Litecoin is a P2P electronic money and an open source software project. The currency makes it possible to conduct instant and near free payments worldwide. The open source cryptographic protocol serves as the basement for creating and sending the digital coins. It means no central authority manages the procedures.
In case the description above seems familiar to you, you are definitely aware of Bitcoin. In fact, the e-currency is based on BTC codebase, though, there are some technological distinctions. LTC was not established to replace Bitcoin, instead it complements the modern payment method as being silver to the existing gold.
Litecoin was created in October, 2011 (2 years later than BTC), under MIT/X11 license. The taxes of transactions are considerably lower than those provided by credit cards, traditional e-wallets, etc. The total supply counts 84 million litecoins, so, you don’t have to worry about any kind of inflation or decrease of your savings value. What is more, the transfers are handled instantly, just like sending an e-mail.
Best Options on Exchanges
The availability and easy usage of Litecoin are also provided by numerous exchange houses. A stable market place, that consists of multiple exchanges, handles tens of millions of dollar trades daily. Anyone can use the services in order to trade your dollars, euros, or any other fiat currencies for LTC.
The official site of the digital money provides a wide range of portals, which allow you to convert the currency. The only thing mentioned in the content is that the Association is not responsible for secure and fair altering held by the services.
Visit such converters as Binance, GDax, Wex, Okcoin, Bitfinex, Kraken and others to buy the desired coins. Yet, whatever method you select, each of them has its personal specialties and details. That is why, be careful when purchasing the e-currency, cause you can meet unexpected situations. Observe them below in the appropriate paragraphs.
Buy LTC with Credit Card or Debit Card
Each kind of acquisition includes various pros and cons. Your aim is to compare them all and decide which one lead the min losses and the max benefits. Using a credit or debit card may require additional verification stage, which will extend the purchase time.
Another point to mind is that in comparison with, for example, bank wire transfers, credit cards may provide lower limits. That also influences on the speed and convenience of the usage. Depending on the site and card, there may be included some duties. Check where the fees will lead to less damage.
Coinbase, BitPanda, CoinMama and more sites make it available for you to buy LTC. Though, you should know that each of them has a list of restricted countries. Brokerage services are provided in the most European lands, Australia, the UK and other areas.
Purchasing with Cash
There exist various places and platforms, which allow you to buy LTC with cash. You can launch Coinmama and make a transfer over a register at Western Union. Procuring peer to peer can also be arranged thru Litecoinlocal.net site, while Cryptex24 offers you to get the coins via money transfer service. In case you decide to use 247exchange portal, you will need to choose whether to make a transaction thru a bank, or via a prepaid voucher.
Nonetheless, there are several convenient ways for anyone to own the crypto currency without using any credit cards, electronic coins, wallets, etc. Yet, in case you haven’t found any good method to conduct the procedure, and no known supply supports Litecoin, there is one more way-out. Due to its popularity, Bitcoin can be bought with cash almost everywhere. Do such kind of purchase and trade the savings for LTC.
Get LTC with PayPal
Link your PayPal account to the service you want to use and mind the limits and fees, which you are to obey. This is the common scenario of using the electronic wallet. Yet, there is a very minute amount of sites, which allow such kind of transactions.
More likely to get BTC with PayPal first. Though, this is also not so easy. Once you have the coins, you can choose among a range of exchange houses to convert them into LTC. This will be a faster mean, involving less rules and inconveniences.
Buying Litecoin with Bitcoin and Other Crypto
In case you already have BTC in your storage, converting them to litecoins will be as simple as that. Though, once you are at the very beginning of the way, you should buy BTC first. Only then, you can launch one of numerous trustworthy portals and find BTC/LTC pair.
Changelly and Binance are the top services for such kind of trading. Herewith, Bitcoin is not the only altcoin to be used. You can also convert Ethereum, Dash, Zcash, Ether Classic, Monero and more. Find out more about duties and transfer limits on the exchange sites.
Get a Wallet
Before you start owning Litecoin, there should be a place to hold it. For this very reason, you need to download a special software. The original program of the crypto money is Litecoin Core. However, it includes the whole blockchain of LTC, so, you should bear some patience and storage for this very tool.
In case you use several e-money at the same time, then such desktop wallets as Exodus and Jaxx will match you perfectly. Multi-coin capability simplifies the process significantly. For mobile users, there are other apps like Loafwallet, providing its personal solution. A handful of e-currencies are also supported by some hardware version. By the way, there even exists a paper alternative of Litecoin wallet, which is called Liteaddress.