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With $5.0 billion market capitalization, Litecoin is known as the silver version of Bitcoin.
However, it has a faster block time as compared to Bitcoin. Having many benefits over Bitcoin, Litecoin is a preferred crypto for trading.
Let’s learn where and how to buy Litecoin, what’s different in it, is it worth your investment, and the future of Litecoin with this detailed guide.
Where to Buy Litecoin Crypto?
Just like other cryptocurrencies, you can easily buy Litecoin from multiple websites. Below, you’ll find a few services with the best Litecoin (LTC) value for purchasing:
Centralized Exchanges (CEX)
When it comes to buying crypto, centralized exchanges are the number one choice. Why? Because they are user-friendly, and the chances of getting scammed are also low.
- 245,000 ecosystem partners
- Trusted by 100+ countries
- It has SAFU (Secure Assets Fund for Users) insurance.
- $65 billion average crypto transactions per day.
- You can trade 200+ cryptocurrency
- It has flexible funding options and enhanced security.
- Available in 150+ countries
- You can buy Litecoin for $30 as well.
- Use TLS version 1.2, HSTS policy, and 256-bit AES level encryption.
- It has 9 years of experience with crypto trading.
- Ranks top 3 exchanges for crypto transactions.
Why Choose CEX for Litecoin?
- CEXs provide a wide range of buying and selling pairs.
- An excessive liquidity
- It has user-friendly interfaces
- Consists of diversity in deposit and withdrawal strategies, along with fiat currencies like USD or EUR.
Decentralized Exchanges (DEX)
If you are looking for fast Litecoin trading, use decentralized exchanges. What are decentralized exchanges? Simple, they are not operated by any authorized entity like Centralized ones. Due to this, they are much faster and provide p2p services to their users.
Why choose DEX for Litecoin
DEXs emphasize personal control and privacy, as they don’t require users to deposit finances on the exchange. Instead, they use contracts to facilitate peer-to-peer trades.
How to Purchase Litecoin Crypto
Most of your work is done after knowing where to buy Litecoin crypto. You only need to follow the guidelines provided by the selected exchange and start trading with Litecoin.
However, if you find the procedure confusing, we have summarized the general steps to buy Litecoin crypto:
Select a Cryptocurrency Exchange for Litecoin
Start by deciding on a reputable cryptocurrency trade that supports Litecoin. Some popular exchanges wherein you may buy Litecoin consist of Coinbase, Binance, Kraken, and MoonPay.
Or, if you are going for decentralized exchanges, Paxful and SwapSpace are better for you.
Ensure the crypto trading service is accessible in your area for Litecoin and complies with your country’s guidelines.
Create an Account
Sign up for an account on the chosen service by filling out the specified data requirements and finishing any identity verification steps, often called Know Your Customer (KYC) strategies in centralized exchanges.
Mostly in DEX, you may not be prompted to verify your identity, but it depends on which business you use for trading.
Deposit Funds
Deposit funds into your account. Most exchanges accept deposits from currencies like USD, EUR, or other cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).
You can fund your account through bank transfers, credit/debit cards, or cryptocurrency transfers.
Choose the amount for LTC
Once your account is funded, navigate to the trading segment of the trade. Choose LTC as the cryptocurrency you want to shop for and specify your purchase amount.
Transfer LTC to Wallet
After purchasing LTC, make sure to transfer LTC to your wallet.
Monitor and Manage Your Investment
Keep a watch on the cryptocurrency marketplace, as expenses may be unstable. You can use your exchange account or a portfolio monitoring app to screen your Litecoin holdings and make informed buying, promoting, or preserving choices.
What’s different in Litecoin Crypto?
Although Litecoin is similar to Bitcoin, it still has aspects that make it unique and different from other cryptocurrencies.
Litecoin Core
Litecoin Core is a professional software program client for the Litecoin community. It features the reference implementation of the Litecoin protocol, permitting customers to create and manage their Litecoin wallets, mine LTC, and participate in the Litecoin network.
It’s much like Bitcoin’s Core software program in its role as the primary basis for the network.
MWEB
Mimblewimble Extension Block is a proposed upgrade to the Litecoin community that makes a specialty of enhancing security and fungibility. It consists of elements of the Mimblewimble protocol, which is understood for its robust privacy capabilities.
It aims to allow personal transactions and enhance the privacy of Litecoin transactions, making it extra challenging to trace sender, receiver, and transaction quantities.
Lightning Network
Litecoin, like Bitcoin, has applied the Lightning Network. It is a second-layer solution that enables quicker and more scalable transactions through growing customer payment channels.
It lets in for near-instant and occasional-price micropayments, making Litecoin extra suitable for multiple transactions.
Omnilite
Omnilite is a protocol built on Litecoin that lets users manage their virtual belongings and tokens. It provides a framework for creating and transferring tokens on the Litecoin blockchain. Omnilite is comparable in idea to the Omni Layer on Bitcoin, which delivered the Tether stablecoin.
Scrypt Algorithm
The algorithm of Litecoin is Scrypt. Scrypt is a memory-intensive hashing set of rules designed to be extra challenging to mine with specialized mining hardware.
