The price of Litecoin has decreased this month. Sounds familiar? Probably because this has been said of every cryptocurrency each month of this year.
Litecoin started in October 2018 at a value of over $ 60 and is now struggling to get back to $ 50. It is certainly nowhere near its peak in December 2017, when a Litecoin had exceeded $ 300. These are things that you absolutely must understand if you are still thinking about entering the cryptocurrency game. Crypto is in freefall all through 2018, and if you think it's going to bounce or stabilize, know that it's extremely risky.
Litecoin has long been an intriguing option for people interested in altcoin. It still has one of the 10 biggest market limits in all cryptocurrencies and has been designed as an alternative to countering some of the Bitcoin flaws. So if you want to buy it, where should you start and how should you do it?
Where to buy Litecoin
Litecoin is purchased through cryptocurrency exchanges just like any other crypt would have been purchased. However, although there is a greater supply of LTC in circulation than BTC, it is not guaranteed that most trades will have Litecoin available for purchase or trade as it could be with Bitcoin.
As with any other cryptocurrency, you will also need a digital wallet in which you can store your LTC. So where are these exchanges and portfolios you need to get your digital hands on Litecoin?
Cryptocurrency exchanges allow you to buy and, if necessary, sell your crypt online.
The risk in trade can be serious; those without great security are ripe for hacking. Doing research not only on which cryptographic exchanges Litecoin has, but on how they went with safety and security during their existence.
The exchange of cryptocurrencies which is probably the biggest and most important, Coinbase, has Litecoin. More recently, Gemini, the exchange of cryptocurrencies established by Cameron and Tyler Winklevoss, has recently started to negotiate Litecoin. It can be purchased on Gemini in exchange for USD, BTC or ETH (Ether, Ethereum's cryptocurrency).
Other cryptocurrency exchanges with Litecoin include Bitfinex, Binance and Bitstamp.
Once you have examined Litecoin exchanges and figured out which is the safest, available where you live and most convenient for you, you will need a cryptocurrency portfolio in which to store your LTC.
The cryptographic portfolios are available in different forms: hardware, software, desktop, mobile and head of paper. The type of wallet you choose depends on what you want. Do you want one that gives you convenient and immediate access to your cryptocurrency or are you trying to keep it somewhere safe while you hold it?
Hardware portfolios allow you to store your cryptocurrencies coldly and offline to keep it safe from hackers, a clear security advantage over something like a desktop portfolio. If this is what you are looking for, Ledger's Ledger Nano S supports Litecoin storage in its more than 30 cryptocurrencies and allows back-up and recovery. Another hardware portfolio, Trezor, supports Litecoin in addition to over 500 cryptocurrencies.
Desktop and mobile wallets offer the convenience of having Litecoin available for writing on your computer or phone, but make sure your wallet and device are secure. Jaxx is an exchange with desktop and mobile interfaces available that promises extensive security. The exodus, in addition to being a portfolio, also has an exchange.
How to buy Litecoin
To buy Litecoin, you must also know how to plan to pay. The two most common ways of buying LTC are via a credit / debit card or the exchange of Bitcoins for them.
Whatever your method, it will probably determine the exchange from which you will choose to buy Litecoin. For both, we use a specific exchange as an example to illustrate it. In the case of a credit or debit card, we will use Coinbase. To buy LTC with BTC, we will use Binance.
How to buy Litecoins with Coinbase
To use Coinbase to purchase LTC, you'll need an account and your card information at your fingertips before you can do anything.
Here are the steps necessary to purchase Litecoin on Coinbase:
- Create your Coinbase account. You will need to provide a valid email address for verification and create a secure password.
- Create your own security measures. Upload an identification form and enter your phone number, then use the phone for two-factor authentication for access. This can be done via SMS or using Google Authenticator.
- Enter the payment information you wish to use. This can be a checking account or your credit / debit card information.
- Once you have accessed and verified, click on Buy / Sell and on the next page specify which you wish to purchase.
- Specify Litecoin (LTC) as the crypto you want to buy and then the amount of USD that you want to spend on it. The Coinbase calculator will tell you how much LTC is worth.
- Specify the payment method, review that and all additional information and confirm it.
That's all! Now you have Litecoin, stored in your Coinbase wallet.
How to buy Litecoins with Bitcoin
To purchase LTC with BTC on Binance, you'll also need a Coinbase account with Bitcoin before anything else.
Once this is achieved, here are the steps to purchase Litecoins on Binance:
- Create a Binance account. Like Coinbase, you will need verification measures and we strongly recommend that you also use two-factor authentication for added security.
- Once you've logged in, go to the "Funds" button at the top of the page and then, from the dropdown menu, click "deposit withdrawals".
- Go to "BTC", click on "Deposit" and the Binance collector's address will appear. Copy the address.
- Log in to your Coinbase account, go to your Bitcoin wallet and click "Submit".
- There will be a "Recipient" box. Enter the Binance collector's address. Specify the amount of BTC you want to transfer and send them.
- Back on Binance, confirms that the BTC has been successfully transferred.
- Go to the "Exchange" section and click "Basic" for simplicity. Search for LTC and specify that you will pay with Bitcoin, or LTC / BTC.
- Specify the amount of BTC that you want to transfer to LTC.
- Confirm your details and make the transfer.
Why buy Litecoin?
Litecoin was launched for the first time in 2011 as an alternative to Bitcoin, so those interested in doing so tend to appreciate it for what they do differently than Bitcoin.
The biggest selling point of Litecoin was its transaction speed compared to Bitcoin: the extraction of a Litecoin every 2.5 minutes compared to that of Bitcoin 10. One of the most frequent complaints about Bitcoin in the course of its history it was the speed with which it processes the transactions. Litecoin also does not require expensive ASIC miners to be extracted as often does Bitcoin.
At the time of writing, CoinMarketCap lists Litecoin as a cryptocurrency with the seventh market capitalization, at around $ 2.886 billion.