If you have good knowledge about digital currency or are new to digital currency, there comes a moment when you are required to add LiteCoin.
What is LiteCoin?
LiteCoin is initiated in the bitcoin blockchain in 2011 by Charlie Lie. It was the first cryptocurrency to blast off after Bitcoin.
Litecoin was introduced to overcome the pitfalls of Bitcoin such as mining monopolies and low transaction speed. It was utilized for secure and fast payments.
The aim behind the launching of Litecoin was to make Bitcoin better in various aspects. For Litecoin a new hashing algorithm was made by Lee called scrypt. The algorithm helps to make transaction speed faster for Litecoin. As Bitcoin makes five transactions per second. It takes about ten minutes for developing new blocks on the Bitcoin blockchain.
Traders who want to make earnings as Bitcoin got discouraged because of its slow transaction speed. Let’s consider an example if you are purchasing something online by using a credit card and your screen will be stuck on “ transaction is being processed” for an hour.
On the other side, the transaction speed for Litecoin is fifty-four per second. And it takes about two and a half minutes to generate new blocks on the Litecoin blockchain.
Traders don’t need to be getting discouraged by Bitcoin’s slow processing speed because Litecoin provides a better transaction speed. As compared to other digital payments Traders can make payments faster and execute business faster.
How Does Litecoin Work?
As there are a lot of similarities between Litecoin and Bitcoin. They both required Proof Of Work to validate their transactions and are open-source projects.
There are some similarities between Litecoin and Bitcoin. The processing speed. Bitcoin covered about 21 million coins of maximum supply and Litecoin covered a maximum supply of 84 million coins.
How Litecoin Mined?
To access the freedom to record the transaction to the blockchain the miner needs to solve some complicated mathematical problems that are known as hashes.
After the block is closed the blockchain can’t be modified. The miner has a chance to win 12.5 LTC as a reward if he solves the hash associated with the transaction through a proof of work consensus mechanism. Immense computing power and significant energy and space are required to solve hashes.
How is Litecoin Used?
Litecoin makes crypto easier for trades. Litecoin traders such as Newegg, Sling TV, and American red cross are happy to acknowledge their digital payments.
You can also use applications to make payments by using LTC such as bitpay or cryptopay. You can also use the Binance app to pay someone for P2P payment using LTC.
- It is a faster digital payment than Bitcoin
- It has more cheaply
- It does not need any additional tech layers for generating new coins on the Litecoin blockchain.
Where can I Buy LTC?
With different fiat currencies, you can buy LTC on various crypto exchanges.
The few exchange where you can exchange US dollars for LTC.
Not just the US dollar, with Kraken traders, can combine LTC with different fiat currencies. You can combine LTC with the British pound, Australian dollar, euro, and Japanese yen. Example of trading LTC to Tether(USDT) where Bitcoin converted into Tether. If you trade LTC with Tether then the following exchange is helpful for you
- Binance US
How to Buy LiteCoin:
Various aspects are necessary when you want to buy crypto such as location and protocol. On Coinbase centralized exchange you can buy Litecoin.
Here I list all the steps that are needed to buy Litecoin.
1. Create a Coinbase Account:
Install the Coinbase application from a store and click on the signup process. You need to provide a valid ID and for transactions, you should provide proof of address. It may take longer than a few minutes for validating your ID.
2. Add a Payment Method:
Now you select the box of the payment method and confirm the payment method. You can choose a bank account, or debit card and activate a wire. You can buy other payment applications like Venmo, PayPal, or Litecoin-specific wallets like Lite Wallet available in stores.
3. Start a Trade:
Select buy and sell on Coinbase.com
4. Select Litecoin From the List:
Once you have done choosing an app and exchange for buying Litecoin. Choose the buy panel to search and select Litecoin. In the search box type Litecoin. When your search results appear then click on it and open the purchase screen.
5. Enter the Amount you Want to Buy:
Now specified your fund for purchase. After you have funded your account then you can start your Litecoin purchase. You can make transactions by clicking or might have provided the ticker and putting in the amount you need to purchase.
Your app will transform the local currency into Litecoin amount.
6. Finalize your Purchase:
When you have done now tap “Preview buy”. You will be able to show the details of your purchase. If everything looks according to your requirement then confirm by clicking buy for your purchase.
Buying Litecoin on Binance:
Binance is a profitable place to buy Litecoin and it is one of the most trusted exchanges in the world. But you can not deposit can’t currencies on Binance. Here are a few steps to buying Litecoin on Binance.
- Visit the official website of finance and get register
- Verify your account by providing the required details
- To protect your account enable 2-factor Authentication.
- On the Binance deposit address send your BTC Or ETH
- Wait for your confirmation
- By clicking exchange>basic on the left menu you will be on the exchange screen
- Select the pair LTC/BTC or ETH/LTC on the right menu
- There will be a graph in the middle and buy the box
- Now choose the Market option
- Now enter the amount that you want to buy BTC/ETH
Buying Litecoin on Etoro:
Etoro is considered to be one of the easiest ways to buy Litecoin. You can trade LTC using fiat currency. You can buy Litecoin by using the following steps
- Sign up for an account at eToro
- Validate your email
- Now you need to select a payment method to deposit money. There are various options available like Pay Pal, skill, pay via Credit/ Debit card or even wire transfer the money from your account to eToro
- You need to deposit about £200 into your eToro account. Later on, you can utilize this amount for buying tokens
- On the top menu Choose Top Market and select cryptocurrencies
- There is a search box for trading pair. Depending upon what you want and what you have in your account type LTC/Euro or LTC/Pound.
