You will also have to specify the payment method and the asset you wish to buy. To do that, refer to our prior section on how to buy Litecoin using the ‘Transact’ order form. Here you will specify which assets you will be trading from and to which you will be converting.
The platform offers vast flexibility in investing in both conventional and digital assets. For seasoned traders, it will serve as a refresher on the updated pay for flights with bitcoin means for buying their favorite digital assets. Bitcoin’s PoW consensus mechanism requires miners to include a mathematical proof of work with the transactions in a new block. These proofs can only be generated through trial and error, forcing miners to compete for each block. The victorious miner claims a set block reward, plus the transaction fees assessed by the network. This system is secure, but opponents argue it promotes centralisation by concentrating rewards based on hashrate.
EToro is another platform that enables Litecoin trading, however, we advise against using this platform as it won’t give you direct control over your digital assets. Once you decide on an app or exchange for buying Litecoin, you’ll have to determine how to fund your purchase. If you’re using a payment or Litecoin-specific app, you can fund your account by linking a bank account or debit card. In the U.S., investors can buy Litecoin through centralized exchanges like Coinbase, Binance US, and OKX, which offer a secure and regulated platform for trading. Decentralized exchanges provide a peer-to-peer trading environment without intermediaries.
Buying Bitcoin in the USA, UK, or Canada is a straightforward process once you know the steps. Remember, as with any investment, it’s essential to do your own research, understand the risks, and stay informed about market trends and regulatory changes. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. Overall, how you buy Litecoin will depend on your location and your payment source. If you’re lucky enough to be based in the USA, UK or Eurozone, you’ll have access to plenty of different trading platforms and exchanges. In this guide, we’ll walk you through everything you need to know about buying Litecoin using RockItCoin Bitcoin ATMs and the RockItCoin mobile app.
- While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges.
- Litecoin is a cryptocurrency created by Charlie Lee in 2011 as a faster alternative to Bitcoin.
- This bureau safeguards the US financial system by working to prevent money laundering, terrorist-financing activity and other financial crimes.
- Always confirm important product information with the relevant provider and read the relevant disclosure documents and terms and conditions before making a decision.
- If you’ve already got a personal non-custodial wallet, you can sometimes use it to purchase LTC directly via an in-built exchange integration.
- However, this convenience is primarily available in regions where PayPal supports cryptocurrency transactions, such as the United States.
Buy Litecoin Using Bitcoin or Other Altcoins
Note that the fees collected when purchasing cryptocurrencies via PayPal or other means are due to the risks involved with irreversible transactions. While we have discussed most of ripple reports no fallout in asia pacific business after sec lawsuit the popular means of buying Litecoin, there are other means we are yet to touch on. If you prefer the use of Skrill, PayPal, MoneyPolo, or any other means of purchase means, the only option you have is to first purchase Bitcoin and thereafter trade it for Litecoin.
Step 1
This makes it a great choice for people who want to move money quickly and without paying high fees. Given these advantages, Litecoin has gained a strong foothold in the cryptocurrency market, making it one of the top 30 cryptocurrencies by market cap. Whether you’re interested in buying Litecoin as an investment or using it for transactions, RockItCoin is here to help you every step of the way.
How to pick the best crypto exchange for yourself?
’ It is Litecoin, one of the first altcoins to launch in 2011, after the creation of Bitcoin. Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website. Compare today’s price of Litecoin ($69.24 USD) against its all-time high (ATH) price of $410.26 USD on May 10, 2021. The closer the bar is to 100%, the closer LTC is to reaching its ATH again. This is a standard security procedure for most exchanges in the US and requires you to upload some photo ID, and in some cases a selfie with today’s date.
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. Bitcoin has the highest digital value store with its extreme scarcity and brand recognition, while Litecoin provides faster transaction times that make it more suitable as a means of exchange. Litecoin has scarcity, as well, giving it a greater potential price upside than many other altcoins.
- Never keep your Litecoin on an exchange (like Coinbase, Binance, etc.).
- My interest in financial markets and computers fueled my curiosity about blockchain technology.
- This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you’ve pre-funded your account with a bank transfer.
- The article emphasizes the importance of understanding the tax implications of buying Litecoin.
- Whether you’re new to cryptocurrency or well-versed in digital currency, there might come a time when you want to add Litecoin (LTC) to your holdings.
- All examples listed in this article are for informational purposes only.
Why invest in Litecoin?
Click on Litecoin to select it and revert back to the transaction form. At this stage, you will need to specify which asset you wish to buy, and in our case, that will be Litecoin (LTC). Click Done to close the window and revert back to the transaction form.
It aims to demystify the process of buying Litecoin and equip readers with the knowledge needed to navigate the cryptocurrency landscape. A crypto exchange platform is suitable if you are buying Litecoin as an investment. But, you must consider the features, accessibility, fee structure, and security practices of a platform before proceeding to use that crypto exchange.
There isn’t a global standard and so exchanges have to follow whatever electronic payment laws exist in the territories they wish to trade in. 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. BitPanda, however, allows you to do bank transfers from within the EU only. Coinbase transfers can take upwards of five to seven working days in the US and around one to three days in the EU.
It has faster block generation times (2.5 minutes) compared to Bitcoin (10 minutes) and offers lower transaction fees. Throughout its history, Litecoin has been lauded for its quick transaction times and low fees, which have been instrumental in its adoption for both investment and transactional purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
Why is Litecoin Popular?
The feature is only supported with a credit/debit card payment method. Uphold makes it easy to buy, sell and exchange assets within the same category or across varying categories. For instance, you can buy Bitcoin and trade it into Litecoin effortlessly or trade gold for Litecoin.
There are two options to choose from when specifying when to cancel the repeat order. You can set to automatically cancel the order on a particular date or to have the order repeat for a certain number of times called occurrence. You can use the search feature to locate Litecoin easily or scroll to the cryptocurrencies section, click to expand the More assets link, and scroll further to find it. My interest in financial markets and computers fueled my curiosity about blockchain technology.
Step 3 – Add payment details
Finder compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. If you are buying LTC to speculate on its price in the short term, you might want to buy it on an exchange such as Gemini or Public, platforms that custody the asset for you.
Choose a Cryptocurrency Exchange
Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the how to keep safe from cryptocurrency scams buyer).