Litecoin (LTC) is one of the world’s most popular cryptocurrencies. The token is so valuable and popular that many crypto beginners have started asking questions like “how to buy Litecoin (LTC)” and “where to buy LTC.”
If you want to buy Litecoin (LTC) but don’t know where to start, you should read this article from start to finish. We will cover the basic steps of buying Litecoin, as well as some important topics about the token.
Litecoin (LTC) Buying Guide
Step 1: Find An Exchange That Supports LTC
To start buying LTC, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support LTC.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.
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Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification.
You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.
Step 2: Deposit Funds to Your Exchange Account
Before buying LTC, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.
Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.
Step 3: How to Buy Litecoin Officially?
Learning how to buy LTC is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the LTC ticker. You can also look directly for LTC trading pairs to save time. Afterwards, just enter the amount of the LTC tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.
Everything You Have to Know About Litecoin (LTC)
Litecoin is a fast and efficient cryptocurrency that’s similar to Bitcoin in terms of purpose and general mechanism. However, the difference becomes more obvious as you explore Litecoin’s underlying features.
Litecoin’s block time is approximately 2.5 minutes, four times faster than Bitcoin’s block time of 10 minutes. Since Litecoin’s block time is shorter, transactions are obviously faster and more efficient. Regular users don’t need to wait for too long, and big companies can pay for numerous important services immediately.
The Litecoin platform is available on GitHub, allowing anyone to inspect the source code and add comments. Litecoin is also consistently being improved to match the growing demands of crypto investors.
How Does LTC Work?
LTC works in the same way as other cryptocurrency tokens. First, you must buy LTC from a chosen exchange or platform. Second, you may keep the LTC in your wallet and let it accumulate value in the coming weeks or months. Lastly, you can use your accumulated LTCs for mining if you have the right set of equipment and resources.
What Makes Litecoin (LTC) Unique?
Litecoin is unique because it has a faster block mining time than Bitcoin. This simply means that more people can use Litecoin to pay for the services that they need. Plus, Litecoin’s series of updates increased the overall scalability rate of the token, making it a semi-valuable asset for beginners.
Despite the fact that LTC lags behind BTC when it comes to market capitalization, the token is still stable and functional. Many experts also believe that LTC might increase in value within the next ten years, especially if everyone can partake in digital transactions and events.
Who Are the Founders of Litecoin?
The Founders of Litecoin is Charlie Lee. He founded the cryptocurrency in 2011, considering it as a ‘side project’ and not an actual crypto token. Eventually, Lee gained the skills, time, and experience to fully develop Litecoin as an alternative to Bitcoin. Charlie Lee considered Litecoin as the ‘silver to Bitcoin’s gold.’
What Are the Use Cases of Litecoin?
Litecoin’s use cases are related to token swapping, trading, and long-term investing. It’s important to understand LTC’s use cases before adding it to your portfolio.
Here are the use cases of LTC:
- Decentralized payment for services
- Speculative trading
Who Builds on Litecoin (LTC)?
Litecoin is meant for anyone who wants to use a token that closely resembles Bitcoin but has faster block transaction time and greater efficiency. Litecoin also has a lower price compared to Bitcoin, reducing the barrier of entry for potential investors. Project developers can also use Litecoin to fund their ideas by trading and swapping on different exchanges.
Official website: https://litecoin.org/
Essential Points of the Litecoin (LTC) Whitepaper
The Litecoin Whitepaper discussed the architectural framework of the LTC. Additionally, the paper included important bits of information like Litecoin’s algorithm, market capitalization, and tokenomics.
These are the strong points of the Litecoin (LTC) Whitepaper:
- Scrypt hashing algorithm
- Reduced block time
- Litecoin scalability through Mimblewimble
- Popular Litecoin forks
- Litecoin capitalization and use cases
- Mining rewards and incentives
The Best Cryptocurrency Wallet for LTC
After knowing how to buy LTC, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.
What Factors Affect My Choice of Crypto Wallet for LTC?
At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.
Check out the important factors affecting your choice of LTC wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade LTC right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.
Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors
Now that you already know how to buy LTC, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.
Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.
If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes.
General Market Overview for Litecoin (LTC)
Do you want to learn more about Litecoin (LTC) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!
Additionally, here are some important topics in our blog:
- Trading speculation about Litecoin (LTC)
- The current market prices of cryptos
- Detailed price charts with comprehensive histories
- Whitepaper summaries of cryptos
- Founder profiles and their related works
- Up-to-date cryptocurrency news and developments