Whether or not you are new to cryptocurrency or well-versed in digital foreign money, there would possibly come a time while you wish to add Litecoin (LTC) to your holdings. Litecoin is also known as “the silver to the gold of bitcoin” regardless of being a very separate cryptocurrency.
Litecoin was created by Charlie Lee in October 2011 and was one of many first cryptocurrencies to be launched after Bitcoin. The crypto goals to be a worldwide digital fee designed with its increased velocity and decrease value for on a regular basis transactions.
The place can I purchase LTC?
You should buy LTC with a number of totally different fiat currencies on numerous totally different crypto exchanges. Listed here are some exchanges the place you’ll be able to trade Canadian {dollars} to LTC:
Kraken permits customers to pair LTC with a number of fiat currencies, not simply the US greenback. You possibly can pair LTC with the Euro, the British Pound, the Australian Greenback and naturally the Canadian Greenback to call a couple of. With Kraken, you should purchase Litecoin with Canadian {dollars} instantly out of your checking account by way of Interac e-Switch, provoke a wire switch, or make a private fee at your native Canadian Submit Workplace.
Be aware the terminology of “buying and selling pairs” which is pretty frequent on crypto exchanges. An instance of a buying and selling pair is LTC to Tether (USDT). Within the case of LTC/USDT, bitcoins may be transformed into tether, a stablecoin whose worth is pegged to the US greenback.
If you wish to purchase and commerce LTC with Tether, listed here are some exchanges that pair USDT with LTC:
- binance.com
- KuCoin
- Bybit (all provinces besides Quebec)
The way to purchase LTC
1. Select a cryptocurrency trade
You should buy Litecoin instantly by means of Litecoin-specific wallets equivalent to Litewallet, a cell app out there by means of Google Play.
In the event you’re all digital at coronary heart and wish to use Litecoin for funds, you’ll be able to in all probability get by with a Litecoin-specific app that allows you to purchase and promote Litecoin.
In case you are planning to make use of Litecoin as an funding, you’ll in all probability do higher in the event you open an account with a crypto trade.
You must also be sure that the crypto trade you select presents Litecoin, which will not be too troublesome as it’s a well-liked digital foreign money. Past availability, you need to evaluate one of the best cryptocurrency exchanges for options like charges, safety, and ease.
2. Purchase Litecoin
As soon as you have selected an app or trade to purchase Litecoin, it’s worthwhile to decide how you may fund your buy. In the event you use a fee or Litecoin particular app, you’ll be able to fund your account by linking a checking account, credit score or debit card. Remember the fact that not all banks or bank card issuers in Canada help you conduct crypto-related transactions.
Upon getting funded your account, you may make your first Litecoin buy. Relying on the app or trade you might be utilizing, the acquisition transaction may be so simple as a click on, or you might have to enter the ticker (LTC) and specify the quantity you want to purchase.
When your buy is full, it’s possible you’ll personal full litecoins or fractional cash. For instance, if Litecoin is buying and selling at $100 and also you wish to make investments $50, you personal 0.5 LTC. In the event you make a purchase order for $100, you’ll personal 1 LTC.
3. Retailer your Litecoin
In case you are new to crypto, you is probably not used to having a selection of the place to “retailer” an asset. However with Litecoin you’ve a number of choices.
Many of the well-liked crypto exchanges have built-in digital wallets the place you’ll be able to retailer your Litecoin and different crypto purchases. Some individuals favor to retailer their crypto in a separate digital pockets that isn’t linked to the web to guard their crypto from hackers.
Whereas the key exchanges are insured towards hacking occasions and the like, you’ll be able to select to retailer your Litecoin in certainly one of these offline wallets.
Listed here are some choices for saving your LTC:
- {hardware} wallets. It is a frequent storage technique for digital property, the place {hardware} gadgets retailer the non-public keys to homeowners’ property and help you work together with the pockets with out revealing your particulars. These gadgets can hook up with your PC, telephone or pill to conduct transactions with LTC. Some {hardware} wallets that assist LTC are Leger, Trezor, and BitBox.
- paper wallets. For paper wallets, you employ a non-public key to ship cash. In your paper pockets, merely print out your non-public keys and restoration passphrase on a bit of paper, then hold it for safekeeping. That is known as a “chilly pockets”.
- Desktop/Cellular Wallets. Cellular and desktop wallets are normally known as “sizzling wallets” that are recognized for his or her ease of use. Nonetheless, sizzling wallets may be susceptible to on-line assaults, so it is necessary to analysis the fame of the pockets the place you propose to retailer your crypto. Some cell wallets the place you’ll be able to retailer LTC are Edge, Mobi, and Exodus.
- crypto exchanges. Many exchanges that commerce LTC allow you to retailer your cryptos. Some crypto exchanges are Coinbase and Newton.
Ought to You Purchase Litecoin?
Earlier than investing your cash, you need to perceive the dangers of cryptocurrency and restrict your funding to a small quantity of your internet value.
Like all cryptocurrencies, Litecoin could be a extremely risky asset. Consultants recommend limiting your funding in cryptocurrencies, together with Litecoin, to a small fraction of your internet value.