Dummies Guide: How to Buy Litecoin?
Wondering how to buy Litecoin? Here’s everything you need to know for a quick and hassle-free purchase.
- How to buy Litecoin
- How to store Litecoin
- Best Hardware Wallets for Litecoins
- How to Send Litecoins to Your Wallet
- Best Exchange for Litecoins
Cryptocurrencies have become the center of attraction and irrespective of whether you’re an investor yet or not I’m sure the buzz is hard to resist.
2018 is expected to be a booming year for most cryptocurrencies such as Bitcoin, Ethereum etc. and while their prices have surged lately there’s a giant in the waiting that’s yet to peak. Yup, it’s Litecoin we’re talking about and if you’re interested in making an investment quickly here are the best exchanges to buy from.
How do I Buy Litecoin?
Here’s where you can buy your Litecoins from:
Coinbase has been a stellar exchange for long now and boasts of over a million monthly users. Be it Bitcoin, Ethereum or Litecoin, for many Coinbase is the go-to exchange. It’s quick, easy to use and allows multiple modes of payment. Here’s how to buy Litecoin on Coinbase:
- Hit the Sign-up button on the top right corner of the Coinbase homepage.
- Next, fill up the required details like your name, email etc. Make sure you enter the exact details as per your ID proof.
- Next up, you’ll need to enter a preferred payment option. Using debit/credit cards is quicker but you’ll be charged a higher fee. While bank transfers are cost effective it will be weeks before you receive your coins.
- Now, click on the buy/sell option in the main menu and select Litecoin.
- Enter either the amount you’d want to spend in your local currency or the number of Litecoins you want and hit the buy button.
- Once you have confirmed your purchase you’ll soon be able to see your Litecoins depending on your mode of payment.
How to Store Litecoins?
Well, there are 2 ways to store your Litecoin:
Leave in the exchange Wallet
One of the easiest ways to store your Litecoins after making a purchase is to leave on the exchange itself. Don’t forget to enable the 2-factor authentication for added safety but even after that are exchange wallets really safe?
In recent times, even the biggest of exchanges such as Bitfinex have come under DDOS attacks and that’s why we’d recommend storing your coins on a hardware or desktop wallet.
Use Desktop Wallet
Desktop wallets are free and safer than exchange wallets and more suited for long-term currency holders. You can download your desktop wallet from the official Litecoin website.
Security of your coins comes down to the chosen password. Make sure it’s a strong one (something you’ll neither forget nor prone to hacks).
Also, ensure you’re using the right security measures on your system and are technically sound to handle any errors or system failures.
Switch to a Hardware Wallet
So let’s say you’re not technically sound enough or don’t want to leave your coins prone to hacks on your system or the exchange, so what do you do now?
Well, a hardware wallet like the Nano Ledger S is the best alternative and while it doesn’t come free, it’s certainly worth every penny. These wallets plug into your system like any USB only a person with the physical wallet and password can access the coins.
These wallets encrypt the private keys so access to your crypto assets isn’t possible otherwise.
Best Hardware Wallets for storing LiteCoins
If you’re looking for something compact the Nano S is our top recommendation. The crystal clear LCD display shows all the latest transactions which can be confirmed using the 2 buttons. It’s password protected ensuring optimum safety (don’t forget the password or lose the wallet though).
However, if you’re looking for something even safer, larger in size and don’t mind paying a premium the Ledger Blue is the ideal pick. It comes with a colored touchscreen for easy access, unmatched safety and security features and a backup/restore feature so you’ll never lose those precious Litecoins.
How to Send Your Litecoins to Your Wallets?
Want to send your Litecoins to your new Nano S or desktop wallet? Here’s how it’s done.
- On your accounts page, hit the Send/Request button on the right-hand side corner of the window.
- After the setup of your wallet, you’ll be given an address like 1BSy1wRG3ojQiCKFRcezqsf9nfUSBLY82o. Enter this address in the Recipient column.
- Next up, Enter the amount you’ll like to send in LTC. Select the Mac option in case you’d like all of it transferred to the wallet and hit Send.
- Your coins should show up in your wallet in about 5-25 minutes unless there’s a backlog or other network related issues.
Double check on the address before hitting send as lost coins cannot be recovered
In case you’re looking to sell your Litecoin, you can add the coins back to any of your exchange wallets and trade it for a cryptocurrency of your choice like bitcoin, Ethereum etc.
Tip: You’d want to hang onto them in 2018
Best Exchange for Litecoin
Another crypto exchange that has shot to fame in recent times is Binance and for good reason. Deposits and withdrawals can be made within minutes and the simple trading process is perfect for first-time users. Creating an account on Binance takes minutes.
- Click on Register
- Enter the email and password of choice.
- Check the entered email for a confirmation mail.
- Once the account has been confirmed, select an authentication method and voila, your Binance account is ready for trading.
But unlike in case of Coinbase where payment can be made in fiat currency, with Binance you’ll first need to purchase either Bitcoins or Ethereum to make the trade.
Similarly, you can add Litecoins to your Binance Wallet and trade it for other coins.
New to Binance? Here’s how to trade on Binance