Whether or not you’re new to cryptocurrency or well-versed in digital foreign money, there may come a time once you need to add Litecoin (LTC) to your holdings. Litecoin is usually referred to as “the silver to Bitcoin’s gold,” though it’s a very separate cryptocurrency.
Created by Charlie Lee in October 2011, Litecoin was one of many first cryptocurrencies to launch after Bitcoin. The crypto goals to be a world digital fee designed for on a regular basis transactions with its quicker pace and decrease prices.
The place Can I Purchase LTC?
You should buy LTC with a number of totally different fiat currencies on quite a few totally different crypto exchanges. Listed below are a number of exchanges the place you’ll be able to change Canadian {dollars} for LTC:
With Kraken, customers can pair LTC with a number of fiat currencies, not simply the U.S. greenback. You’ll be able to pair LTC with the euro, the British pound, the Australian greenback and naturally, the Canadian greenback to call a number of. Kraken means that you can purchase Litecoin with Canadian {dollars} immediately utilizing an Interac e-Switch out of your checking account, provoke a wire switch or make an in-person fee at your native Canada Submit.
Notice the terminology of “buying and selling pairs,” which comes up very often on crypto exchanges. One instance of a buying and selling pair is LTC to Tether (USDT). Within the case of LTC/USDT, bitcoins could be transformed into Tether, a stablecoin whose worth is pegged to the U.S. greenback.
Should you’re seeking to purchase and commerce LTC with Tether, listed below are a number of exchanges that pair USDT with LTC:
- Binance.com
- KuCoin
- Bybit (all provinces besides Quebec)
How To Purchase LTC
1. Select a Cryptocurrency Trade
You should buy Litecoin immediately by means of Litecoin-specific wallets, akin to Litewallet, a cellular app out there by means of Google Play.
Should you’re all-digital at coronary heart and need to use Litecoin for funds, you’ll be able to seemingly get by with a Litecoin-specific app that permits you to purchase and promote Litecoin.
Should you plan on utilizing Litecoin as an funding, you’ll most likely do higher by opening an account at a crypto change.
You’ll additionally need to be certain that the crypto change you select affords Litecoin, which received’t be too tough because it’s a well-liked digital foreign money. Past availability, you’ll need to examine the best cryptocurrency exchanges for qualities akin to charges, safety and ease.
2. Purchase Litecoin
When you determine on an app or change for purchasing Litecoin, you’ll have to find out methods to fund your buy. Should you’re utilizing a fee or Litecoin-specific app, you’ll be able to fund your account by linking a checking account, credit score or debit card. Take into account that not all banks or bank card issuers in Canada assist you to carry out crypto-related transactions.
When you’ve funded your account, you’re able to make your first Litecoin buy. Relying on the app or change you’re utilizing, the purchase transaction could possibly be so simple as a click on, otherwise you may need to enter the ticker (LTC) and point out the quantity you need to buy.
When your buy is full, you may personal full Litecoins or partial cash. For instance, if Litecoin is buying and selling at $100 and also you need to make investments $50, you’ll personal 0.5 LTC. Should you make a purchase order for $100, you’d personal 1 LTC.
3. Retailer Your Litecoin
Should you’re new to crypto, you won’t be used to having decisions for the place to “retailer” an asset. However with Litecoin, you might have a number of decisions.
A lot of the in style crypto exchanges have built-in digital wallets the place you’ll be able to retailer your Litecoin and different crypto purchases. Some of us favor to retailer their crypto in a separate digital wallet that’s not linked to the web to assist maintain their crypto secure from hackers.
Whereas the foremost exchanges have insurance coverage towards hacking occasions and such, you may decide to retailer your Litecoin in considered one of these offline wallets.
Listed below are a number of choices for storing your LTC:
- {Hardware} Wallets. These are a standard digital asset storage methodology, the place {hardware} gadgets retailer the non-public keys to the homeowners’ belongings and assist you to work together with the pockets with out exposing your knowledge. These gadgets can connect with your PC, cellphone or pill to transact with LTC. A couple of {hardware} wallets that help LTC embrace Leger, Trezor and BitBox.
- Paper Wallets. For paper wallets, you utilize a non-public key to ship funds. In your paper pockets, merely print your non-public keys and restoration passphrases on a chunk of paper after which retailer it for safekeeping. This is called a “chilly pockets.”
- Desktop/Cellular Wallets. Cellular and desktop wallets are usually thought of “scorching wallets” recognized for his or her ease of use. However scorching wallets could be susceptible to on-line assaults, so it’s essential to analysis the repute of the pockets the place you intend to retailer your crypto. A couple of cellular wallets that assist you to retailer LTC embrace Edge, Mobi and Exodus.
- Crypto Exchanges. Many exchanges that commerce LTC will allow you to retailer your crypto. A few crypto exchanges embrace Coinbase and Newton.
Ought to You Purchase Litecoin?
Earlier than you make investments your cash, know the dangers of cryptocurrency and maintain your funding to a small quantity of your web price.
As with all cryptocurrencies, Litecoin is usually a extremely risky asset. Specialists recommend limiting your funding to a small fraction of your web price in cryptocurrencies, together with Litecoin.
