Litecoin (LTC) has been one of the leading altcoins on the market for many years. This is probably the main reason you want to buy Litecoin for your portfolio. The truth is, with over five years as a leading competitor to Bitcoin, many would not consider it an altcoin at all. In this article we will show you how and where to buy Litecoin in the best possible way so that you can use the possibly digital currency of the future.
What is litecoin?
Litecoin, one of the earliest forks of Bitcoin, was designed to create a faster, cheaper alternative payment method. While Litecoin shares many of Bitcoin’s technical details, it blocks network processes faster. As a result, it can be more attractive for mainstream commercial use cases. Like Bitcoin, Litecoin works via a proof of work mining algorithm. With this, users all over the world maintain the network by providing computing power.
Since its release in 2011, Litecoin has spent much of its existence as one of the most valuable coins by market cap. Before Ethereum’s rise in 2016, it was number 2 behind Bitcoin for a few years.
Today there is over 58 million Litecoin in circulation. According to the Litecoin Foundation, over 200 companies worldwide accept Litecoin.
On August 5th, Litecoin saw a halving, with the rewards miners received for processing transactions reduced from 25 LTC per block to 12.5 LTC per block. This is very optimistic for the digital asset which continues to expand worldwide.
Where can I keep my Litecoin?
As one of the most popular and longest-running cryptocurrencies, almost all leading wallet providers support Litecoin.
If you are interested in Litecoin or want to mine Litecoin, you should most likely download the official Litecoin Core wallet. Another option is Loafwallet, a standalone open source Litecoin wallet developed by Litecoin founder Charlie Lee.
To keep Litecoin and all of your other coins in one place, you should get a secure, reputable multi-currency wallet. Jaxx and Coinomi offer great, easy-to-use wallets for mobile devices or desktops. A hardware wallet like the Ledger Nano S offers the ultimate in security for your crypto.
Best 6 places to buy Litecoin
Skipping the middleman and mining Litecoin itself requires significant resources and significant upfront investment. If you got your hands on Litecoin and now need to be part of the digital economy, here are five of the best ways to get started.
Binance
Binance is one of the largest and most popular exchanges in the cryptocurrency market, allowing users to buy Litecoin and a wide range of virtual currencies. The platform offers seven different trading pairs for Litecoin, including Tether (USDT), Bitcoin (BTC), Binance Coin (BNB), USD Coin (USDC), Ethereum (ETH), and Paxos Standard (PAX). Litecoin accounts for more than 5% of the total trading volume on the Binance exchange.
This cryptocurrency exchange also provides a basic and an advanced trading platform to make it easy for users to deal with digital assets according to their needs. A large number of trading pairs in this exchange make it very useful for those traders who want to buy Litecoin and other altcoins as well.
Once the user has bought the virtual currency, they can send it to their wallet after paying a small withdrawal fee.
Coinbase
Coinbase is one of the world’s leading crypto exchanges and the best entry point for someone starting out with crypto on the ground floor. They offer users the ability to buy several major cryptocurrencies directly with USD or EUR. These include Litecoin, Bitcoin, Ethereum, Bitcoin Cash, and Ethereum Classic.
While it doesn’t offer as many features as other crypto exchanges, the simplicity of the user experience makes it so accessible for beginners who want to get their feet wet. Coinbase also keeps your money in a wallet on the platform (which is not ideal). However, all funds are insured against security threats with Coinbase.
octopus
Kraken is a sophisticated exchange that allows users to buy Litecoin or any other cryptocurrency and trade crypto on the edge. Users can buy some coins directly from Fiat, including USD and EUR pairs for Litecoin.
Kraken also offers Bitcoin pairs for Canadian dollars, British pounds, and Japanese yen. So users of these currencies can get into Litecoin by buying Bitcoin and then trade for LTC on the same platform.
Bitstamp
Based in Europe, Bitstamp has been a proven platform for users who want to trade important coins with high liquidity since 2011. Bitstamp users can pay with USD or EUR for Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin.
Once you’ve bought your Litecoin, Bitstamp offers high quality options for trading all of these coins with BTC, including limit and stop-loss orders (automated settings to buy / sell when a coin reaches a certain price). However, if you want to trade Litecoin with other altcoins, you will have to switch to a different exchange like Binance.
Coinmama
Unlike many others on this list, Coinmama is not an exchange. Instead, it’s a simple, easy-to-use website that allows users to purchase Litecoin or a credit card.
You’ll need to find another exchange to start trading or if you want to swap your crypto for fiat again. But the convenience of Coinmama makes it a great place to buy your first crypto.
Currently, Coinmama users can buy Litecoin, Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Qtum and Cardano.
Huobi
Huobi has been one of the world’s leading crypto exchanges for several years. Founded in China in 2013, the company is based in Singapore and has offices around the world. Huobi has web and mobile options where users can purchase multiple coins through their “Huobi OTC” platform.
Currently, you cannot buy Litecoin directly with Fiat. Supported coins for OTC purchase are BTC, ETH, USDT, EOS, and HT, Huobi’s native brand. However, you can easily buy any of these coins and then exchange them for Litecoin on Huobi Pro, the high-ranking, popular crypto exchange platform.
The big advantage of Huobi is a large number of coins available for trading – almost every cryptocurrency worth knowing, from Bitcoin, Ethereum and Litecoin to Neo, Tron, VeChain and many, many more . You can also hedge positions during a downturn by converting to and from Tether.
So why wait
There are many easy, safe, and secure ways to get your hands on Litecoin. Litecoin’s cheap and fast transactions have made it a popular alternative to Bitcoin for years. While the similarities in the code mean that it shares many of the same positive qualities.
If you want to get into the altcoin market or pay with crypto with progressive traders worldwide, visit these websites and get started with Litecoin today.
Comments are closed.