How to Buy Litecoin
How to Buy Litecoin Price in USD: Convert to US Dollar
LTCLitecoin
BTCBitcoin
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TRYTurkish LiraLitecoin is a cryptocurrency created on the Bitcoin codebase, featuring fast and cheap transactions. Despite similar operating principles to Bitcoin, LTC offers several innovative solutions such as Segregated Witness and Lightning Network, which helped it to become the first to stay on the market and receive wide recognition as an altcoin. The coin is widely distributed and used on all popular platforms.
What is Litecoin
Litecoin was founded by crypto enthusiast Charlie Shea, who was following the development of Bitcoin and noticed that it was possible to fix some of the shortcomings in the work of the first cryptocurrency: low transaction speed and high cost.
On October 7 2011 Litecoin’s white paper was published, and on October 11 the network launched.
However, Litecoin is often criticized by the crypto community. Users of Litecoin reproach Charlie Shea for having a strong influence on the price of the coin with his statements and suspect that he is using this for speculation. In regard, Charlie Shea sold all his LTC in 2017, stating that it is more important to develop the coin than to pay attention to price fluctuations.
Where to buy Litecoin
Litecoin is a widespread cryptocurrency, and you can find it on many crypto platforms (crypto exchanges, electronic payment systems and banks like Revolut). But the most profitable purchase option is exchanges: they have a large selection of buying methods (bank transfer, card purchase, P2P exchange, etc.).
Instructions for buying Litecoin
Buying Litecoin is easy, because in addition to a wide choice of platforms, cryptoservices strive to improve the interface, making them more user-friendly. One of the most profitable ways to buy is Binance exchange, which we will use as an example to consider buying LTC. Step by step instructions are below.
Decide on the level of risk
Before buying any crypto asset, it is important to determine the level of risk. Pay attention to the history and reputation of crypto projects. It’s important to invest wisely: trade with percentages of your deposit, don’t put all of your money in one asset, and don’t buy cryptocurrencies using money you can’t afford self to lose.
Choose a crypto exchange
Before buying a coin on the exchange you need to choose a suitable platform. To do this, you should familiarize yourself with the functionality and parameters of the exchange, read the reviews. You can also refer to our ranking of the best cryptocurrency exchanges for buying LTC.
Register an account
LTC is a common coin and can be bought on many platforms. We will consider buying LiteCoin using Binance as an example. Binance is the most popular crypto platform, which is in the top in terms of trading volume.
To be able to buy a coin, you need to pass the registration process.
For this you need:
- Go to Binance homepage;
- Press Register in the upper right corner;
Sign up on the Binance exchange - Write an e-mail/phone number and specify a password → Create Account;
Sign up on the Binance exchange - Follow further instructions.
Top up your account
We will show you how to top up your account using Binance USD stablecoin as an example. To do this, follow the instructions:
- Click Wallet in the top right corner on official exchange site → Fiat and Spot;
- Type BUSD in the search field → Deposit;
- Specify the transfer network → copy the address and paste it in your wallet/scan qr-code → specify the amount of Binance USD to buy cryptocurrency by → confirm the transaction;
- Account is replenished;
- Follow further instructions.
Buy Litecoin (LTC)
Buying Litecoin is a simple task. Follow the next instructions:
- Hover pointer over Trade → Spot;
- Find the pair LTC/BUSD in the search field;
- Select an order type, for example, Market → specify the amount of crypto you want to buy → Buy LTC;
- You have bought Litecoin.
How to sell Litecoin
Selling a coin is as easy as buying. For this:
- Hover pointer over Trade → Spot;
- Find the pair LTC/BUSD in the search field;
- Select an order type, for example, Market → in the Sell section, specify the number of coins you want to sell → Sell LTC;
- You have sold Litecoin.
Where to store LTC
There are two main types of crypto wallets: “cold” and “hot”:
- Cold wallets are better suited if you do not need to actively use crypto and trade it. They are very reliable, due to the fact that does not have a permanent connection to the Internet. One of the most popular options among cold wallets is Ledger;
- Hot wallets are handy if you need to move or trade crypto frequently. There are different type of wallets: exchange wallets, mobile wallets (Trust Wallet) and browser wallets (MetaMask). They are less reliable than cold ones, because are constantly connected to the Internet, which means it’s easier to hack them.
It is important to remember about two-factor verification, set a strong password, and set up other basic security rules.
How to withdraw Litecoin to my wallet?
We will look at LTC withdraw using the example of a bundle Binance → TrustWallet. To withdraw crypto from the exchange, you need:
- Hover pointer over Wallet → Fiat and Spot;
- Enter Litecoin → Withdraw into the search field;
- Find LTC in Trust Wallet → click Receive;
- Copy address that you got in wallet and paste it into Binance address field or scan QR-code → specify transfer network → enter number of coins to be transferred → Withdraw;
- Crypto transferred to the wallet.
FAQ
- Hover pointer over Trade → Spot;
- Find LTC/BUSD in the search field;
- Select order type, for example, Market → specify the amount you want to buy → Buy LTC.
