How To Buy Litecoin
Cryptocurrencies are the breakthrough technology that aims to revolutionize the world of finance. It all started with Bitcoin in 2009. Since then, the industry has exploded with more than 5,000 coins and tokens. The sheer scope of investment opportunities can be overwhelming for new traders. That’s why taking the time to find out as much as you can about cryptocurrencies before you invest is the best step to take.
You might have stumbled in your research on Litecoin, often called “silver to Bitcoin’s gold.” This cryptocurrency is one of the more consistent projects in the market. And that’s just one of the reasons you might want to know how to buy Litecoin.
Brief Overview of Litecoin
Litecoin is a project launched in 2011 by Charlie Lee, a former computer scientist at Google and Coinbase. The cryptocurrency was imagined as a solution for faster and smaller money transactions. Four times faster block times, Scrypt-based encryption, and the proof-of-work consensus mechanism are just some of the differences between Bitcoin and Litecoin.
Litecoin is often compared with Bitcoin, and for a number of reasons. Litecoin’s code is based on Bitcoin’s, with changes and adaptations made to overcome some of the BTC’s shortcomings at the time. Investors wanting to buy Litecoin will find it interesting that updates meant for Bitcoin are first launched on Litecoin. That’s how Litecoin was the first cryptocurrency that had SegWit and Lightning Network updates.
Litecoin is a decentralized digital currency with fast payments, so it’s no wonder experienced high-rollers prefer to have it available as an option on Bitcoin betting websites.
Keep in mind that Litecoin’s price, like the price of Bitcoins for example, is not immune to wild oscillations that shake the crypto market. In 2021, at the time of writing this article, it reached its all-time high of $413.08, only to drop in value dramatically a few weeks later.
How To Buy Litecoin: The Methods Available
There are several ways to purchase some LTC. Anyone interested in Litecoin can buy a desired amount directly through peer-to-peer exchange or in-person, make use of a crypto ATM, or do it through a cryptocurrency exchange. Let’s discuss each method in more detail.
Direct Purchase
First off, there are two ways to go about this: in-person transactions and peer-to-peer exchanges.
In-person purchases inherit all the negative aspects one associates with risky transactions with unknown or shady individuals, while P2P crypto exchanges circumvent those risks. Both allow users to purchase or sell cryptocurrencies without going through a third party.
If you want to purchase LTC through a P2P, we recommend the ones that use escrows. As a legal arrangement between two parties, an escrow secures cryptocurrencies until both parties have completed the transactions and returns funds if the conditions haven’t been met. The trading process can be completed in four easy steps:
- Create an account on the P2P exchange.
- Find the best buying opportunity.
- Open a trade.
- Complete the payment and receive funds.
Numerous websites provide these services and require no personal data from their users. Note that you can fund your account using SWIFT, SEPA and domestic wire transfers.
Crypto ATMs
If you wondered how to buy LTC on a cryptocurrency ATM, the procedure is similar to buying BTC. After you deposit the fiat currency using cash, a debit card connected to your bank account, the ATM will transfer funds to your Litecoin wallet. Most often, this is done by scanning a QR code.
Cryptocurrency Exchanges
Most crypto enthusiasts will use a cryptocurrency exchange to buy Litecoin or any other currency like Bitcoin, Ether, and Monero. Some personal information may be required. Thankfully, the process is straightforward and can be completed in just a few steps:
- Creating an account
- Completing the verification process to prove your identity
- Depositing crypto or fiat currency, and sometimes, adding payment information
- Buying LTC
Finding where to buy Litecoin is a simple matter. Most exchanges have it in their portfolio, so it’s a simple matter of finding one with the best security and reputation.
To complete the account creation process, you’ll need to register with an email address and password. Like on any other exchange, you’ll be asked to fill out the necessary private information and upload a photo of a personal document – a passport, ID, or driver’s license. These documents are most often required if you plan to make transactions in fiat currencies.
At this point, you might start wondering how to buy Litecoin with a credit card. Depending on the exchange, you’ll be able to purchase Litecoin with fiat currency directly. However, some exchanges will have it paired up only with Bitcoin or Ether. This means that you can only buy it with BTC or ETH and inevitably lose a few percent on the exchange rate.
After you’ve added LTC to your portfolio on the cryptocurrency exchange, it’s recommended to withdraw it to your personal wallet address since holding your funds on an exchange is not among the safest options. What’s more, even the best Litecoin exchange will restrict you from using their wallet addresses to make a deposit on a gambling website. So the best way to spin Bitcoin slots at an online gambling venue is to use a Litecoin wallet app or a hardware wallet.
Storing Litecoin
The universally accepted and best way of saving cryptocurrencies is by storing them in hardware wallets. Devices like Trezor and Ledger hold the private key securely offline and are used as vaults for crypto.
If you plan to use Litecoin for buying instead of saving, we recommend finding a software wallet. The most convenient wallet apps are those designed for mobile devices. They can be used for day-to-day payments and as a fast way of making a deposit or withdrawal at an online Bitcoin poker establishment that supports Litecoin.
Litecoin Community
The official Litecoin website is the central place for engaging with the Litecoin community from all countries and finding a wealth of information, as well as the official Litecoin wallets for Windows, iOS, Android, and Linux.
FAQ
Is it safe to invest in Litecoin?
Investors looking for the best way to buy Litecoin often wonder about the riskiness of their investment. All we can say is this: Since Litecoin is a project built on the same foundation as Bitcoin and is in development since 2011, it has established itself as a steady presence on the cryptocurrency market.
What will Litecoin be worth in 2025?
Due to the crypto market’s volatility, it’s hard to make even short-term predictions. The all-time high price doubled between 2018 and 2021, but the cryptocurrency didn’t experience progressive growth like Ether or Bitcoin.
Does Litecoin have a future?
If you are buying Litecoin in expectation of returns similar to those of “Bitcoin millionaires”, most likely, you are late to the party. However, you are probably among a small percentage of people who’ve actually invested in the market, which is an advantage in itself. Keep in mind that it’s hard to predict the relevance of digital assets long-term – or any currency, for that matter. However, Litecoin, Bitcoin, Ether, and other cryptocurrencies have already gained global recognition and are used daily as means of payment. You can use Litecoin to buy many different products and even as one of the most popular payment methods on Bitcoin lottery websites. The only sure thing is that exciting and stressful events are in store for any crypto investor.
Should I buy Litecoin or Ethereum?
Aside from asking us how to buy Litecoins, our readers often want to know which is better – Litecoin or Ether. When deciding which cryptocurrency to buy, it’s crucial to understand that Ethereum is more than just a digital currency – it’s a platform that blockchain users can use to program on and build smart contracts. Litecoin, in comparison, is a fast digital currency with negligible transaction fees that implements the latest tech before it’s added to Bitcoin’s code. Both have their advantages, and having a diverse portfolio that includes both is the safest way to invest.
