Pair-to-pair electronic money, Litecoin is used to make instant payments. It also serves as an element of exchange between users. This cryptographic currency, close to bitcoin, has been launched on the market since 2011. Unlike conventional currencies, Litecoin does not belong to a centralized payment system.
Why invest in Litecoin?
If Litecoin is one of the latest cryptocurrencies on the market, it nevertheless has significant advantages. Operating on blockchain just like Bitcoin, Litecoin is capable of generating millions of monetary units. Mining of this electronic money uses ultra-fast technology, which makes it easier to add new blocks. Moreover, transactions are fast ; the duration of these is estimated at 2.5 minutes. However, the use of Litecoin remains limited since it is not widespread enough on the market. This is what explains the fact that it is not used in certain shops.
What are the benefits of buying Litecoin?
It is actually beneficial to invest in Litecoin due to more or less advantageous fluctuations. When the value of the cryptocurrency is low, it makes it possible to buy a significant quantity of units in order to resell them more expensive when its value increases. It is therefore possible to make significant profits.
Note: As the value of Litecoin may increase, the fact remains that it can drop exponentially. It is therefore advisable to exercise caution when choosing to invest in this electronic money.
The impressive speed of transactions and the ease of mining cryptocurrency are strong arguments for investing in this currency promised to last over time. These advantages can therefore be summarized as follows:
- Speed of transactions;
- No need for sophisticated equipment to mine;
- Litecoin has a large community in China;
- Litecoin is often very stable;
- A cryptocurrency often used to settle online payments.
What are the risks of buying Litecoin?
Naturally, any investment presents risks. To this end, making the decision to invest in this crypto is not without risks. One of the limits of this digital currency is linked to its fluctuating nature. It should be noted that there are many minors on the platform. This phenomenon inevitably affects the profitability of these parts. It is therefore necessary to take this detail into account when you want to invest in this cryptocurrency.
To all this, we must add the fact that the resale value is not always reassuring, since the potential remains relatively low.
Also, if the mining of coins remains a simple activity and accessible to all, this is not really the case for the installation of coins of Litecoin. In addition, mining equipment is not often available on time. This prevents the creation of units of this cryptocurrency, since the mining stage remains a fundamental aspect.
Finally, the extraction of Litecoin coins is sometimes demanding, because it requires a fairly significant consumption of energy.
On which platforms to buy Litecoin?
Like Bitcoin, there are platforms from which it is possible to buy and sell Litecoin. Remember that Litecoin is less common than Bitcoin, but that does not mean that it is impossible to acquire it. The marketplaces for the purchase of these electronic coins exist, but they remain smaller compared to those of Bitcoin.
Below are some platforms on which it is possible to purchase Litecoin coins.
How to buy Litecoin on eToro?
eToro is a Litecoin coin purchasing platform. It is especially very practical for beginners.
Registration and login
First, before you can buy Litecoin, you need to register and create an account on the site. Once the account is created, just log into your account to start the purchase process.
Locating Litecoin on the platform
Once connected to the eToro account, you will have access to the platform interface. Then, click on “Markets” to access the purchase interface and then on “Crypto”. A list of cryptocurrencies will appear, from which to choose and click on “Litecoin”.
Purchase of Litecoins
After clicking on “Litecoin”, we can then proceed to purchase. Under the “Purchase” tab, a window will appear, where it will be necessary to make some settings, including the amount. It is up to you to define the amount you want to invest in Litecoin.
At this level, it is also possible to set the currency of your choice (euros or dollars). To confirm the purchase, simply click on “Opening order” and voila.
How to buy Litecoin on Binance?
Binance is a leader when it comes to trading cryptocurrencies. The platform offers relatively low fees.
Registration and login
Registering with Binance is a very simple process that takes very little time. This is an essential step to start buying Litecoin coins on the platform.
Note: It is not necessarily necessary to carry out an identity verification on the site, whether for purchase or sale.
