This article will teach you everything you need to know to buy Litecoin in Indonesia and which exchanges you can use.
Litecoin was one of the first altcoin projects and was created by Charlie Lee in 2011. To this day, it is still one of the most popular cryptocurrencies as it offers cheaper transactions than Bitcoin. Having this affordable transaction fee means LTC can be used for everyday purposes.
Often referred to as the silver to Bitcoin’s gold, Litecoin has caught the attention of many investors and traders around the world.
Regulation around buying Litecoin in Indonesia
Regulation surrounding cryptocurrencies in Indonesia has always been fairly murky – that is, until recently. In February 2019, Indonesia’s Futures Trading Regulatory Agency – Bappebti – authorised cryptocurrencies as a trading commodity. Currencies similar to Bitcoin are now being treated as commodities and can be traded legally in the country.
Prior to this new regulation, cryptocurrency exchanges did not exist in Indonesia, and Indonesia’s Central Bank had banned all cryptocurrencies as a payment option. Having this barrier made it extremely hard for the citizens of Indonesia to buy and sell Litecoin.
However, through the decentralisation of blockchain technology, people were still able to buy Litecoin through global exchanges. The new regulation now gives these exchanges legal certainty to operate and sell in Indonesia.
The first step when buying Litecoin in Indonesia is to choose a trusted and safe exchange. Trust in the cryptocurrency space can sometimes be a very subjective matter and based on whether you want to use a centralised or decentralised exchange. Some users prefer anonymity while some users prefer to trust a reputable exchange with their funds. Always proceed with caution. As all purchases and trades are made online, there is always a risk of vulnerability in the form of cyber attacks.
Different exchanges will also offer different methods of buying Litecoin. Some exchanges will allow you use fiat for purchases, whether that’s through debit cards or credit cards. Some payment methods, especially those going through traditional banks, will lead to high transaction fees, while other payment methods will allow you to make deposits without any transaction fees at all. Keep in mind transaction times can and will vary — with traditional payments taking anywhere up to five working days to process.
Others may only facilitate crypto-to-crypto purchases so you’ll need to look for a pairing that matches your current portfolio.
Get yourself a wallet
Whatever country you live in, it is always advised to get a cryptocurrency wallet to store your assets, largely due to the risks associated with keeping Litecoin on an exchange. A centralised exchange could fail, for example, or it could fall victim to hacks and theft. There are different types of wallets available including hardware, software and paper wallets.