coins; including Litecoin. Trading Litecoin on this platform has the potential to yield high profits in short timeframes. Trading on this platform can be a little risky, but that applies to all high yielding investments.

www.coinbase.com

Coinbase is one of the most popular crypto trade places in the world. A trader can purchase Litecoin on this broker’s platform easily with a credit card.This platform charges a 4% fee per purchase, which discredits it from being a scheme of crypto scams.The Coinbase platform is relatively easy to use; any trader can find his/ her way around its platform. Coinbase covers the United States, Canada, Europe, The United Kingdom, Singapore, and Australia.

www.bitpanda.com

This platform is based in Austria, and a trader can buy Litecoin in this platform using a credit card. This coin broker serves an audience that spans the European region.

www.cex.io

This platform is a UK (United Kingdom) based online crypto exchange, and it has a reputation as one of the oldest standing crypto exchange platforms online. Traders can buy Litecoin on its platform with their credit cards anywhere around the world.

There are many other platforms where one can buy Litecoin on the internet, but a broker needsto confirm the validity of all platforms in order not to fall into the deceit of crypto scams.

IS LITECOIN SAFE AND LEGAL?

The legality question of a crypto coin is one that must be thoroughly addressed before investing in such a currency. The Litecoin is a very safe cryptocurrency asset, although the regulations that guide the operation of Litecoin vary from region to region, the coin is a very safe trading asset. It isn’t one of the crypto scam schemes to deprive people of their funds.

The safety of Litecoin is another issue that must be addressed for traders who want to delve into its trading. Litecoin has grown considerably large in value as compared to its value at the time of its creation. From the trends of the progression of the Litecoin since its inception, one can say it is a very safe trading currency.

USES OF LITECOIN

The Litecoin applies to different spheres of life, and this crypto coin has a wide range of uses. The challenging this about spending Litecoin is not about the availability of platforms where it can be spent, the main issue is for a trader to get a safe Litecoin wallet, through which he/ she would send and receive Litecoin payments.

The usefulness of a Litecoin wallet is very important for the use of the coin to the trader. A trader cannot even purchase Litecoin without a wallet that supports Litecoin, let alone spend it. In choosing a wallet, a factor that must always be considered is the security of its platform. When a safe wallet is chosen, it becomes easy to carry out crypto transactions without any form of constraint. The reason why many traders are discouraged about the crypto trading world is that they feel they have been a victim of crypto scams, although this is sometimes the case, many times, the real issue started form choosing a wallet that’s not safe.

OPERATION OF THE LITECOIN NETWORK

The Litecoin network is decentralized, and it operates independently of any central bank. The operation of the Litecoin is designed such that the Litecoin is not dependent on the economy of any single nation or circumstance surroundingsuch nations. Like most cryptocurrencies, Litecoin operates as a segregated and decentralized digital currency network.

DISADVANTAGES OF TRADING LITECOIN

Unlike many crypto scams, the Litecoin is not entirely flawless in intonation, and some scammers have taken advantage of the flaws in the algorithm of Litecoin to deceive people into the loss of their funds. Here are a few flaws in the algorithm of Litecoin; some of these flaws are common to all cryptocurrencies. It would be wise to take advantage of the knowledge of these flaws to safeguard your Litecoin trade orders.

  • Unregulated
    Litecoin, like all other cryptocurrency assets, is not regulated by any central government. Although there are policies that guide the operation of its platform in different parts of the world, there is no universal government that regulates the affairs of this crypto network.
  • Volatility
    The Litecoin crypto asset is similar to commodities trading. So the price of the asset fluctuates with the market. However, this should be an advantage for traders familiar with commodities trading; it may be a challenge for traders who don’t know about commodities.
  • Pseudonymous
    Like all other Crypto assets, The Litecoin crypto-asset allows traders to trade with a policy of anonymity. The pseudonymous feature of Litecoin is why many crypto scams go unanswered because there’s just no way to trace the sources or the end of such scams.

CONCLUSION

The Litecoin is one crypto asset that has existed for some time, and it certainly is not one that will go extinct anytime soon. There are crypto scams all over the world;some of these scams have taken the Litecoin of crypto traders. Asides a few scam cases, Litecoin is generally a safe trading tool in many regions of the world.

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