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Whether or not you’re new to cryptocurrency or well-versed in digital forex, there would possibly come a time once you wish to add Litecoin (LTC) to your holdings. Litecoin is usually known as “the silver to Bitcoin’s gold,” though it’s a totally 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 worldwide digital cost 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 completely different conventional ‘fiat’ currencies on plenty of completely different crypto exchanges, together with Kraken, Gemini and Coinbase.
Find out how to purchase LTC
1. Select a cryptocurrency change
In case you plan on utilizing Litecoin as an funding, you’ll have to open an account at a crypto change.
You’ll additionally wish to be certain that the crypto change you select presents Litecoin, which gained’t be too tough because it’s a well-liked digital forex. Past availability, you’ll wish to evaluate the best cryptocurrency exchanges for qualities equivalent to charges, safety and ease.
2. Purchase Litecoin
When you determine on an change for getting Litecoin and credited your account with fiat forex, you’re able to make your first Litecoin buy.
Relying on the app or change you’re utilizing, the purchase transaction may very well be so simple as a click on, otherwise you might need to enter the ticker (LTC) and point out the quantity you wish to buy.
When your buy is full, you would possibly personal full Litecoins or partial cash. For instance, if Litecoin is buying and selling at £100 and also you wish to make investments £50, you’ll personal 0.5 LTC. In case you make a purchase order for £100, you’d personal 1 LTC.
3. Retailer your Litecoin
In case you’re new to crypto, you may not be used to having selections for the place to “retailer” an asset. However with Litecoin, you will have a number of selections.
Many of the fashionable crypto exchanges have built-in digital wallets the place you possibly can retailer your Litecoin and different crypto purchases. Some people choose 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 most important exchanges have insurance coverage towards hacking occasions and such, you would possibly decide to retailer your Litecoin in certainly one of these offline wallets.
Listed here are a number of choices for storing your LTC:
- {Hardware} wallets. These are a typical digital asset storage technique, the place {hardware} gadgets retailer the non-public keys to the homeowners’ property and let you work together with the pockets with out exposing your information. These gadgets can hook up with your PC, telephone or pill to transact with LTC. A number of {hardware} wallets that help LTC embrace Ledger, Trezor and BitBox.
- Paper wallets. For paper wallets, you employ a non-public key to ship funds. To 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 named a “chilly pockets.”
- Desktop/cellular wallets. Cell and desktop wallets are usually thought of “sizzling wallets” recognized for his or her ease of use. However sizzling wallets will be weak to on-line assaults, so it’s vital to analysis the popularity of the pockets the place you intend to retailer your crypto. A number of cellular wallets that let you 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 Uphold.
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 value.
As with all cryptocurrencies, Litecoin could be a extremely risky asset. Consultants recommend limiting your funding to a small fraction of your web value in cryptocurrencies, together with Litecoin.
