Guides On How To Simply Buy Litecoin

Preface

With the popularity of Litecoin, many people are now rushing to buy Litecoin, but many people do not know how to buy Litecoin. This article will introduce how to buy Litecoin.

What Is Litecoin (LTC)?

Litecoin (LTC) is an alternative cryptocurrency developed by Charles “Charlie”  Lee in October 2011. With the intention to be a “lite version of Bitcoin”, it was designed based on the Bitcoin protocol,  a fully decentralized and open-source global payment network. As a proof of work scheme, Litecoin differs from Bitcoin in aspects like the hashing algorithm used, faster generation rate, hard cap, and or so. 

Since its launch in 2011, with a pretty quick block time of just 2.5 times and extremely low transaction fees, Litecoin’s use and acceptance among merchants have exploded. As a peer-to-peer internet currency,  it has been listed as the top ten cryptocurrencies by market capitalization for most of its existence.

At the time of writing, Litecoin is changing hands at $170.78, ranking 11th on the cryptocurrency market by its market capitalization. Litecoin’s value is down 16.64% on a 24-hour scale.

how to buy Litecoin

Litecoin’s Unique

how to buy Litecoin

High Currency Security

Litecoin’s development and payment process are more secure than ordinary currencies. As a series of complex solving codes, Litecoin obtains coins through mining instead of printing, which fundamentally eliminates the occurrence of “counterfeit currency”. As for the payment process, Litecoin uses addresses and private keys, which akin to passwords and keys for every transaction. There are tons of possible combinations of these addresses and private keys on the network. They are difficult to crack thus maintaining transaction security.

Scrypt Proof-of-Work Algorithm

Unlike Bitcoin’s SHA-256 algorithm, Scrypt requires a great quantity of random access memory (RAM) to parallel processing. “Charlie”  Lee developed Scrypt to lay obstacles in large-scale, hardware brute-force attacks.

Scrypt served as a password-based key derivation function, which makes Litecoin difficult to concentrate computing power. As such, it is difficult to form a large mining pool like Bitcoin. Miners are more dispersed than Bitcoin, which is more conducive to preventing 51% attacks. The Scrypt proof-of-work algorithm of Litecoin is different from the algorithm of Bitcoin. Thus, hackers cannot use Bitcoin chip mining machines to mine Litecoin, which prevents Litecoin from attacks and maintains the development of its network.

Is Litecoin A Good Investment?

With the aim of being the “silver” to Bitcoin’s “gold”, Litecoin intends to improve Bitcoin’s shortcomings. Owing to its speed and clear utility benefits, Litecoin has become one of the most widely accepted cryptocurrencies. As of now, Litecoin has been accepted by more than 2,000 merchants and stores around the world.

As more and more merchants in different regions have adopted Litecoin, many newbie investors will raise the question, “should I buy Litecoin?”

According to David Collins, the senior analyst of Bexplus, the affordability and stability make Litecoin the second most popular pure cryptocurrency following Bitcoin. With the grander usage and acceptance, we could forecast Litecoin’s value will rise in the future.

“Compared with Bitcoin, Litecoin is more affordable,” David says, “and it is more stable than other altcoins. The release of MimbleWimble onto Litecoin in late 2020 guarantees its users enhanced privacy and more fungibility, which enables Litecoin a better form of money. Therefore, it will be an ideal choice for investors who mostly focus on short-term price actions.”

However, the crypto market is unpredictable by its volatile nature. Investors should do their own research before placing an order.

How To Buy Litecoin?

Similar to other cryptocurrencies, investors can buy Litecoin via exchanges in mainly two ways. The first choice is to purchase Litecoin with fiat currencies. Traders can buy Litecoin in exchange for U.S. dollars (USD), Korean won (KRW), euros (EUR), and or so. The second one is to buy Litecoin with other cryptocurrencies, like Bitcoin and Ethereum.

Below are the steps for you to buy Litecoin:

How To Buy Litecoin 1. Open An Online Account

To purchase Litecoin, you need to open an account on an exchange that supports the purchase and sale of Litecoin.

How To Buy Litecoin 2. Get A Litecoin Wallet

Most exchanges that support Litecoin purchase will provide their traders with download wallets when registering. With a Litecoin wallet, you can choose to store your Litecoin. One of the feasible ways to get Litecoin wallets is to download the wallet on litecoin.org. On the website, you can also choose to save your wallets.

How To Buy Litecoin 3. Buy And Sell Litecoin

With a digital wallet and an account, after funding the wallet, it is time to place your order. You can buy or sell Litecoin based on the market direction( long or short) to increase your asset.

Where To Buy Litecoin?

It is not so difficult to find an exchange where can trade Litecoin exchanged for U.S. dollars (USD) or Bitcoins.  If you are going to buy Litecoin via exchanges that support Litecoin purchase with fiat currencies,  you can choose Exmo and Bitfinex.

If you show interest in buying Litecoin with other cryptocurrencies, Binance and Coinbase Pro will be the recommended exchanges for you.

Besides, there are many other prominent Litecoin exchanges on the market. They are Huobi Global, OKEx, and so on.

How To Trade On Bexplus

Trading crypto futures on Bexplus is easy. Once registered, you will have a 10 BTC demo account to get familiar with the platform, a trading account to earn your real profit, and a wallet account to get up to 21% annual interest.

No KYC. Just simply click sign up to enter an email address, the verification code you received, and set up a password. Then you can start your journey on Bexplus. After making a deposit, you can apply for a 100% deposit bonus

After becoming a Bexplus user, you can trade BTC/USDT, EHT/USDT, LTC/USDT, DOGE/USDT, and XRP/USDT with 100x leverage.  Bexplus also offers market analysis, notification of the market changes to keep you updated.

Conclusion

With the affordability and clear utility benefits, Litecoin has become one of the competitive alternatives to Bitcoin. It is popularized by more and more developing countries. If you are ready to invest in Litecoin technology, do your research in advance and find the best way for you.