How to Buy Litecoin – Step by Step Guide

Litecoin is one of the world’s recognized cryptocurrencies, following the foundation of Bitcoin. It is a digital method of facilitating transactions online and is accepted in various parts of the world. Today, millions of people hold or trade LTC for one reason or another – mostly short-term or long-term profits and means of digital exchange. This article will teach you how to buy Litecoin and other necessary info.

New Litecoin Casinos
New Litecoin Casinos

Step-by-Step Guide on How to Buy LTC

Buying Litecoin assets doesn’t seem like a difficult process. However, some steps are involved, and following through will be advantageous.

Below are five steps to take to buy LTC.

1. Understand LTC Price, Marketcap, and Charts

Anyone trying to buy LTC must have done a bit of research before deciding to go for it. You must spend time researching whether Litecoin is a worthy investment. You need to answer important questions, such as – “do I plan to trade or hold?” “will the digital asset be a short-term or long-term investment?” “does it match my financial goals?

If you’ve answered these questions, you can check out the price online to see if it will be a good time to buy. Resource materials and charts online will point you in the right direction on whether to buy – or, better still, if it is the right choice. Several cryptocurrencies are competing, and the smart decision for any investor is to put money into one with the highest potential or value.

2. Decide a Purchase Method

The next step is to decide how you would like to buy an amount’s worth of LTC. Usually, there are different methods to buy this asset. However, two of them are;

  • Crypto Exchange Platforms: The most common method to get Litecoin is to visit crypto exchanges like Coinbase, Binance, etc. They are reliable and even offer additional services to investors or traders.
  • P2P Trading Platforms: Peer-to-peer trading is the next commonest method. It is a framework where people are connected on a platform to buy and sell digital assets online. You can buy LTC with cash or another digital asset on P2P Trading platforms. Unfortunately, it isn’t the most reliable method because cases of scam users or platforms have been reported.
3. Start Trade for Litecoin

If you’ve decided how to buy an LTC asset, the next part is to start the trade. There is no other way to do that than to register/create an account or sign in to an exchange or P2P trading platform. If you are new to crypto, signing up to Coinbase, for instance, will be a good idea.

You will be asked to provide basic information, including your email address. A verification procedure comes next to confirm your identity. Eventually, you’d get an account on the exchange platform.

Once you are signed in, search for Litecoin or LTC. Tap on the crypto and click the (+) or “Buy” button.

4. Choose a Payment Method and Get Your Litecoin Asset

After tapping the “Buy” button, you will be asked to enter the amount of LTC you want to buy. With your previous knowledge of Litecoin price, you can determine how many values’ worth you want. Enter the amount and choose a payment method.

Ideally, deciding how you want to pay before getting this asset would be best. There are two ways to go about it: pay with cash (or card) or another cryptocurrency.

For the former, you can pay via bank transfer or credit/debit card. You will be charged fees for this transaction.

For the latter, if you have another cryptocurrency in your wallet, you can exchange it for an amount of Litecoin.

2022 Bitcoin Wallet 5. Store the LTC in a Wallet

The final part is submitting your order and waiting for the exchange platform to confirm payments. Most times, the exchange platform holds the digital asset. However, that only allows you to share control with the exchange platform. You may have to store Litecoin in a reliable crypto or digital wallet to have full control.

Generally, two types of wallets exist:

  • The hot wallet holds cryptocurrencies that can only be accessed through an internet connection. Unfortunately, it poses more risk.
  • The cold wallet holds cryptocurrencies that can be accessed offline. It is a low-risk wallet but, unfortunately, expensive.

Why You Should Buy Litecoin

Litecoin processes transactions faster than most cryptocurrencies.
Litecoin offers low transaction fees, which is quite a challenge for many digital assets.
Litecoin is an adopted crypto by several institutions and industries. Its general acceptability is rewarding.
Litecoin is reliable because there is a face (or name) to it – Charlie Lee is the digital asset’s creator.
Litecoin has a growing community and great long-term investment potential.

Litecoin Vs Bitcoin

Bitcoin and Litecoin are competing assets in the crypto space. The latter was developed using the foundation of the former, but so far, they have independently proven that they are good investments.

Litecoin, however, surpasses Bitcoin in a number of ways – first, it is faster, as it executes 54 transactions per second (TPS) on a single block. Bitcoin can only do 7 transactions per second (TPS). Another is that Litecoin is considered a digital payment method, while Bitcoin leans towards a store of value.

Conclusion

Litecoin has gained popularity over the years and has a strong track record of stability. It can be a good investment for those looking to diversify their portfolio or for those who believe in the potential of cryptocurrency as a long-term investment. However, it is important to keep in mind that all investments carry risks, and it is important to thoroughly research and carefully consider all factors before making any investment decisions.

FAQ

Is Litecoin a Good Investment?

It is important for you to thoroughly research and carefully consider any investment decision. You should consult with a financial advisor or conduct your own research and due diligence before making any investment decisions.

What are Other Alternatives to Litecoin?

Litecoin isn’t the only digital asset suitable for payments. Other alternatives are Monero, Ethereum, and Bitcoin Cash.

Where To Buy LTC?

You can buy LTC on Coinbase, Binance, or any other reliable exchange. 

Maryam
Written by Maryam Jinadu verified symbol Fintech and Crypto Writer
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Maryam Jinadu is a freelance igaming & crypto writer.

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Reviewed and Fact Checked by Will Wood , Crypto Gambling Expert