March 24, 2020

How to buy Litecoin (LTC)

ltc

Litecoin is an open-source cryptocurrency project developed under the MIT / X11 license without single centralized management. Although Litecoin was almost identical to Bitcoin in many ways, it was one of the earliest offshoots of a leading cryptocurrency. As one of the first available altcoins, LTC had enormous potential for trading and was one of the first listed on the exchanges. Litecoin was released through an open-source client on GitHub on October 7, 2011, by Charlie Lee. The Litecoin network was launched on October 13, 2011, and was the result of a fork in a client of the Bitcoin Core network. The new coin had a reduced block generation time – only 2.5 minutes. Also, the maximum number of coins issued was increased, a different hash algorithm was introduced (script instead of SHA-256), and the graphical interface was slightly changed.

The success of the new coin among crypto enthusiasts was obvious since during November 2013, Litecoin showed unprecedented growth and even rose 100% in just 24 hours. Litecoin reached a $1 billion market capitalization in November 2013.

The main advantage of Litecoin, in addition to fast transaction times and speed of mining, is that Litecoin is completely anonymous and allows you to make online purchases in many accepted retail outlets. This advantage makes LTC an unusually popular option in online transactions.

The second major benefit is that Litecoin’s fees are lower than those for bitcoins, allowing the Litecoin network to be more widely used as the basis for projects that seek to charge lower fees for their services.

The main disadvantage of Litecoin is that it is based on a very old version of the Bitcoin network and therefore is quite vulnerable. However, the advent of more advanced network updates negated the consequences of its legacy and made it a more secure altcoin.

How to buy Litecoin (LTC)

Buying Litecoin online is as easy as creating a Litecoin wallet and finding a stock exchange that sells it. Ledger, Trezor One, Exodus and others are excellent examples of wallets that can safely store LTC.

The next step is to open an account with a broker. This is a standard procedure to pass KYC and authorize access to your account. The next requirement is a BTC wallet for trading. Once you have access to your wallet, the trading or exchange process will begin. Here are some exchanges that support the purchase of Litecoin with Bitcoin:

How to buy Litecoin

All these exchanges allow users to buy Litecoin with BTC and vice versa. As always, the trading process is subject to fluctuations in exchange rates and volatility. The LTC price is quite stable and is not subject to significant market changes.

The purchase of Litecoin with a credit card or cash, for example with the US dollar, also includes the establishment of an exchange account, which makes such purchases possible. The process is the same: users must go through the KYC procedure and then tie the credit card to the account and confirm it accordingly. This process is best suited for those who are just starting to trade and are new to the cryptocurrency market or have chosen Litecoin as their first instrument. Below are some exchanges where users can buy Litecoin using a bank card:

  • Nexo
  • Changelly
  • Paybis
  • Bitit
  • Bitstamp
  • Coinmama

It is important to remember that buying Litecoin for cash can lead to significant transfer fees. The best way to purchase Litecoin is to use other cryptocurrencies such as BTC and ETH, as this allows users to accurately predict the exchange rate and the resulting losses. Besides, the core of cryptocurrency trading is the volatility factor, which allows you to open short or long positions. Using cash is not the best approach in this regard.

Some exchanges also allow users to purchase Litecoin via PayPal. The process is almost the same as linking a bank card to the account, except that users must transfer cash from the PayPal account in return. Coinbase, Xcoins, Bitdegree and Exadex allow PayPal transfers. However, it is not recommended for security reasons to purchase LTC via PayPal. PayPal transfers may be unsatisfactory and users may complain. However, it will not result in a refund, as there is no way to verify that the amount was sent using PayPal.

How to sell Litecoin (LTC)

Now let’s talk about how to sell Litecoin (LTC). You can sell Litecoin in the same way as it was bought, only in reverse order. The only difference is that the dealer must take into account the volatility of the exchange rate and the resulting changes in its value.

Litecoin is only at the beginning of its development. This is a convenient, relatively stable and very useful cryptocurrency. Litecoin has considerable potential as a trading instrument and payment currency. The cryptocurrency is completely anonymous with fast transaction speed and good network bandwidth.

Thus, Litecoin is a favorite among cryptocurrencies. It has its fans. LTC is even considered one of the best in cryptography and is actively bought, sold and traded on almost all available exchanges.