It is a parallel proof-of-work algorithm, and because of this, it can be mined using multiple processors or GPUs. Scrypt is likewise a sequential memory rigid algorithm, requiring a significant amount of memory to mine.
Several other cryptocurrencies use the Scrypt set of rules in addition to Litecoin, inclusive of Dogecoin, Verge, and Feathercoin.
How to Keep Litecoin Safely
Storing Litecoin (LTC) securely is essential to defend your funding. Lite wallet is a cellular wallet designed particularly for Litecoin, supplying a consumer-pleasant and convenient way to hold your LTC belongings. Here’s how to use it:
Download the Litewallet App
Visit your device’s app store (Google Play for Android or App Store for iOS). Search for “Litewallet” and download the app on your phone.
Install and Set Up Litewallet
After setting up, open the Litewallet app and create a new pocket or repair an existing one when you have a backup. Follow the instructions to set up your wallet, which typically entails creating a secure password or PIN.
To Receive LTC
To receive Litecoin, tap the “Receive” or “Receive LTC” button inside the app. You might have a Litecoin address, a QR code, and an option to share these statistics. Share your address with others who need to send LTC to you.
For Sending LTC
To ship Litecoin, press the “Send” or “Send LTC” button, enter the recipient’s Litecoin address or scan their QR code, and specify the amount of LTC you want to send and verify the transaction.
For Additional Security
For safety, enable additional protection systems, including PIN codes, biometric authentication, or multi-factor authentication (MFA). You can also use proxy or VPN services like PureVPN for better privacy and security for Litecoin trading.
Where Can You Use Litecoin Crypto?
Here are a few examples of places wherein you could use Litecoin as payment:
E-commerce
You can use Litecoin to buy services and products from many online outlets, including Newegg, Overstock, and Bitrefill.
Traveling
You can use Litecoin to e-book flights and hotels with some tour companies, including Change Airlines and Expedia.
Gift Cards
You can use Litecoin to buy gift playing cards for many famous stores, along with Amazon, Starbucks, and Walmart.
Donations
You can use Litecoin to donate to several charities, such as the American Red Cross and the Wikimedia Foundation.
What to Be Aware of While Trading Litecoin Crypto?
Even though getting started with Litecoin is a straightforward process, it still requires your cautious instinct. Why? Because of Scams.
Scamming is worse than hacking in Blockchain because you only realize someone is stealing your money once you carefully try to detect it. It is better to know them before starting your crypto journey with Litecoin.
Pump and Dump scams
Pump-and-dump scams contain a collection of people working together to artificially inflate the price of a cryptocurrency, along with Litecoin. The scammers will then sell their Litecoin at a profit, leaving the victims with worthless coins.
Exit scams
Exit scams occur when a cryptocurrency trade or platform shuts down and takes the user’s Litecoin with them.
Fake wallets
Fake wallets are phishing wallets designed to snatch your Litecoin personal keys. Once the scammers have your non-public keys, they can rob all of your Litecoin.
Ponzi schemes
Ponzi schemes are funding scams that promise excessive returns with little to no danger. The scammers will use the brand-new traders’ money to pay off the vintage investors, developing the illusion of worthwhile funding.
Giveaway scams
Giveaway scams contain scammers promising to provide free Litecoin in exchange for your private info or Litecoin.
Say “No” to Scams with VPN
The best way to minimize scamming and make your crypto experience private and secure is to go for a VPN. A VPN is simply a secret virtual connection for your crypto trading.
Although many VPNs are available, some provide cryptocurrency security, including PureVPN.
It provides no-log service, a kill switch, 256-bit AES Encryption, a multi-log facility, and compatibility with all operating systems. Isn’t it the best package for your Litecoin Trading?
Is it Worth Making an Investment in Litecoin?
One big problem with cryptocurrency is that it depends on market price. If your crypto market price increases, your investments will be worth it. But if it decreases, then you’ll lose a lot.
However, to avoid getting financial loss, always read the crypto’s future updates. Like, we have brought predictions on what Litecoin will cost in the next few years:
- According to Coinpedia, in 2030, Litecoin’s price will be $500.
- However, Changelly expects it to increase to $874.32 by 2029.
- For 2023, CoinCodex predicts that LTC will be $53.03 or $93.26.
Is Litecoin Similar to Bitcoin?
| Feature | Bitcoin | Litecoin |
| Hashing algorithm | SHA-256 | Scrypt |
| Block time | 10 minutes | 2.5 minutes |
| Maximum Supply | 21 million | 84 million |
| Transaction fees | Generally higher | Generally lower |
| Adoption | More widely adopted | Less widely adopted |
Which One Are You Buying Next, Litecoin or Bitcoin?
Litecoin is a flexible cryptocurrency with an increase in market price in the future. It is a superb choice for buyers, customers, and merchants alike. If you’re looking for a cryptocurrency with fast transaction times, low fees, and a growing environment, Litecoin is a great option.
Marrium Akhtar
October 25, 2023
6 months ago
