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What should the buyer know before he purchases Litecoin (LTC)
Cryptocurrencies like LTC, BTC, ETH, and others have made headlines as their prices surged over the last year. And among these coins, Litecoin is the hottest. This top crypto is seen as a more efficient and faster version of Bitcoin. And because LTC is so much cheaper than BTC, it has become a popular alternative. You should learn where and how to buy Litecoin (LTC) if you want to profit from it.
While Litecoin’s exponentially increasing price may appeal to you, it’s a good idea to learn more about LTC before buying it.
What is Litecoin
LTC is known as the “lite version of BTC” and was founded in 2011 by former Google engineer Charlie Lee. Litecoin, a decentralized open-source payment network, enables almost instant and low-cost payments worldwide. Additionally, traders can securely send and receive funds without intermediaries on the peer-to-peer network.
Litecoin is better than Bitcoin
LTC is similar to BTC, but Litecoin’s proof-of-work algorithm is better than Bitcoin’s. Further discussion is that Bitcoin uses the SHA-256 hashing algorithm, while Litecoin uses the scripting algorithm. Although this script algorithm also integrates SHA-256, its calculation is more serialized. As a result, Litecoin can verify transactions faster and become a more usable payment solution.
Litecoin has extremely high liquidity
Liquidity in cryptocurrencies refers to the ease of converting digital assets into liquid cash. This is an important metric for anyone buying LTC or other tokens. And a highly liquid coin means that holders can sell it in an extremely short period of time. Litecoin is one of the most liquid tokens in the crypto market. According to CoinMarketCap, LTC’s 24-hour trading volume is $752,759,236, and the 24-hour circulating supply is 69,636,569 Litecoins.
Litecoin’s value keeps growing
The price of LTC was $3.86 on November 25, 2016, and now it costs about $126. In just a few years, it has grown by 3164%. This is an astonishing increase. The high global demand for Litecoin is the root cause of the skyrocketing price of Litecoin. And this demand stems from the introduction of the Litecoin payment mechanism by many suppliers, merchants, and blockchain applications worldwide.
You have a preliminary understanding of Litecoin. So, it’s time to move on to the next step.
Where to buy Litecoin: Preparation steps before buying LTC
Not surprisingly, crypto enthusiasts have no shortage of venues to trade Litecoin. But for those traders looking to profit from this cryptocurrency, it is necessary to be well-prepared.
1. Getting or creating a Litecoin Wallet
Obtaining an LTC wallet is a prerequisite for buying and selling Litecoin. Although most crypto exchanges provide wallets, they are not secure. A better suggestion is to use your own software wallet or hardware wallet.
2. Choose a Litecoin Exchange
The most viable way to purchase LTC is through a cryptocurrency platform like Bexplus. In addition, investment and payment applications such as PayPal, Cash App, or Venmo also sell digital assets, but the purchase or sale of tokens is limited.
3. Confirm available payment methods
In general, the payment methods for buying Litecoin are debit cards, credit cards, bank transfers, or others. You can choose one of them to make a payment.
Where can buyers purchase Litecoin (LTC)
There are hundreds of digital asset platforms worldwide that can be used to trade a wide variety of cryptocurrencies. It is not wise if you blindly search or choose a Litecoin exchange. This is because fees, security, and functionality are different for each trading venue. To help traders, Bexplus’ independent experts have screened these options after testing.
Bexplus is the best Litecoin trading platform
Bexplus has been hailed as the most trusted and safest exchange for many years. And security is paramount to those in the cryptocurrency space. Because once cryptos are stolen or lost, they cannot be recovered. Bexplus uses the most advanced technology to protect your tokens and provides a 100% deposit bonus. In addition, the 100 times leverage tool of Bexplus can help users create a lot of wealth in a short time. To reduce users’ trading risks, Bexplus provides demo accounts that can help buyers test various investment strategies and techniques. This is why Bexplus is the most recommended LTC exchange.
Step 1 of Where to buy LTC
Click the “Sign up” button displayed on the Bexplus homepage. Then fill in the information required to register an account, namely email address, verification code, and password.
Step 2 of Where to buy LTC
Bexplus has no “Know Your Customer (KYC)” process so that you can create your account quickly. Next, click on your username icon and find the “Deposit” item in the menu.
Step 3 of Where to buy LTC
- Click on the “Buy Bitcoin instantly” icon on the “Deposit” interface.
- You will then be redirected to the cryptocurrency purchase page.