It is mandatory to have cryptocurrencies on the platform; it is a sine qua non condition for the purchase of electronic parts on the site. In reality, it’s impossible to make purchases using conventional currencies like the dollar or the euro.
It is easy to get cryptocurrencies to fund your Binance account. Indeed, there are platforms that offer the purchase of cryptocurrencies using the euro or the dollar. This is the case for platforms like Coinbase or Kraken.
When you have cryptocurrencies, you can then make a deposit on Binance. Go to the “Wallet” tab and click on “Deposit”.
Now enter the name of the document to be deposited. This will be displayed if the part in question is available on the platform. Click on the cryptocurrency then copy the reception address and then paste it on the site on which the deposit was made.
Do not hesitate to consult the deposits page to see if the deposit is in progress or if it has been successfully completed. Once the operation is successful, it only remains to spend your coins.
Purchase of Litecoins
To buy Litecoins, this can be done against BTC or BNB for example. If you have other cryptocurrencies, it is recommended to sell them for bitcoins, due to the price of the cryptocurrency. So you can use it so you can buy Litecoins. To do this, simply choose the cryptocurrency with which you want to buy in the right window. Then, indicate the value “LTC” and click on the proposed pair.
Now click on “Market” to make your purchases at the cost prevailing on the market. It remains only to specify the number of LTCs desired and to click on “Buy LTC” to fund your portfolio.
How to buy Litecoin on Coinbase?
Coinbase is an online platform where you can buy or even sell Litecoins. The company’s headquarters are based in San Francisco.
Registration and opening an account
To start your purchase on Coinbase, it is necessary to register beforehand. Registration on the site is relatively simple and quick. You will be asked for some personal information such as your first name, last name, email address, password, etc.
To validate your account, you must provide proof of your identity. To do this, simply scan or photograph your documents from your smartphone. It can for example be:
- Your national identity card;
- Your passport ;
- Your driver’s license.
Purchase of Litecoins
Once the account is validated, the next step is to add a payment method so that you can buy your coins. After choosing your payment method, you can then buy your cryptocurrencies and have them appear in your electronic wallet.
What are the payment methods to buy Litecoins?
To buy Litecoins, there are several payment solutions.
Buy Litecoin by credit / debit card
Several platforms offer the purchase of Litecoins by bank card. It is the safest and quickest way to get these electronic parts quickly. It’s important to note that fees can vary from platform to platform. It is therefore advisable to take this detail into account when choosing the platform.
Buy Litecoin via electronic wallets
It is also possible to buy Litecoin via electronic wallets like PayPal. Generally, this payment method is not popular with exchange sites, which can make the fees much higher.
Note: The purchase of Litecoin is also possible via Skrill just like Neteller.
Buy Litecoin with cash
Buying Litecoins with cash is an uncommon transaction. However, there are platforms that offer this method like LitecoinLocal.
The Coin Tribune’s review on the best way to buy Litecoin
Litecoin is a way to exchange goods and services between users. This cryptocurrency has very interesting features that allow it to compete with Bitcoin, although it is recent on the crypto market.
This digital currency has prices that follow the upward trend, which can guarantee a certain financial autonomy. However, it is important to know how to seize the opportunities to make the most of your investment.
In other words, you have to know the best way to buy these parts. For this purpose, it is preferable to buy Litecoins on reliable and secure platforms such as Coinbase, Binance or eToro. Binance stands out from the crowd due to the transaction costs which remain the best on the market. Many discounts are offered on this platform. In addition, it is necessary to favor the period when the value of Litecoin drops to make purchases. You can buy in large quantities and get an attractive added value. Finally, for the purchase of Litecoins, the bank card remains an ideal solution.
In conclusion, Litecoin has remarkable advantages, particularly in terms of the speed of transactions and the quantity of Litecoin units generated (around 80 million). Operating on a decentralized system, this currency allows users to manage their finances and secure them independently. Litecoin can be purchased through brokerage platforms or through mining, which remains a very complex medium. In addition, just like Bitcoins, you have the opportunity to transfer your Litecoins via WhatsApp.