If you are considering buying Litecoin (LTC) and are looking for a detailed guide on how to do that, you’re in the right place. In this guide, we have put forward a detailed explanation that will help you with every step of buying Litecoin — from choosing an exchange to investing in LTC.
A former Google employee and engineering director of the renowned American crypto exchange Coinbase, Charles Lee launched Litecoin in 2011. It was one of the first Bitcoin alternatives that were launched to make cryptocurrency transactions faster. Since its launch in 2011, Litecoin’s price has increased multifold.
Let’s see how you can easily buy and invest in LTC:
Summary for Fast Readers
— Set up an account on a cryptocurrency exchange that supports Litecoin and also meets your investing requirements.
— Add either cryptocurrency or fiat currency to your exchange wallet and buy LTC from the trading portal.
— Start trading LTC regularly or move your LTC funds to your crypto wallet.
Step by Step Guide to Buy Litecoins (LTC)
Step 1: Pick the Platform to Buy Litecoin
The better you research the platform you choose to buy Litecoin, the easier the buying and investing process will be for you. There are hundreds of cryptocurrency exchanges in the market and many of them allow buying and selling of Litecoin. However, the platform that will suit you the most will depend on multiple factors.
Firstly, you must check if the exchange you choose lists Litecoin or not. If you’re a first-time cryptocurrency investor, you must choose an exchange where Litecoin is paired with your local currency. Or, at least, the exchange should allow you to buy Litecoin directly through credit or debit card. However, if you already own one of the major cryptocurrencies, you can choose a crypto-to-crypto exchange and buy Litecoin directly with another crypto such as Bitcoin or Ether.
You should also always try to choose an exchange that is regulated and has the license to operate in your country. Regulated exchanges are safer for trading as they can be easily held accountable for illegal activities.
Depending on whether you want to transact your funds in cryptos or fiat, make sure you choose a platform that supports what you prefer. Many exchanges allow both crypto and fiat withdrawals while some allow only one of two.
Step 2: Create Your Account
After deciding the exchange that suits your requirements, create an account on it. If it is a regulated exchange, it will take you through a KYC process. You will be required to share your name, phone number, address, and national identification document. Once the exchange authenticates your identity, your account will be ready to buy Litecoin.
Step 3: Add Funds to Buy Litecoin (LTC)
Upon KYC approval, you will be allowed to add fiat payment methods if the exchange supports fiat-to-crypto trading. You can add your debit or credit card to buy Litecoin. If it is a crypto-to-crypto exchange, you can directly deposit a supported cryptocurrency to your exchange wallet.
Step 4: Buy Litecoin (LTC) and Start Trading or Investing
Once the balance shows up in your account, you can go to the trading portal, choose the appropriate trading pair, and buy Litecoin. You can either take short-term trades of LTC to make smaller but regular profits, or you can hold the coins for the long term. If you prefer the latter, you should consider moving your coins to a personal crypto wallet for security purposes.
Where Can You Buy Litecoin?
- Huobi Global
FAQ’s about Buying and Investing in Litecoin
In 2013, Litecoin’s price was close to $4 while in 2018, LTC reached its all-time high of $348. In December 2020, one LTC equals $83. While LTC price is highly volatile, it has so far proven fruitful for long-term early investors.
LTC reached its all-time high of $348 in 2018. At the beginning of 2020, its price was $45 and at the year-end, the price of LTC is approximately $83. The price of LTC keeps fluctuating so you must do your market research before buying Litecoin.
Most of the widely used cryptocurrencies have proven fruitful for long-term investors, i.e., their prices have increased considerably over the years. Litecoin too has maintained a top spot in the cryptocurrency market and brought good returns. LTC has the potential to go up but that depends on multiple market factors.
It takes approximately two and a half minutes to mine one new block on the Litecoin network. Hence, new LTC coins are mined every two and a half minutes.
Litecoin founder Charles Lee claimed that one could mine LTC using a CPU. But that is not true anymore. Litecoin mining now requires special computing devices that are expensive and electricity-intensive.
If you don’t have the equipment to mine Litecoin, you can join a mining pool. Mining pools are where many miners contribute their computing power to act as one node and mine LTC.
It is possible to join a Litecoin mining pool using your phone. But practically, it is impossible now to mine LTC directly from your phone’s processor.
Litecoin has a maximum supply of 84,000,000 LTC. So far, more than 65,978,000 LTC have already been mined, leaving less than 18 million LTC left to mine.
Anyone who has a smartphone and an internet connection can easily buy Litecoin. However, you must thoroghly research the exchange you choose before creating an account on it and buying Litcoin. If you can choose the right platform, you’ll be able to buy Litecoin in a matter of a few minutes.