- Type LTC in the “You get” item in “Choose your currency” and select it. Then, fill in “Choose your currency” and “Choose your currency” one by one.
- Once the page has generated the best offer, you can click the “Buy now” button in the “Best offer” section.
- In the next step, you need to add your Litecoin wallet address in the “Enter your LTC wallet address” column. Then tap the “Go to payment” button.
- Wait a few seconds, and you will be redirected to the MoonPay payment page.
- Check your order in the “Buy LTC” section. Just click the “Continue” button if the order content is correct.
- You will see a new page where you need to type your email address in the “Enter email” field.
- On the following pages, you will be asked to enter “First name”, “Surname”, “Date of birth”, and “Country of nationality”.
- Enter your billing address information on the “Enter billing address” page. Then, type the same billing address information into the “Enter card billing address” page.
- After going to the “Enter card details” page, you need to add “Card number”, “Expiry date”, and “Card security code”. Then tap the “Continue” button.
- Finally, complete the payment for the order. Then wait for the Litecoin to be transferred to your wallet.
Other exchanges where you can buy Litecoin
Not every digital asset trading platform can provide excellent cryptocurrency services. And Bexplus is known as a leading and reputable platform in the crypto market. But if you want to get more relevant information, then Bexplus will also analyze them one by one for you.
Binance is an exchange that can trade LTC and other virtual currencies. Therefore, some people handle their digital assets through it.
There are additional services.
The operation of the company is opaque.
Not available in some US states.
Registering an account is laborious.
KYC verification is required.
Traders can buy Litecoin, Ethereum, Bitcoin, and more on Coinbase.
It can exchange tokens efficiently.
The fees are high compared to other exchanges in the crypto market.
Transactions of some small cryptos are not supported.
Coinbase is a controversial platform.
Available payment methods are limited.
Kraken is a complex cryptocurrency trading venue.
Its panel design is stylish.
Debit and credit cards are not supported.
The website is occasionally slow.
Not friendly to beginners.
Intermediate or professional accounts require additional verification.
|Bonus||1:1 deposit bonus||×||×||×|
|Interest wallet||Up to 21% annualized interest rate||Lower annualized interest rate||Lower annualized interest rate||Lower annualized interest rate|
|Best for security||√||×||×||×|
|Best for low fees||√||×||×||×|
|Ease of use||⭐⭐⭐⭐⭐||⭐⭐⭐||⭐⭐⭐⭐||⭐⭐⭐|
Overall, Bexplus is the world’s leading cryptocurrency exchange. Therefore, it is the best entry point for novice and advanced traders to trade LTC or other tokens.
In what payment method can a buyer purchase Litecoin (LTC)
These factors, such as trading location, fees, and trading platform, will affect the payment method of Litecoin. Although the choices may seem numerous, they can be summed up in the following payment methods.
Bank transfer is an easy way to buy LTC but requires patience. It may take 5 to 7 business days in the US and 1 to 3 days in the EU. If you need instant transactions, then bank transfers are not for you.
Debit and Credit Cards
You can quickly get Litecoin and other altcoins with a credit card. This payment method is convenient but expensive. And holding cryptos with Visa and MasterCard debit cards is also feasible and straightforward. You need to find a platform that supports this payment method, and Bexplus can support this payment method perfectly.
Some digital asset platforms accept Apple Pay, and Bexplus is such an exchange. Once you link Apple Pay to your order page, you can purchase LTC.
If you have cryptos such as BTC, it is also effortless to exchange them for Litecoin. LTC/BTC and LTC/ETH are some of the most popular currency pairs.
Where to keep your Litecoin (LTC)
After purchasing Litecoins, you should look for a safe way to store them. You can keep your coins with LTC wallets or the Litecoin custody feature provided by some centralized exchanges. But when you make your decision, you need to consider the purpose of holding Litecoin. Generally speaking, a suitable wallet is the best choice. If you are still unsure, you can browse the content below. Bexplus will clear your doubts.
Software Wallet (Hot Wallet)
A software wallet is a program that allows users to store cryptocurrency on a mobile device or computer. And since hot wallets can be connected to the Internet, there is a risk of losing funds. This means that hot wallets are more suitable for keeping a small number of tokens.
Hardware wallet (cold wallet)
A hardware wallet is the hardware that stores your cryptos offline. It is the best way to keep tokens. This kind of wallet keeps your digital assets away from the Internet, so it has excellent security. However, you will need to spend about $100 on a cold wallet. This is obviously not a cost-effective solution.
