Litecoin, an altcoin that has been on the cryptocurrency market since 2011, is almost identical to Bitcoin on a technical level. However, Litecoin investors enjoy faster transfers than Litecoin.
The Litecoin network aims to process blocks every 2.5 minutes compared to the 10-minute Bitcoin; Litecoin confirmations and sales are generally faster than alternative currencies. Litecoin investors believe that this increased block processing time, along with the more expansive cryptocurrency memory system, will lead the currency to offer a more time-sensitive money transfer system in the future.
How to buy Litecoin with a credit card
Since Litecoin is more unique than other cryptocurrencies, you might be curious about how to buy this cryptocurrency with a credit card. Here's how you can in six simple steps.
Step 1: Create an account with Coinbase
It is by far the easiest way to buy Litecoin with a credit card Coinbase.
Coinbase is a relatively simple cryptocurrency purchase platform. Although the Coinbase site is well designed and easy to use, it only allows users to purchase Bitcoin, Litecoin, Ethereum and its derived resources.
To create an account with Coinbase, visit her website and click the "Register" button at the top of the home page. Then, enter your personal details, solve the reCAPTCHA puzzle and go to the next page to enter your credit card details.
Step 2: Create a Litecoin portfolio
You can keep Litecoin in your Coinbase account, but this is generally considered less secure than keeping Litecoin in an encrypted wallet.
If you do not already have an encrypted wallet, check the Benzinga list the best cryptocurrency portfolios to get started.
Step 3: Confirm your account
When you first create a Coinbase account, you are limited to buying $ 500 worth of crypto when using a credit card.
You can increase this limit by verifying your identity. Once you've signed in to your Coinbase account, click on the "settings" tab and then click on the "account levels" sub-tab. Scroll down until you see "Check level 3".
If you have not already checked to this level, click to be redirected to verification of personal identity module. Here, you will need to upload photos of the front and back of the driver's license or passport. After uploading your verification, feel free to close the window and come back later: Coinbase will send you an email after the verification process has been completed.
Step 4: Start a purchase
To start a purchase, go back to the Coinbase dashboard and click on the "buy and sell" tab. In the "cryptocurrency" section, click on the drop-down menu and select Litecoin and select your credit card from the drop-down menu. list of payment methods.
Enter the amount of Litecoin in USD you wish to purchase and click on the blue button labeled "Buy Litecoin". In this way you will start buying. Verify that the information you entered is correct and confirm the purchase once more on the following page.
Step 5: Verify your account for the Litecoin balance
Your Litecoin balance it should appear immediately in your Coinbase account, although generally it takes at least two working days to see the transaction appear on your credit card statement. To verify that your Litecoin has arrived safely, click on the "dashboard" tab at the top left of the page.
On your wall, you will see a complete summary of the positions in your Coinbase account. Scroll to the end of the page in the section entitled "your portfolio" to see the composition of your profile. Here the total number of Litecoin will be listed and it will be possible to verify that each of the individual transactions has been completed in the right-hand column called "recent activity".
Step 6: After canceling the funds, transfer the holdings to Litecoin's portfolio
Although you can see your Litecoin in your Coinbase account as soon as you complete the purchase, you can not withdraw your funds for at least 12 days after your first purchase. To see how much time is left until you can withdraw the Litecoin, click on the "account" tab, then click on the "send" button on the Litecoin tab. After opening the "send" tab, you will see a summary of the Litecoin amount canceled in your account; click on the blue link entitled "Do not you see all your funds?" to receive a summary of pending deposits pending settlement, as in the following example:
After your Litecoin has cleared, you can deposit it in an external wallet or in a cryptocurrency exchange like Binance. Open your Litecoin wallet and look for the address of your wallet: it should be a sequence of seemingly random numbers and letters. Copy the address of your wallet and open your Coinbase account.
Click on the "Tools" tab and click on the "addresses" sub-tab. Click on the drop-down menu, select "LTC Portfolio" and paste the address of your wallet. Then, click on the "Create new address" button to add the portfolio to your pick list. This will allow you to easily deposit Litecoin into your account in case you want to convert it into another cryptocurrency in the future.
Return to the "account" tab and click on the "send" button in the "LTC Portfolio" tab. Center the address of your Litecoin wallet, verify that the information entered is correct and deposits the Litecoin in your wallet.
This transfer may take from a few minutes to an hour to complete, depending on the number of other users currently initiating transfers with Coinbase. Check your wallet after an hour and make sure all the Litecoins have arrived.
Final considerations on the purchase of Litecoin with a credit card
Coinbase offers a quick and easy way to buy some of the most popular cryptocurrencies using a credit card. However, if you are looking to buy darker coins like Ripple, Tether or hundreds of other altcoins on the market, you will have to use Bitcoin or Litecoin as a transfer currency and cover them in a cryptocurrency exchange like Binance. Do not limit your cryptocurrency by investing in the "big three" coins: take a look News feeds on the Benzinga cryptocurrency market to learn more about the market movements of other currencies.