How to buy Litecoin: 3 easy steps

Author: Forest Gump

How to buy Litecoin: 3 easy steps

We tell you how to choose a Litecoin wallet, which exchanges allow you to buy this cryptocurrency for bitcoins, and which ones for dollars and euros, and how PayPal will help you.

What is litecoinLitecoin (LTC/USD) was created by former Google employee Charles Lee. He took the idea of??Bitcoin (Bitcoin), but changed a few key parameters:

  • The generation time of one block is 2.5 minutes (Bitcoin has 10 minutes); - Mining algorithm that does not allow the use of extremely powerful ASIC computers, as in the bitcoin network; - The total number of Litecoins available is 84 million coins - as opposed to 21 million bitcoins.

How to buy litecoinsThe little brother of bitcoin has recently risen sharply in price. In December 2013, Litecoin rose sharply to a record $38, but then fell sharply and remained at about the same level for the next 3.5 years. However, Litecoin has recently started to rise rapidly again, and many believe that this is due to the adoption of the SegWit soft fork by the network. Today, Litecoin is worth more than $60 on most major exchanges. Litecoin can be bought with a credit card, PayPal or bank transfer. Keep in mind that the first two methods are likely to be more expensive - the fact is that in this case the seller risks receiving a chargeback request.

Step 1. Get a litecoin walletBefore you buy Litecoins, you need to have a wallet to store them. The most popular Litecoin wallets today are Coinbase, Exodus and Jaxx, while if you are looking for the most secure solution, you can use hardware wallets like TREZOR or Ledger.

Step 2: Find a Litecoin ExchangeOne of the main problems is that most exchanges only sell litecoins for bitcoins (and not for dollars or euros), so one option is to buy bitcoins and then exchange them for litecoins on one of the exchanges: Poloniex or Shapeshift.

However, there are places where you can buy Litecoins directly:

  • Coinbase - here you can buy litecoins for up to $500 with a credit card. You can increase the limit, for this you need to go through identification. Coinbase works with buyers from 33 countries around the world, and the exchange fees here are low - you will mainly spend on bank transfer. - BitPanda - allows you to buy Litecoin with a credit card, through the Skrill payment system, as well as by SEPA or SOFORT transfer. Transactions on BitPanda require identity verification, and the purchase limit is relatively low at €600.- Buy Litecoin with SEPAThe TRASTRA Visa debit card
????? has a unique personal IBAN number that allows cardholders to buy Litecoin with SEPA and receive euros from anywhere in the EU.

Step 3. Move Litecoins to WalletAnd so, you decided to make an exchange, opened an account on the exchange and bought litecoins. After that, do not forget to transfer Litecoins from the exchange to your personal wallet - never leave coins on the exchange, it may be hacked or it may close.