- Now next you will see on the screen a graph and the current price to buy Litecoin, click on Trade.
Buying Litecoin on CEX.io:
By using a credit card CEX allows you to make the quickest purchase. You can deposit by using credit and debit cards, bank accounts, wire transfers, and SEPA.
Here are the Steps for Buying Litecoin on CEX:
- Get registered on CEX.io
- Provide all the information and confirm your email address
- Submit the mandatory details and documents
- Now deposit your Fiat via any available option
- On the left menu type in LTC after your balance is reflected
- Now the Fiat currency that you deposited select USD, or Euro as a payment method
- After clicking on your Fiat currency a screen will appear showing the trading graph
- Just below the graph, there is a Buy option now select the market to buy at current market rates
- Now enter the amount to buy and it’s done
Buying Litecoin on Coinbase:
It enables users to buy Litecoin with Fait as Coinbase is a trading platform and brokerage. It charges more feed if you buy on Coinbase through brokerage, its route is quicker and designed for new users. Steps to buy on Coinbase
- Create your account and get register
- Confirmation of your email address
- For security setup a two-factor authentication
- Now depositing to your Coinbase account by using either a credit card or debit card is faster but required more feed than a bank transfer
- From the top menu select Buy/Sell
- From the search tab select LTC
- Now put the payment you want to buy and click on Buy Litecoin
Buying Litecoin on Gate.io:
It has a low transaction feed and has large volumes as compared to other exchanges. Steps to follow to buy Litecoin on Gate
- Create an account
- Validate your email address
- To secure your account set up a two. Factor Authentication
- Gate.io does not support Fiat currency. No deposit BTC / ETH / USDt
- On the top menu choose Markets
- On the left menu, choose the required LTC with BTC / ETH / USDt
- Now enter the amount you want to buy and that is available in your wallet.
Buying Litecoin on Paxful:
Paxful with a lot of money options and it is a peer-to-peer trading platform. It is easy to use. Paxful needs to improve its customer support services.
Steps you Need to Buy Litecoin on Paxful:
- Sign up for an account and get register
- Confirm your email address
- Submit all the documents
- Two-factor authentication needs to be enabled
- You can deposit by credit card or debit card, cash, money gram, bank transfer, PayPal, and western union
- After you have done with deposit the amount now you need to buy directly with the deposited amount
- It is a user-friendly interface and it allows you to buy instantly.
Store your Litecoin:
If you are using crypto for the first time, maybe you are not familiar with choices for where to store an asset. You have many choices for Litecoin.
Most crypto exchanges have digital wallets where one can store Litecoin as well as other cryptocurrencies. Some of them have separate wallets for the sake of security, to keep their crypto safe from hackers.
Few options are available to store Litecoin.
- Hardware wallets. Hardware wallets are the digital storage method where private keys of the owner’s assets are stored on hardware devices. Without exposing your data it permits you to interact with your wallet. For transactions with LTC, you can connect this device to your pc, laptop, phone, and tablet.
- Paper wallets. In paper wallets, you can use a private key to send funds. On a piece of paper print a private key and recovery paraphrases and store it for safekeeping. This is called a cold wallet.
- Desktop and mobile wallets. Mobile and desktop wallets are known for their ease of use and these wallets are called hot wallets. Desktop and mobile wallets are sensitive to online attacks. It is meaningful to decide the place where you want to store your crypto. To store LTC there are some mobile wallets like Edge, Mobi, and Exodus.
- Crypto Exchanges. Almost every exchange that allows trade LTC will store your crypto…
Here are a few examples of hardware wallets that will be discussed
Ledger Nano S/X – Hardware Wallet:
In today’s industry, it is one of the leading hardware wallets. They are based on Nano A and X. According to your budget you can select any of them.
Other crypto assets can be stored on the ledger for you. They are the most secure and can be stored and can be taken anywhere.
Steps to store LTC on Ledger:
- After your purchase put it into the machine with the provided cable
- Choose the model for your requirements
- Install ledger manager Chrome extension
- You will see a list of cryptocurrencies
- On the hardware wallet click on the button to allow the installation
- After the app is installed, click on the link.
- By clicking the top two buttons together open the Litecoin app on the ledger nano
- Now there is an option on the screen for sign up click on that
- After completing the sign up now you will see the public key and Litecoin balance on the screen
- Now send Litecoin from your exchange to this address. wait for the transaction to be verified.
- It’s done
Litecoin Core Wallet:
It is a mobile and desktop-based Litecoin wallet it is useful when you are not interested in using hardware wallets. It is easy to use.
Steps to store LTC on Litecoin:
- Go to official website of Litecoin.
- Select the wallets according to your needs
- Now click on atomic wallet
- Install the wallet on your mobile or desktop
- After you are done you will receive your public address
- Now send your tokens to the given address and you are done
Before making any deposit for cryptocurrencies well aware of its risk and issues. And make your investment a small amount of the net worth. Among all the cryptocurrencies a positively volatile asset is Litecoin. You can buy Litecoin on almost all crypto exchanges.
US-approved brokerage is the most safest and secure way to buy Litecoin. Another best way to buy Litecoin is eToro and crypto wallets are both regulated.
Q: How can you Buy Litecoin in USD?
It is simple and easy to buy Litecoin in USD. You can use different exchanges such as eToro, coinbase, and CEX.io.
Q: How can you Buy Litecoin with a Credit Card?
With a credit card, you can buy Litecoin on eToro, Coinbase, and Paxful.
Q: How to Buy Litecoin Cryptocurrency with Paypal?
Coinbase and Paxful can be used to buy Litecoin with PayPal.