Litecoin, a cryptocurrency that’s designed to be quicker and cheaper to transfer than Bitcoin, is growing in popularity among investors.
Launched in 2011 by former Google employee Charlie Lee, the peer-to-peer currency aims to be a “lighter” version of Bitcoin that is more convenient to exchange. In addition to being flexible, Litecoin has remained a top performer over the past eight years while other coins have failed.
If you’re interested in learning how to buy Litecoin, read on to discover how. Your first step is to get a Litecoin wallet. You’ll then need to find an exchange that sells the coin.
Getting a Litecoin wallet
Before you buy Litecoin, you’ll need a secure wallet in which to store your funds. Your main two options are a hardware wallet or a software wallet.
Hardware wallets are physical devices that enable you to store your crypto offline. They’re considered the most secure way to store your cryptocurrency, but they can be expensive. A software wallet lets you store coins on your computer. It’s also free, which makes it a good option for people dipping their toes into cryptocurrency trading.
You can also store some of your Litecoin in the wallet attached to your account on a cryptocurrency exchange. This enables you to quickly access the Litecoin that you plan to trade. However, this is not considered a good long-term storage solution because the wallet belongs to the exchange and you’re at greater risk of hackers stealing your coins.
Buying Litecoin through an exchange
Learning how to buy Litecoin through an exchange is fairly simple. You can use a cryptocurrency exchange to buy Litecoin with either fiat or another crypto.
With its instant liquidity, you’ll be able to buy Litecoin quickly and securely.
Other ways to buy Litecoin
As well as buying Litecoin online, you can also buy Litecoin in person with cash.
Instead of buying Litecoin directly, you could first buy Bitcoin through a peer-to-peer exchange such as LocalBitcoins.com and then trade your Bitcoin for Litecoin on an exchange. The advantage of peer-to-peer exchanges is you don’t have to complete a lengthy identity verification check.
Other options for obtaining Litecoin include trading other altcoins for Litecoin, mining Litecoin, and accepting Litecoin as payment for goods and services.
Litecoin’s future
The growing popularity of Litecoin, together with its positive price predictions, is likely to see even more exchanges add Litecoin in the near future. This will open up further choice for Litecoin investors, traders, and enthusiasts.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.