How to Buy Litecoin LTC A Step-by-Step Guide

how to buy litecoin

Most countries view cryptocurrencies like Litecoin as property or investments, imposing taxes based on capital gains or losses. However, the specifics can differ, so it’s crucial for investors to understand the tax laws in their respective countries. Binance, the largest centralized cryptocurrency exchange globally, is renowned for its high liquidity, competitive fees, and extensive range of trading tools and products. It provides a robust platform for buying Litecoin, accommodating users with varied investment strategies and technical expertise. It aims to demystify the process of buying Litecoin and equip readers with the knowledge needed to navigate the cryptocurrency landscape. If you’re using a payment or Litecoin-specific app, you can fund your account by linking a bank account or debit card.

  • Beyond availability, you’ll want to compare the best cryptocurrency exchanges for qualities such as fees, security and simplicity.
  • Most exchanges operate from a web address, though some also offer smartphone app compatibility if you prefer.
  • The technical indicators predict that Litecoin can hit $200 in 2025 and be traded at $237 for its maximum price.
  • Every bitcoin transaction that has taken place in the more than 15 years since the digital currency network has existed has been logged on the network’s blockchain.
  • The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.
  • Once you’ve created your account and funded it, you can make your purchase.

Buying with other cryptocurrencies

This is a useful feature, but it may also mean your assets are more exposed to hackers or thieves. If you want more control over your crypto assets, you can hold them yourself in what is known as a crypto wallet. More broadly, there are thousands of cryptocurrencies, all competing for the same investor dollars. And beyond crypto, there are many other investments such as stocks, bonds or real estate that you might want to consider. While the major exchanges have insurance against hacking events and such, you might opt to store your Litecoin in one of these offline wallets. If you’re new to crypto, you might not be used to having choices for where to “store” an asset.

how to buy litecoin

What to Keep in Mind Before Buying Litecoin?

Litecoin’s halving event takes place every four years, and it reduces the supply of the coin by 50%. This is why many investors anticipate that the halving event will positively affect Litecoin’s price, as it will create scarcity for the coin. However, Litecoin experienced a successful recovery in 2023 and marked its previous price high of $100. The coin witnesse­d an impressive surge on July 4th, soaring to a 14-month high of $114. In just one week, Litecoin outpe­rformed the broader cryptocurre­ncy market by surging nearly 30%.

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how to buy litecoin

A cold wallet is a device that plugs into your computer and offers physical storage. These wallets don’t connect to the internet, so they’re a little less convenient in terms of accessing your coins. The most important step is to make sure the exchange supports Litecoin. However, you might want to take some time to think about whether you’ll trade smaller coins in the future. Next, you will need to fund your account, which you can do using many different methods.

  • Fortunately, Cointal handles peer-to-peer transactions for everything from bitcoin, to Litecoin, to Ripple.
  • Despite Dogecoin having three times Litecoin’s market capitalization, the memecoin daily transaction surprisingly falls below.
  • Click on [Litecoin] to select it and revert back to the transaction form.
  • Also, you can use an ASIC machine to increase the efficiency of your block rewards.

how to buy litecoin

Each batch of transactions is added to the blockchain by one computer (i.e., miner), which is chosen via a competition that involves solving a complex puzzle. The Modest Wallet is a digital publication that does not offer any kind how to buy litecoin of personalized financial advice. We have advertising and affiliate relationships with some of the companies mentioned and reviewed on this publication. For more information please read our full disclaimer and how we make money.

When you have selected a deal you like the look of, click the “buy” button on the right-hand side and you’ll be taken to the relevant deal page. Double check the details of the transaction and then hit the “Buy Now” button, and you’ll be taken to the login page, at which point — if you haven’t already — you’ll need to make an account. We recommend that you store your Litecoin in a cold storage wallet. He has over a decade of experience writing in the personal finance space for outlets such as Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.ca. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. Verify your identity with our providers to buy crypto without any hurdles.

Best Crypto Wallets: Top Picks for 2024

Their fees are very low compared to most other trading exchanges too! This is the exchange I recommend for those wanting to buy Litecoin with Bitcoin or Ethereum. However, CoinFlip has created a multi-crypto ATM system that allows cash purchases for Litecoin! There is even cash out function for LTC so that you can sell your LTC for cash. This depends entirely on where you are trying to buy Litecoin from, and also the method of purchase, too. This is because different ‘territories’ (countries and states) have different rules and so some countries cannot use certain Litecoin exchanges.

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With Changelly, you can use a Visa or a Mastercard credit card issued in your local currency. Litecoin was never intended to replace Bitcoin, according to its founder Charlie Lee. The cryptocurrency’s role as a peer-to-peer digital currency complements its older sibling. It, however, has some slight distinctions, such as cheaper and faster transactions. Litecoin is a peer-to-peer cryptocurrency that can be used to make and receive payments on the internet without the need for an intermediary.

You can instantly buy or sell digital currency by paying using a debit card, credit card, or bank account transfer. The exchange also offers leveraged trading and access to crypto futures, thereby allowing traders to buy cryptos bigger than their wallet balances. If you’re new to the cryptocurrency market, you might want to start your investing career with Gemini. Gemini is a straightforward broker that focuses on providing investors with a simple trading platform they can use to buy and sell some of the most popular digital currencies in just a few clicks. Gemini’s platform gives you 24/7 access to your coins, and you can track how your investment is changing over time with a glance.

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