What is LiteCoin?

Litecoin is a cryptocurrency that was launched in 2011 by Charlie Lee. It is one of the highly-rated cryptocurrencies in terms of market capitalization. It is commonly used as a payment method due to its low fees, quick confirmation times, and general ease of use.

In this tutorial, you will learn:

How to Buy Litecoins with PayPal, Credit Card, Bank Transfer

You can now buy LTC directly from Paypal. However, you cannot withdraw your Litecoins, so use the method below if that is important to you. You can use eToro to buy Litecoin for non-US residents.

Here are the steps to buy Litecoin with Paypal on Coinbase:

Step 1) Create your Coinbase account. Then click on Buy/sell button.

Step 2) You will ask to add a payment method. Click on Add Payment Method.

Step 3) Then you will be asked if you want to add a bank statement or a debit/credit card. You can select your choice. Here, we selected Credit/Debit Card method. You can select Bank if you want to do bank transfer.

Step 4) Click the Continue button.

Step 5) You will now need to verify your identity. Click on Upload ID. Here, we have selected Driving License.

Step 6) Then upload your Photo. After the verification done enter billing address detail.

Step 7) Enter billing address for your debit/credit card.

Step 8) Enter your card details.

Step 9) Now click on Buy/Sell then click on LItecoin

Step 10) Now you just need to enter the amount of Litecoin that you want to buy.

Step 11) Click on the Buy Litecoin Instantly button.

Within a few minutes, your funds will be shown in your account, and you can proceed to buy Litecoin.

Buying Litecoins with Cash

Although there is no direct method of buying Litecoin for cash unless you met a person who agreed to swap his Litecoin for cash, this is not certain to make trustworthy transactions.

Like another crypto asset, you could buy LTC for cash and then swap it electronically for Litecoin.

Buy Litecoin with Crypto Exchanges

You can buy LTC with the help of the following Crypto Exchanges:

1) Coinbase

Coinbase is a Litecoin exchange that can be utilized for purchasing, selling, transferring, and storing digital currency. It securely stores a wide range of digital assets in offline storage. This free platform supports more than 100 countries.

Features:

  • You can buy and sell any digital currency and keep track of them in one place.
  • It is one of the largest cryptocurrency exchanges.
  • You can schedule your currency trading on a daily, weekly, or monthly basis.
  • It stores your funds in a vault for safety purposes.
  • Supported platforms: iOS and Android.
  • Get $5 in free Bitcoin for signing up

Key Statistics:

Deposit Methods: Bank transfer (ACH), Credit card, Debit card, Bank transfer (SEPA), Wire transfer.

Verification: < 3 Days

Support: Average


2) Binance

Binance is one of the best Litecoin exchanges that allows you to trade more than 150 cryptocurrencies. It also provides an API that helps you to integrate your current trading application.

Features:

  • This safest Litecoin wallet offers a wide range of software for trading online.
  • It is one of the safest Litecoin wallets that provides 24/7 support.
  • Binance offers basic and advanced exchange interfaces for trading.
  • It does 1.2 Bn average daily trading volume with more than 1,400,000 transactions per second.
  • This platform is compatible with Web, iOS, Android, and PC clients.

Key Statistics:

Deposit Methods: Bank transfer (ACH)

Verification:24 hours

Support: Average


3) Trezor

The Trezor hardware wallet helps you to store your Litetcoins. You can easily plug it into your computer or smartphone. It helps you to randomly generate a PIN code that keeps the device safe and secure.

Features:

  • Ultra-secure offline storage
  • It supports more than 1,000 currencies
  • Easy-to-use touchscreen
  • Extremely simple to use
  • It allows you to expose your private key
  • Supported platforms: Windows, Linux, Mac OS X

Key Statistics:

Deposit Methods: Visa, MasterCard, or Bitcoin.

Verification: No verification needed

Support: Good


4) Gemini

Gemini is a crypto trading wallet that helps you to legitimize cryptocurrencies worldwide. The exchange trades in the following cryptos: Litecoin, Bitcoin, Ethereum, Bitcoin Cash, etc.

Features:

  • It is a simple, elegant, and secure way to build a bitcoin and crypto portfolio.
  • Discounts up to 0% for volume traders.
  • Offer good security measures.
  • Regulation equates to trust for many investors.

Key Statistics:

Deposit Methods: Bank Transfer

Verification: < 1 Week

Support: Average


5) BitFinex

Bitfinex is a trading platform that enables you to easily exchange Litecoin, EOS, Ethereum, and more. It enables you to access the peer-to-peer funding market. This website offers advanced chart tools to visualize your order with ease.

Features:

  • You can integrate this product with a wide range of platforms and products.
  • It offers varieties of tools to make your trading easy.
  • It helps you to measure your trading performance with comprehensive reports.
  • It can be accessed from Android and iOS mobile devices.

