Satoshi Nakamoto created Bitcoin in 2009. After that, other developers did not take much time to replicate Bitcoin’s success. Litecoin (LTC) is often regarded as the ‘lite’ version of Bitcoin. Charlie Lee, the founder of Litecoin, expressed its creation as ‘a coin – that is silver to Bitcoin’s gold.’

As of March 8, 2022, Litecoin has a market capitalization of $7.0 billion, and a per token value sits at $100, making it the 21st-largest cryptocurrency in the world. Ultimately, Litecoin is much faster and more cost-effective compared to Bitcoin.  If you are interested in exploring Litecoin, this blog is for you! So, without further ado, let us begin.

1

What to Consider when Buying Litecoin?

There are some points every buyer must consider before buying Litecoin. Let’s explore these together.

The cost of buying LTC

The first and foremost thing to consider is the price of the coin. Over the years, Litecoin has managed to showcase a price band of $50-$20,000.

Hence, it is essential to know the exact price and how many Litecoins you’re willing to buy! The current market price (CMP) is 101.19 per (LTC/USD), somewhere on the lower side. However, on better days, Litecoin’s price has climbed multifold.

Finding a reputable exchange

Once you have an idea about how many Litecoins you want to buy, the next step is to find an online broker or an exchange platform to buy LTC.

As this case is quite sensitive, we suggest you partner with a reputed broker. Some crypto exchanges operate without associating with an official regulatory body. Plus, doing in-depth research will save you from illegitimate platforms where you may end up losing a lot of money. Some popular choices include Coinbase, Binance, and eToro.

Bonuses at crypto platforms

If you are using a crypto exchange, you must know its pros and cons. One of the pros includes knowing whether your crypto exchange provides any bonus or not.

For instance, if your crypto exchange offers some free coins (in low value) on every transaction, it is considered a better option. Yet, this was just one factor.

Is the platform user-friendly?

Of course, you do not want to be bombarded with complex data and charts. As a beginner, you must look for an exchange with a simple user interface. Therefore, choosing a crypto exchange with a simple UI is essential for every Litecoin buyer.

2

Where to Get Litecoins?

We have already told you things you need to consider before buying Litecoin. Now, we will know the different mediums to acquire Litecoin.

Cryptocurrency Exchanges

Crypto exchange platforms enable you to trade crypto assets. Users need to have access to an asset exchange for trading in cryptocurrency.

Crypto exchanges are also known as Digital Currency Exchange (DCE). Crypto exchanges provide higher liquidity to trade your cryptocurrency for USD, stable coins, as well as other altcoins.

Trading Apps

You can get Litecoin via trading apps like Coinbase, Binance, CoinDCx, etc. These apps allow investors/traders to trade or invest in cryptocurrencies using their mobile devices. Some trading apps don’t even charge a commission on crypto transactions.

Litecoin ATM

A Litecoin ATM acts as a physical LTC exchange, allowing you to buy and sell Litecoin with USD or other currency. The ATM includes a scanner, a cash dispenser, and a computer to track and manage the transactions.

Additionally, a Bitcoin ATM also supports Litecoin transactions and can be used to buy or sell LTC.

Brokerages

Another option to get Litecoin is via brokerage websites like eToro. Start with signing up for an account. Verify your identity using your official ID with all KYC requirements. Add payment options like credit/ debit cards or bank transfers. Visit the LTC section on the brokerage using the search bar, e.g., Litecoin or LTC.

3

The Steps of Acquiring Litecoins

Now that we have seen various ways to get Litecoin, it is time to understand the process of acquiring LTC. We have defined easy steps on how to get Litecoin below!

  1. Choose a Platform to Buy Litecoin From

You can begin your Litecoin journey by selecting a crypto exchange platform that is trustworthy but also a right fit for you. After due research, you need to choose your DCE and create an account! Make sure you follow all the steps mentioned above!  

  1. Choose a Payment Option

Every crypto exchange provides multiple payment options to pay for Litecoin. You can pay for Litecoin using your credit/debit cards or direct bank transfers. Go to the ‘fund’ section of the crypto exchange >> use the ‘deposit’ function to fill your wallet before purchase.

  1. Place Your Order

The next step is to purchase Litecoin. You can use the funds deposited in your wallet to buy LTC.

Open the crypto platform, visit the LTC section using the search bar, choose order quantity and make the payment.

  1. Receive and safely store your LTC

Once purchased, it is time to store those Litecoins safely in a Litecoin wallet. A crypto wallet is like a locker where you preserve your cryptocurrencies online. However, there are other offline wallet options as well!

Make sure you choose a trusted and reputable wallet. There are numerous Litecoin wallets available in the market.

FAQ

How much does Litecoin cost?

Currently, you can buy LTC with your credit/debit card for 100+ USD. Simplex, Litecoin’s partner, provides this service.

How to get free Litecoin?

As mentioned above, some websites provide free Litecoin or other cryptocurrencies. In small amounts, though. 

What risks are there when buying LTC?

The list of risks includes expensive transactions and money-related scams. 

What is the fastest way to earn Litecoin?

Litecoin trading is a quick way to earn LTC. Besides, it is riskier to trade as it has high volatility.

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