Beginner’s Guide on How to Buy Litecoin (LTC)
This how to buy Litecoin guide will be useful for individuals that want to have access to LTC in just a few clicks. We will share with you some exchanges and tell you how to easily buy Litecoin (LTC).
When it comes to Litecoin, one of the first things investors ask is how to acquire it. Purchasing Litecoin doesn’t differ from acquiring other digital assets in the market. However, there will be different solutions, and exchanges users would be able to choose from.
Litecoin is one of the largest cryptocurrencies in the market. Indeed, this digital currency is usually seen as a good investment to add to a diversified crypto portfolio. At the moment, Litecoin is the 7th most valuable crypto in the space.
What Is Litecoin?
Litecoin is a cryptocurrency that was created by Charlie Lee back in 2011. Mr. Lee was a Google engineer who was attracted to Bitcoin (BTC) and wanted to offer new crypto solutions. Since that moment, Litecoin became one of the most recognized digital assets in the world.
Some of its main characteristics include security, fast and cheap transactions. Users can acquire LTC in order to perform faster transactions than on the Bitcoin network. Moreover, Bitcoin developers can also use LTC to test new implementations.
The last-mentioned thing is very useful to help the entire Bitcoin community. Litecoin works like a testnet to Bitcoin. This is very useful because some of the things implemented first on Litecoin may later be used on Bitcoin.
At the same time, Litecoin developers are now working in order to offer improved privacy solutions. Users would be able to send and receive Litecoin in a more private way. With this feature that is yet to be implemented, LTC remains a leader in the space.
Getting a Litecoin Wallet
Before buying Litecoin, it will be important to have a wallet that would allow you to store your funds. There are several LTC wallets in the market with great services for users. In general, hot wallets will be easily manageable, but hardware wallets will provide better security standards.
Hot wallets – such as smartphone apps or desktop wallets – are generally useful for daily usage. If you buy and sell goods and services with LTC, this would be a useful wallet. However, if you prefer to increase your security, then a hardware wallet may be the best option.
Ledger Nano S and Ledger Nano X are two of the best Litecoin hardware wallets in the market. Both produced by Ledger, they allow individuals to protect their funds at all times. Exchanges and hot wallets can be subject to attacks at any time. Hardware wallets have shown it is possible to protect users’ funds in an easy way. In addition to it, these hardware wallets allow users to store a wide range of virtual currencies. That would make it easier for users that have a diversified portfolio in the crypto space.
How to Buy Litecoin on Crypto Exchanges
There are several exchanges that would allow you to buy Litecoin. Two of them are Binance and Coinbase. These two platforms have been operating for several years and are already offering several services to users.
Nonetheless, there are many other exchanges in space. We recommend you to check the exchange that would offer you the best solutions.
Coinbase became known in the crypto space for offering Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) trading. Users from different jurisdictions could easily access these digital assets. For a long period of time, Coinbase has only offered just three different cryptocurrencies.
In the last few years, the number of new digital assets supported by this platform increased. This attracted a larger number of users. In addition to it, the services they provided reached a larger number of individuals from all over the world.
To buy Litecoin using Coinbase, you will have to open an account. After it, the exchange itself will provide you with enough information on how to acquire Litecoin. Indeed, Coinbase is considered to be a great solution for newcomers to the market. With this exchange, users could buy or sell digital assets in just a few clicks.
Moreover, for more expert traders, Coinbase is offering Coinbase Pro. This platform includes better graphics, more information about digital assets, and the possibility to have limited and stop orders. Coinbase is also allowing users to stake other digital assets that offer this possibility. In the future, users could enjoy new services offered by this platform.
Binance is also a great way to acquire Litecoin. The exchange has a large number of trading pairs and great liquidity in many different markets. Users will be able to buy Litecoin using several virtual currencies and stablecoins. The main difference with Coinbase is the fact that Binance doesn’t entirely support fiat currencies.
Users who want to trade with fiat currencies should use the Binance.US exchange, or Binance Jersey in Europe. In this way, users will have access to USD, GBP, and EUR trading. Nonetheless, the Binance Jersey exchange has lower liquidity than the international Binance platform.
Binance is offering customers a wide range of services, such as staking or lending. Moreover, they are also allowing users to trade with margin.
Once you have acquired the LTC desired, you will have to send the funds to your wallet. However, this is an optional step. You can leave your funds at an exchange, but it is recommended to use a wallet to store digital assets. If you are a trader, or you just bought LTC to speculate, you can store the funds at the exchange for short periods of time.
How to Buy Litecoin Conclusion
In this article, we have shared with you how to buy Litecoin all over the world. In sum, you need to have a crypto wallet. As soon as you have it, you must open an account on an exchange. Once you acquire your LTC through the exchange, you should send the funds to your wallet – unless you are a trader.
Featured image: bitcoinist.com