With the recent boom of cryptocurrency more and more people want to know how they can start building their portfolio. This simple guide is going to tell you everything you need to know to buy Litecoin.
What is Litecoin?
The Litecoin is one of the latest forms of cryptocurrency that has taken the world by storm due to the demand for an alternative currency for consumers. People have deemed Litecoin as “silver to bitcoin’s gold” as it is considered as the third largest type of cryptocurrency within the market cap.
Litecoin was developed by a former Google employee in the name of Charles Lee. His creation was inspired by bitcoin, but with few of the vital components changed.
- The block time of Litecoin is 2 ½ minutes as a contrast to the 10 minutes of bitcoin.
- Litecoin utilizes a mining algorithm that blocks usage of the ASIC miners, same as bitcoin.
- Litecoins that are available in the market is around 84 million, while bitcoins are only around 21 million.
With the existence and popularity of Litecoins, there have been numerous options as to how and where to purchase them. Here’s a rundown of the steps on buying Litecoins:
Step 1: Acquire a Litecoin Wallet
Before purchasing Litecoins, you will need a wallet where you can store them. There are several wallets available nowadays like Exodus, Jaxx, and Coinbase. If you prefer enhanced security, you can go for Ledger or TREZOR.
Step 2: Look for a Litecoin Exchange
Buying Litecoins is not as direct as purchasing bitcoins. A lot of exchanges will require you to buy the currency with bitcoins, which is considered as the fastest and most economical option.
Step 3: Purchase Litecoins and Withdraw to your Personal Wallet
As soon as you have decided an exchange platform, the next thing to do is to open a personal account and buy the desired amount of Litecoins. You have to ensure that your Litecoins will be moved to your wallet. It is not advisable to leave them on the exchange platforms as there are risks of being shut down or hacked.
Where You Can Buy Litecoin
You can purchase Litecoins from Coinbase with a maximum of $500 with your credit card. However, for purchases above the limit, you may need to verify your identity. Coinbase is popular in 33 countries because the rates they offer are relatively low.
Click HERE to check out our step by step guide to using Coinbase.
Challengy is considered as the quickest way to convert bitcoins to Litecoins. Simply enter the amount as well as the Litecoin address on the interface and immediately your invoice will be sent to you. As soon as your bitcoins have been sent, the purchased Litecoins will be delivered to your wallet.
Click HERE to check out our step by step guide to using Changelly.
Bitfinex is one of the largest cryptocurrency trading platforms. They have the most liquid order book so users can easily exchange Litcoins and other kinds of cryptocurrencies.
Click HERE to check out our step by step guide to using Bitfinex.
A prominent exchange that caters Litecoin users and is considered as “the largest cryptocurrency exchange”. You can purchase Litecoins from Kraken and then convert them through other exchanges.
Click HERE to check out our step by step guide to using Kraken.
You can purchase Litecoins using your credit card, Single EuroPayments Area transfer, SOFORT transfer or Skrill. The exchange will require identity verification and the only downside is that the limits are relatively low.
Click HERE to check out our step by step guide to using BitPanda.
With Litecoins continuously growing and gaining popularity, developers will never stop creating and upgrading means of buying these cryptocurrencies. With these exchange sites, Litecoin purchasing is easy.