Litecoin (LTC) is a digital currency that you might want to buy at some point, even if you already have other digital currencies. People often say that Litecoin is “the silver to Bitcoin’s gold,” even though it is a totally different cryptocurrency.
Litecoin was one of the first currencies to come out after Bitcoin. It was made by Charlie Lee in October 2011. With its faster speed and lower costs, crypto aims to be a global digital payment that can be used for everyday transactions.
Where Can I Buy LTC?
On different crypto exchanges, you can buy LTC with a number of different fiat currencies. Here are some places you can trade U.S. dollars for LTC: Kraken, Gemini, Coinbase.
With Kraken, users can pair LTC with more than just the U.S. dollar. You can buy LTC with many different currencies, such as the euro, the British pound, the Australian dollar, and the Japanese yen.
Take note of the term “trading pairs,” which is used a lot on cryptocurrency exchanges. A trading pair is something like LTC to Tether (USDT). In the case of LTC/USDT, bitcoins can be changed into Tether, a stablecoin whose value is tied to the U.S. dollar.
If you want to buy or sell LTC with Tether, here are some exchanges that let you do so: Binance.US, KuCoin, Bybit.
How To Buy LTC? Step-by-step Guide.
1. Pick a place to buy and sell cryptocurrency
You can buy Litecoin directly through apps like Venmo and PayPal, or you can use Litecoin-specific wallets like Litewallet, which is a mobile app you can get from Google Play.
If you’re a digital person at heart and want to use Litecoin to pay for things, you can probably get by with a payment app or a Litecoin-specific app that lets you buy and sell Litecoin.
If you want to invest in Litecoin, it’s probably best to open an account at a cryptocurrency exchange.
You’ll also want to make sure that the crypto exchange you choose has Litecoin. Since it’s a popular digital currency, this shouldn’t be too hard. You should compare the best cryptocurrency exchanges based on things like fees, security, and how easy they are to use.
2. Get some Litecoin
Once you choose an app or exchange to buy Litecoin through, you’ll need to figure out how to pay for it. If you are using a payment or Litecoin-specific app, you can link a bank account or debit card to your account.
Once you have put money into your account, you are ready to buy your first Litecoin. Depending on the app or exchange you use, buying could be as easy as clicking a button, or you might have to enter the ticker (LTC) and the amount you want to buy.
When your purchase is made, you may or may not own a full Litecoin. If Litecoin is worth $100 and you want to invest $50, you will have 0.5 LTC. If you spend $100 on something, you’d own 1 LTC.
How to keep your Litecoin safe?
If you’re new to crypto, you might not be used to having options for where to “store” an asset. But Litecoin gives you more options.
Most of the popular crypto exchanges have digital wallets built in where you can store your Litecoin and other crypto purchases. Some people like to keep their cryptocurrency safe from hackers by keeping it in a digital wallet that isn’t connected to the internet.
Even though the big exchanges have protection against hacking and other problems, you may want to store your Litecoin in one of these offline wallets.
Conclusion
Know the risks of cryptocurrency before you put your money into it, and only put a small amount of your net worth into it. Litecoin can be a very volatile asset, just like all other cryptocurrencies. Experts say that you should only put a small amount of your net worth into cryptocurrencies, like Litecoin.
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