Did you know that Litecoin (LTC) is almost 4 times faster than the Bitcoin (BTC) blockchain network?
But does that make it an excellent cryptocurrency to buy?
Before we dive deep into how to buy Litecoin, let’s go through a quick overview:
What does Litecoin Do? Litecoin was initially created to be a faster and more scalable cryptocurrency than Bitcoin. By being faster and more scalable, it hopes to one day become the go-to for real-world purchases.
Is The Litecoin Team Public or Anonymous? The Litecoin Foundation runs and operates Litecoin from Singapore. Litecoin Foundation managing director is Charlie Lee, who also happens to be the creator of the coin.
When was Litecoin Launched? Litecoin was launched in 2011, so it’s one of the longest-running cryptocurrencies.
Okay, so you’ve hopefully got a quick overview of Litecoin, so let’s cover 3 reasons to buy Litecoin.
3 Reasons Why Should You Buy Litecoin (LTC)?
Litecoin has more than just 3 reasons to buy it, but it would simply take too long to cover them all. So, what I’ve done is singled out the top 3 reasons to buy Litecoin.
1. Litecoin is a lighter and faster version of Bitcoin
Litecoin isn’t a direct clone of Bitcoin, but it is a decentralised digital currency that lets users make payment transactions without a central bank or government.
While Litecoin still uses the same Proof-of-Work mechanism, it can transfer transactions four times faster, making it more attractive as a payment option.
2. Charlie Lee, Litecoin’s founder, sold his stack of coins to avoid a conflict of interest.
I’ve already mentioned that Charlie Lee is the director of Litecoin Foundation and the coin’s creator.
Charlie is a former Google software engineer before becoming a leading influencer in the crypto ecosystems.
Due to his influencer status, many followers questioned his motives when mentioning Litecoin, so in 2017 he sold his entire stack.
3. Litecoin is widely available to purchase
Litecoin has been around since 2011. That’s a whole decade which is a long, long time in the fast-moving crypto world.
Because of Litecoin’s status as a large market cap coin, you can buy it from most major exchanges.
Don’t worry, if you’re looking for volatility, then you’ll definitely get it with Litecoin, even though it has a market cap of $8.08 billion.
3 pretty impressive reasons to buy Litecoin, am I right? Let’s go through my expert pick for the best cryptocurrency exchange to buy Litecoin,
How To Buy Litecoin (LTC)? An Easy Method That Takes Minutes!
Hopefully, you’re confident in the reasons why you want to buy Litecoin.
Litecoin is one of the longest-serving cryptocurrencies, and you can find it on pretty much all of the big crypto exchanges.
But I hear you asking, “just tell me which crypto exchange to go to?” Well, I’m going to do precisely that!
Head to Binance and follow the instructions below. Wait! You thought that was it? Really?
There’s one crucial step that you need to take, and that’s securing your purchase safely.
Step 1: Acquire A Wallet That Supports Litecoin (LTC)
It doesn’t matter if you’re new to purchasing crypto or if this is the hundredth coin to add to your holdings. The most important question to ask yourself is:
“Am I planning to hold LTC long-term or short-term?”
Honestly, most newbies to crypto always forget to ask themselves this and leave themselves susceptible to crypto hacks and scams. Don’t be one of them!
To store your crypto safely, you’ll want to set up a hardware wallet or software wallet. Hardware wallets tend to be associated with the term cold wallets and are usually a paid and safer, more secure option.
Software wallets are commonly associated with web and mobile wallets, and these are more functional but leave you open to a higher risk of hack or scam.
Here are 3 wallets you’ll want to consider when storing your Litecoin:
|Wallet Name||Type of Wallet||URL|
|Trust Wallet||Web Wallet||https://trustwallet.com/|
Tip: When setting up any wallet, please ensure that you take extra care in writing (or copying) all the critical information in the set-up phase.
Step 2: Head To Binance to Buy Your Litecoin (LTC) Stack
You should have set up your crypto wallet by now, which means the next step is to acquire some Litecoin (LTC).
I mentioned earlier that you could head straight to Binance, but here are some other exchanges I recommend:
I’ve chosen this list because they’re some of the biggest exchanges around and have a strong track history and record.
At any rate, all you’re using the exchange for is to quickly buy Litecoin and then transfer it out to your own crypto wallet.
The Step By Step Guide on How To Buy Litecoin From Binance
You’ll want to gather up these items before you start:
- Your notes app on your computer or laptop
- A physical notebook and pen
- An internet connection
- Government-approved identification
Once you’ve got everything, let’s start:
- Step 1: Head to Binance and click the button ‘Register Now’ on the big homepage section.
- Step 2: Once logged in, click the Profile icon in the top-right next to the ‘Bell’ icon. Then, click ‘Identity Verification’.
- Step 3: Binance offers 3 types of identity verification, and I would just go ahead and commit to the advanced verification (this pretty much removes all limits)
- Step 4: Once you are verified, you’ll want to log in and head to the main menu, where it says Buy Crypto.
- Step 5: Hover over the menu button and click ‘Credit/Debit Card’
- Step 6: Change the token from Bitcoin (BTC) to Litecoin
- Step 7: Change the fiat currency to the one you choose and input the amount you want to buy
- Step 8: Click confirm purchase and click confirm again!
Step 3: Withdraw your Litecoin (LTC) to Your Crypto Wallet
Litecoin is a fork of Bitcoin (BTC) which means it’s a proof-of-work model. Simply this means there’s no additional way to earn off of your Litecoin coins, so you should definitely transfer them out to your crypto wallet.
I know we’ve covered the basics of wallets, but hopefully, you’ve got yourself a hardware wallet to keep your crypto assets extra secure.
The next step is to just head over to the wallet interface and find the Litecoin address for your wallet.
What’s a Litecoin wallet address? Well, it’s a long string of numbers and letters, which is case sensitive. There’s usually a function to copy the full address in one click.
Once you’ve copied the address, you’ll want to head back over to Binance, where you’ll go to your ‘Fiat & Spot’ holdings.
Once you’re there, just click the little ‘Withdraw’ button and paste your wallet address in the box. Click transfer and bish bash bosh the Litecoin’s are now in your own wallet.
What To Do Next Now You Have Litecoin
Now you’ve got the hang of buying cryptocurrency, you’re probably itching at the bit to research more and more crypto assets.
Well, that’s where you’re in luck because here at TurboWallet, we love crypto – well, I do anyway!
Binance is a great exchange and one of my favourites, but have you heard of ‘Binance Coin (BNB)? It’s definitely worth looking into.
Or, maybe you’re a bitcoin maximalist and just want to keep yourself to bitcoin forks. If that’s the case, then you’ll want to check out our Bitcoin Cash guide.
Frequently Asked Questions when buying Litecoin.
Does Litecoin have a future?
There are a few reasons to believe in Litecoin for the future:
- They have a long, detailed history in the crypto ecosystem
- It completes transactions four times faster than Bitcoin
- It has a strong community around the coin
A strong community and good fundamentals is exactly what you want to look for in a crypto with a future.
Is Litecoin proof of work or stake?
Litecoin is a proof-of-work coin like Bitcoin. What this means is that you have to have equipment to solve algorithmically generated crypto-graphic equations to mint a new Litecoin. It’s currently quite profitable but technical to set up!
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