Updated on January 27, 2023 11:36 AM
Know how to buy Litecoin (LTC) through crypto exchange, which crypto exchange to choose, and how to setup an account.
First time buying Litecoin? This step-by-step guide will take you through the process.
Litecoin (LTC) is one of the most known cryptos after Bitcoin. Whether you're new to cryptocurrency or a seasoned investor, you may want to consider buying Litecoin (LTC). Litecoin is sometimes referred to as "the silver to Bitcoin's gold," despite the fact that it is a completely other cryptocurrency.
Litecoin, founded by Charlie Lee in October 2011, was one of the first cryptocurrencies to appear following Bitcoin. With its faster speed and lower prices, cryptocurrency wants to be a global digital payment suitable for everyday transactions.
There are many ways to purchase crypto, but there are also plenty of scams out there. Follow the steps below to safely buy Litecoin.
The most frequent method of purchasing cryptocurrency is through an exchange such as Coinbase or Gemini. Cash App, PayPal, and Venmo are just a few of the investing and payment apps that sell cryptocurrency. Here are some things to check for while looking for a place to buy Litecoin.
Security: Examine the platform's security procedures and whether there have been any occurrences in the past, such as hacks or stolen payments. The most critical aspect of a crypto platform is that it safeguards your assets and personal information.
Charges: Both buying and selling cryptocurrency incur fees. Check that the platform you select has fees that are comparable to those of other prominent exchanges.
Ease of use: Buying cryptocurrency shouldn't be a chore, so choose a platform that you're comfortable with.
Take note of the word "trading pairs," which appears frequently on cryptocurrency exchanges. LTC to Tether is one example of a trading pair (USDT). Bitcoins can be converted into Tether, a stablecoin whose value is fixed to the US dollar, in the case of LTC/USDT.
Also Read: How does Litecoin work?
After you've decided where to buy Litecoin, you'll need to set up an account. The process varies every exchange, but on the home page, there is usually a "Get started" or "Register" button.
Sign up for an account by entering the essential information. Most apps and exchanges will need the following information:
Crypto exchanges must also validate your identity. This procedure is known as "Know Your Customer" (KYC). You won't be able to buy crypto until you've done this, or you'll only be able to buy a modest amount before exceeding your account's limit.
Once you've decided on an app or exchange for purchasing Litecoin, you'll need to figure out how to pay for it. You can fund your account by linking a bank account or debit card if you're using a payment or Litecoin-specific app.
You're now ready to make your first Litecoin purchase after funding your account. Depending on the app or exchange, the buy transaction could be as simple as a click, or you may need to enter the ticker (LTC) and the quantity you want to acquire.
When your purchase is complete, you may get full or partial Litecoins. If Litecoin is now trading at $100 and you wish to invest $50, you will own 0.5 LTC.
If you're new to cryptocurrency, you might not be used to having options for "storing" an asset. However, with Litecoin, you have various options.
Most prominent cryptocurrency exchanges include built-in digital wallets where you may keep your Litecoin and other cryptocurrency purchases. To keep their cryptocurrency safe from hackers, some people opt to store it in a separate digital wallet that is not connected to the internet.
While the big exchanges provide insurance against hacking and other occurrences, you may choose to keep your Litecoin in one of these offline wallets.
Here are some alternatives for storing your LTC:
Hardware Wallets: These are a popular technique of storing digital assets in which hardware devices store the private keys of the owner's assets and allow you to interact with the wallet without disclosing your data. To transact with LTC, these devices can connect to your PC, phone, or tablet. Leger, Trezor, and BitBox are a few hardware wallets that support LTC.
Paper Wallets: To send funds with paper wallets, you must utilize a private key. Simply print your private keys and recovery passphrases on a sheet of paper and store them for safekeeping in your paper wallet. This is referred to as a "cold wallet."
Desktop/Mobile Wallets: Mobile and desktop wallets are commonly referred to as "hot wallets" because of their ease of use. However, hot wallets are subject to online attacks, therefore it's critical to examine the reputation of the wallet where you intend to store your cryptocurrency. Edge, Mobi, and Exodus are a few mobile wallets that support LTC storage.
Cryptocurrency exchanges: You can store your cryptocurrency on many exchanges that deal in LTC. Coinbase and Uphold are two cryptocurrency exchanges.
Know the risks of cryptocurrency before investing your money, and limit your investment to a tiny percentage of your net worth. Litecoin, like all cryptocurrencies, can be a highly volatile asset. Experts advise investing only a tiny portion of your net worth in cryptocurrencies such as Litecoin.
Litecoin has proven to be a coin that is here to stay over the years, with a strong community and development team behind it.
The question of "will it play a part in the future monetary system?" remains unanswered, but for the time being, Litecoin remains close to Bitcoin, riding its ups and downs with it.
If you believe the majority of experts, litecoin has a bright future in the cryptocurrency market. Although it is not among the top ten most popular or traded cryptocurrencies, it is generally accepted and simple to exchange.
As the name implies, Litecoin was intended to address some of Bitcoin's perceived flaws, such as poor transaction processing times and mining monopolies. LTC is built to be used in everyday transactions, whereas Bitcoin has evolved into more of a "store of value.
While Litecoin, like Bitcoin, was created to be the digital "silver," it is a blockchain-based P2P cryptocurrency that was created to remedy several perceived inadequacies in Bitcoin. It aimed to make accepting LTC payments easier for merchants by making transactions faster than on the Bitcoin blockchain.
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