Buy Litecoin [LTC]
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What is Litecoin?
Since its creation in 2011, Litecoin (LTC) has become one of the most popular altcoins (any crypto that is not BTC) and remains in the top cryptocurrencies list. The LTC creator Charlie Lee designed the token as a faster alternative to BTC, intended primarily for small payments. By changing the Bitcoin source code, developers have managed to achieve higher transaction speed. Although the BTC code was used, it would be incorrect to label LTC a fork. It was developed from scratch. LTC has a different mining algorithm. It is based on Proof-of-Work but uses Scrypt instead of the slow SHA-256, which allows mining four times faster using less powerful equipment. LTC mining is also possible with ASIC miners. Litecoin has a total supply of 84 million (4 times more than BTC).
Where and how to buy Litecoin (LTC)
Before purchasing LTC, you need to get a wallet to store it. There are two types of wallets: cold (offline) and hot (online). They, in turn, are divided into software, hardware, and paper wallets. Popular hardware Ledger wallets have an excellent reputation. They are easy to use and fully compatible with LTC.
Litecoin is one of the first popular digital assets that are still in demand. It’s easy to buy it. There are several methods, each with its pros and cons. Check them out.
Litecoin (LTC) purchasing methods:
Litecoin (LTC) purchasing methods:
- Centralized exchanges. This option suits those who value safety above all. Large exchanges cherish their reputation and prioritize security. The assets on such platforms are usually reserved, so in case of scams, the funds are returned to users. It’s important to understand that reserves are backed with money coming from fees. Therefore, the fees on exchanges can be pretty high.
LTC on such platforms can be purchased:
- With fiat money.
- With another crypto.
- Via placing an order.
- Crypto exchanger. The main advantage of such platforms is speed caused by the elimination of formalities. On most exchanges, you won’t need to pass any verifications. The disadvantages are high fees and the lack of available crypto. If you try to buy more assets than it’s available on the exchanger, the transaction may freeze, and you won’t be able to fix it yourself.
- P2P platforms. This method allows saving money and time. The main advantage here is no fees. On P2P platforms, users trade directly with each other. Thus, it’s crucial to follow the security measures and analyze the users you are going to deal with.
- You may also purchase LTC from crypto ATMs. Before using such devices, make sure you have a wallet compatible with LTC. Some crypto ATMs offer a wallet registration function. However, preparing it beforehand is always better. When using such devices, note that there is a minimum and maximum operation sum set.
How to use Litecoin (LTC):
How to use Litecoin (LTC):
- Trade. LTC is a speculative asset. If you’re an inexperienced trader, do not invest large sums. Instead, use Demo Tokens on WhiteBIT. You can’t gain that way, but also, you won’t lose anything. The feature will help you to get started, learn the basic features, and understand the interface. The trading terminal and instruments are adjustable so that every user can get the best experience.
- Hold. Some users gain just by holding their LTC. For example, speculating on price shifts is rather popular. However, the most beneficial holding strategy is interest bearing. SMART Staking plans on WhiteBIT allow getting up to 28% yearly in crypto.
- Spend. LTC is a convenient payment instrument because the transactions are fast. Besides, there are a lot of online games and casinos that allow bets and deposits in LTC.