Key Statistics:

Deposit Methods: Credit card, Cryptocurrency, Bank Wire

Verification: < 3 Days

Support: Good


6) CEX. iO

Cex.iO is one of the best Litecoin exchanges that helps you to buy and sell your litecoins. It allows you to deposit funds using MasterCard, Visa card, or PayPal Debit MasterCard. This online program follows scalping and frequency trading strategies to secure assets and data.

Features:

  • Users can trade USD for Bitcoins, LiteCoin, Ethereum, and XRP (Ripple).
  • It protects against DDoS (Distributed Denial-of-Service) attacks using full data encryption.
  • Allows you to trade more than 10x leverage without creating an extra account.
  • It is one of the top Bitcoin exchanges that support platforms like mobile devices and websites.
  • CEX.io offers downloadable reports showing real time balance and transaction history.

Key Statistics:

Deposit Methods: Bank transfer, Credit card, Cryptocurrency, SEPA, Faster Payments (FPS)

Verification: < 1 Week

Support: Average


7) Changelly

Changelly is one of the best Litecoin exchanges that enables you to exchange crypto fast and buy it with a bank card. It provides a facility to trade LTC (Litecoin), BTC (Bitcoin), XRP, and ETH.

Features:

  • You can easily see the best rates currently available in the market.
  • You do not require any verification for exchanging transactions.
  • This wallet supports more than 150 cryptocurrencies.

Key Statistics:

Deposit Methods: Bank transfer using USD, EUR, GBP, bank credit, and debit card.

Verification: No verification

Support: Average


8) Kraken

Kraken is one of the best Litecoin wallets that offers financial stability by maintaining full reserves, relationships, and the highest legal compliance standards.

Features:

  • A highly comprehensive security approach
  • Allows you to buy and sell assets in a single click
  • You can reach out to their support team via live chat
  • Kraken automatically checks all addresses for errors

Key Statistics:

Deposit Methods: Bank transfer, Cryptocurrency, SWIFT, Wire transfer, Osko, SEPA.

Verification: < 3 Days

Support: Good


9) Huobi

Huobi Global is an online crypto-currency exchange. It is a place to buy and sell digital assets. It allows you to buy cryptocurrency like Litecoin with your credit card.

Features:

  • A strong fund held in dedicated multi-signature.
  • Cold wallets.
  • It allows you to deposit, withdraw, and trade 24/7 on their mobile apps for Android and iOS.

Key Statistics:

Deposit Methods: AdvCash, Cryptocurrency, SWIFT, Wire transfer.

Verification: 24 hours

Support: Good

Features of Litecoin

Here are the important features of Litecoin:

  • Litecoin contributes to the future of digital currency in the crypto field.
  • It provides faster and instant payments all over the world.
  • This cryptocurrency payment service does not involve any transaction charges.
  • Litecoin recently activated Segwit (soft fork change in the transaction format) for better performance.

Buying Guide

❓ What is Litecoin?

Litecoin is a blockchain-based cryptocurrency that was launched in 2011 by Charlie Lee. It is one of the top cryptocurrencies by market capitalization. It is commonly used as a payment method due to its low fees, quick confirmation times, and general ease of use.

⚡ How is Litecoin different from Bitcoin?

The main difference between Bitcoin and Litecoin are the different cryptographic algorithms that they use. While Bitcoin using the SHA-256 algorithm, on other hand, Litecoin uses a new algorithm called Scrypt. SHA-256 is a more complex algorithm than Scrypt, and it also allows parallel processing.

Another difference is that Litecoin helps you to verify transactions faster than Bitcoin. For instance, a merchant should wait for five minutes to process two transactions of Litecoin. With Bitcoin, brokers and traders need to wait for 10 minutes to complete a single transaction.

🏅 What is Litecoin used for?

The Litecoin wallet is used in online transactions. Means if you are buying buy LTC with a credit card, you can spend your coins for certain specific online purchases.

👉 Who created Litecoin?

Litecoin was created by Charlie Lee, an ex-CTO of Coinbase.

❗ What are the risks of buying Litecoins?

The price of Litecoin might go to zero, making your money at the highest risk compared to Bitcoin.

🚀 How much time Litecoin take for confirmation?

Litecoin blocks should be added every 2.30 minutes, which means you should get one confirmation every two-and-a-half minutes.

❓ Can you sell Litecoin?

Yes, you can sell Litecoin from some of the above-given crypto exchanges.

⚡ Can you buy partial Litecoins?

Yes, you can buy partial Litecoin, a similar way of buying Bitcoin. This cryptocurrency is also divisible to many decimal places. You can buy 0.11 LTC, 0.001 LTC, etc.

💲 What drives the Litecoin price?

The biggest determinants of Litecoin price are playing coins, increased adoption, and risk-taking appetite. Litecoin and Bitcoin both have a strong positive correlation of 0.83. LTC prices are highly dependent on BTC.

 

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