Bexplus is the safest passive income wallet
Bexplus wallet supports BTC, USDT, ETH, XRP, and EOS cryptocurrencies. And these digital assets of all customers are stored in Bexplus’ independent hardware wallets. In addition, the transfer of funds requires not only the simultaneous operation of multiple employees but also multi-signature verification. These are solid guarantees for the safety of all coins.
To empower traders to profit as much as possible from the crypto market, Bexplus offers a 100% deposit bonus for holders of digital coins.
At the same time, the BTC wallet launched by Bexplus with an annualized interest rate of up to 21% can reduce traders’ risk. This risk-free profit helps customers stay invincible.
How to buy Litecoin (LTC) in different countries
Some exchanges have a list of regions or countries with restricted services. This is because the payment method is based on the degree of cooperation between countries and local legal rules. Therefore, traders in different countries or regions have distinct ways to obtain Litecoin. And Bexplus will show you how to purchase this token in different countries.
How to purchase LTC in Luxembourg
In 2019, the European country Luxembourg passed a bill to give blockchain securities legal status. At the same time, the new act provides legal certainty for securities issued on the blockchain. This means that blockchain securities have the same status as traditional securities. The most straightforward concept of blockchain securities is a token. Therefore, buying cryptocurrency such as Litecoin in Luxembourg is like purchasing securities.
1. Use your email address to create an exchange account. Some platforms have KYC verification procedures, and you need to provide additional supporting documents to verify your identity. Bexplus without KYC is best for you if you hate this cumbersome process.
2. Prepare a Litecoin wallet before trading. This wallet will be used to receive and store LTC.
3. You can fund your account in several ways. Then you can start buying your Litecoins.
How to buy LTC in Mongolia
UK-based blockchain firm FarmaTrust has officially signed a partnership with the Mongolian government to curb the manufacture and distribution of counterfeit medicines. The company’s CEO Raja Sharif mentioned that the international cooperation project uses blockchain technology to track and protect the pharmaceutical supply chain. This helps eliminate the counterfeit drug industry that kills more than 120,000 people every year. Therefore, Mongolians treat blockchain positively. And these factors have prompted Mongolians to be willing to hold cryptos such as Litecoin, Bitcoin, Ethereum, etc.
1. Search and create a suitable Litecoin wallet.
2. To buy coins with fiat and other stablecoins, you need to create an exchange account. Bexplus is the best presence in the crypto space and is recommended by many digital asset experts.
3. Plan your payment method, then deposit funds to trade LTC.
How to purchase LTC in Libya
Alex Gladstein of the Human Rights Foundation says 1.2 billion people worldwide live with double-digit inflation. And last week, analysts and economists pointed out that a large number of stimulus measures in 2020 and 2021 will lead to higher inflation in the United States. At the same time, the Federal Reserve’s loose monetary program will continue to push up inflation in many developing countries. Statistics from the Human Rights Foundation indicate that inflation in Libya exceeded 20% last year. And cryptos help get rid of inflation. This is why many Libyans have bought Litecoin, Bitcoin, and other decentralized tokens in the past year.
1. Set up a Litecoin account. Bexplus is a top LTC exchange, so you shouldn’t miss it.
2. Compare and choose an LTC wallet.
3. Go to the Deposit page on the trading platform. Then add your payment method to start buying this digital asset.
Litecoin could solve Bitcoin’s massive flaws. And because of its lower transaction costs and extremely high liquidity, it has attracted the attention of many traditional traders and institutions. The reality is that Litecoin has partnered with gaming giants Atari, UFC, Overstock.com, and more. Holders of this token can use Litecoin to purchase goods and services from these companies. These endorsements stimulated demand for Litecoin, which kept its price up. Litecoin is changing some industries, and LTC is an integral part of that. So now that you know where and how to buy Litecoins, it’s wise to hold them.
Bexplus is the most trusted exchange. Compared with most trading platforms, its fees are very low. And its demo account helps newbies test their investment strategies to better profit from the crypto market. In addition, Bexplus offers a 100x leverage tool. If you want to make the most money from the crypto space, this leverage tool is your best bet. Of course, you can use the Bexplus risk-free interest wallet for those cautious investors. Among them, the annualized interest rate of the BTC wallet exceeds 21%. This is industry-leading. Therefore, professional investors and institutions alike use Bexplus.