Litecoin is an open source global decentralized payment network created in 2011 as a fork of Bitcoin. For a long time, LTC cryptocurrency was one of the three most popular digital coins, and today it is in fourth place, behind Bitcoin, Ethereum and the stablecoin Tether. At a relatively low cost, Litecoin has a powerful community of supporters who are convinced of its prospects. The editorial staff of Btcnewsweb.com will tell you how you can buy cryptocurrency Litecoin in different ways, each of which has its own characteristics.
- 1 1. How to buy Litecoin on a cryptocurrency exchange
- 2 2. Buying Litecoin through cryptocurrency exchangers
- 3 3. How to buy LTC using payment systems
- 4 4. Buying Litecoin on peer-to-peer exchanges
- 5 5. In which wallets you can buy Litecoin
- 6 6. Telegram bots for purchasing LTC
- 7 7. Litecoin through cryptomats
- 8 Where to store Litecoin. Wallets
- 9 Litecoin prospects
- 10 Conclusion
1. How to buy Litecoin on a cryptocurrency exchange
On the crypto exchange, you can buy Litecoin for fiat money or cryptocurrency, it all depends on how you have assets and which method is more convenient. There are fewer requirements for cryptocurrency transactions, for example, you usually do not need to go through a KYC / AML check.
First of all, you need to choose an exchange (types of exchanges) that suits you in terms of the main parameters: reputation, security measures, support for the required currencies and payment methods, the size of commissions, the presence of different types of trade orders. Then register and fund your account in the currency that you have, provided that it is traded on this site in tandem with LTC.
Next, you need to create a trade order. The two main types of orders are market and limit. The fundamental difference between them is that the market allows you to instantly, without expectations, buy the required cryptocurrency at the price that is currently set by the market. The limit allows you to specify your own price, and then the operation will be performed only when a counter order appears at the same price.
2. Buying Litecoin through cryptocurrency exchangers
The use of exchangers is almost anonymous – only an email address is required for registration. It is also a very simple and quick method, so it is not surprising that beginners often prefer it. In order not to fall for a fraudulent service, it is best to choose a site through monitoring services like BestChange, which add only trusted services that have been working for a long time to their list. In addition, it will help you immediately find the most profitable course.
To work with the exchanger, you will need to specify the details of sending and receiving, and then pay for the created application. Payment details will be issued at the time of the formation of the application, and a certain time limit is set during which you need to make a payment.
Read also: list of the best cryptocurrency exchanges.
3. How to buy LTC using payment systems
It is very convenient to work with EPS. They allow you to pay for goods and services, many of them make it possible to order a plastic debit card, you can quickly exchange different types of your assets for each other, there are personal and business solutions, as well as a host of other opportunities.
If you want to buy Litecoin through a payment system, then you will need to create and, if necessary, confirm an account, and then replenish the account in the desired currency. Some systems allow you to immediately purchase cryptocurrency from a card or external wallet at the current rate. EPS are quite flexible in use and make it possible to effectively manage your funds within one account.
4. Buying Litecoin on peer-to-peer exchanges
On p2p-sites, any user can either find an offer that suits his conditions, or create one on his own and wait for responses. The commission is usually charged only to the creator of the deal. The cryptocurrency is transferred to the buyer only after payment, and before that it is temporarily blocked on the escrow account, where it is not available to any of the counterparties. Fiat is transferred directly from one person to another, without any exchange involvement.
Numerous filters will help you find a suitable deal option, including a search by payment method, by available limits, by country of location of the counterparty and many other parameters.
5. In which wallets you can buy Litecoin
Some cryptocurrency wallets, for example, Trustee Wallet, Trust Wallet or Jaxx, provide the user with the opportunity to replenish the account as quickly as possible – directly from the card at the current market rate.
After installing the wallet on your computer or phone, go to the Buy section to buy cryptocurrency. Indicate the purchased quantity, taking into account the specified limits. Confirm your intention, after which the system will transfer you directly to the website of the payment provider (Simplex, etc.). At this stage, you will need to provide the following data:
- Card number;
- day and month of expiration;
- name and surname of the holder;
- CVC code.
After that, you will need to confirm the action, usually via SMS or Push-notification. The time it takes for cryptocurrency to be credited to the account depends on the wallet, provider and network load, but on average it takes 10-20 minutes.
6. Telegram bots for purchasing LTC
The Telegram messenger makes it possible to create and use bots that automatically perform certain actions at the request of users. For example, popular telegram bots for buying, selling, exchanging cryptocurrencies @LTC_CHANGE_BOT, @Chatex_bot, @Prostocash_bot, @ Bot_60cek_bot.
Interaction with the bot is intuitive: you need to click on the buttons in the chat window that meet your needs – select the currency to be given, the received cryptocurrency, enter the details, pay for the application according to the instructions offered by the service. Due to the fact that there are many scammers, when choosing a bot, you must use links from the official websites of exchangers or p2p exchanges. Some services require you to create an account, but many provide the ability to buy and sell anonymously.
7. Litecoin through cryptomats
In Russia and other countries of the world, there are specialized cryptomats – devices similar to ATMs, but focused specifically on working with cryptocurrencies. They are produced by New Line, RusBit, Trovemat, etc.
Using the card https://www.cryptocoinmap.ru/index or https://coinatmradar.com/city/1143/bitcoin-atm-moscow/ you can find crypto ATMs with support for litecoins in major cities. Before using, ensure that you have a mobile wallet on your phone in order to transfer funds there (the cryptomat has a built-in QR code scanner, so you don’t have to enter the address manually). The device accepts cash and has certain minimum and maximum one-time recharge limits.
Where to store Litecoin. Wallets
There are many different options for storing Litecoin. Among them:
- Hardware wallets Ledger, Trezor.
- Desktop wallets Atomic Wallet, Exodus, Litecoin Core.
- Wallets for iOS and Android – Litewallet, Jaxx.
- A paper wallet can be created at liteaddress.org.
Litecoin has existed in the crypto world for almost nine years, and during this time it has experienced a significant price increase. Most likely, many of you have thought about purchasing it as an investment asset, so we recommend that you take care of choosing a reliable storage place.
Litecoin halving will take place around August 6, 2021. Many believe that the rate will soar up after this event, as it usually happens. Especially when you consider that LTC is acquiring more and more partnerships and integrations. The upcoming updates and community enthusiasm give reason to expect the coin to become a strong competitor for other digital coins.
As for the course, you can find the following predictions:
- $ 600 by the end of 2021;
- $ 900 in 2023. Recognition of Litecoin as one of the most reliable payment processing methods around the world.
- $ 1,200 in 2025 as a consequence of the 2023 halving.
DigitalCoinPrice’s forecasts are more conservative: they expect only $ 162 by December 2021. However, it should be remembered that the historical price maximum of the cryptocurrency is $ 375, which means that it still has significant potential for growth.
Of course, growth will not be smooth and consistent. High volatility is an integral part of cryptocurrencies. In general, all these are just predictions, and how much they come true depends primarily on the degree of acceptance of the coin in the world. Predicting the price for years to come is not an easy task, if not impossible. Too many factors and different “ifs” affect this indicator.
Despite the excitement around bitcoin, altcoins should not be ignored. Many of them are clearly underestimated for all their positive qualities. Litecoin is one such asset, so the decision to buy it is understandable. We hope we helped you with choosing the most comfortable way to buy cryptocurrency, which will be profitable, safe and fast. As for the future prospects of the coin, then everything will show in time – cryptocurrencies have already proven that any predictions regarding this area cannot be accurate.