Whether or not you’re new to cryptocurrency or well-versed in digital foreign money, there would possibly come a time if 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 fee designed for on a regular basis transactions with its quicker velocity and decrease prices.
The place Can I Purchase LTC?
You should buy LTC with a number of totally different fiat currencies on quite a lot of totally different crypto exchanges. Listed here are a number of exchanges the place you possibly can change Canadian {dollars} for LTC:
With Kraken, customers can pair LTC with a number of fiat currencies, not simply the U.S. greenback. You possibly can pair LTC with the euro, the British pound, the Australian greenback and naturally, the Canadian greenback to call a number of. Kraken permits you to purchase Litecoin with Canadian {dollars} instantly 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.
Observe 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 might be transformed into Tether, a stablecoin whose worth is pegged to the U.S. greenback.
When you’re trying to purchase and commerce LTC with Tether, listed here 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 Change
You should buy Litecoin instantly by means of Litecoin-specific wallets, resembling Litewallet, a cellular app out there by means of Google Play.
When you’re all-digital at coronary heart and wish to use Litecoin for funds, you possibly can seemingly get by with a Litecoin-specific app that permits you to purchase and promote Litecoin.
When you plan on utilizing Litecoin as an funding, you’ll in all probability do higher by opening an account at a crypto change.
You’ll additionally wish to make sure that the crypto change you select gives Litecoin, which received’t be too troublesome because it’s a preferred digital foreign money. Past availability, you’ll wish to examine the best cryptocurrency exchanges for qualities resembling charges, safety and ease.
2. Purchase Litecoin
When you resolve on an app or change for purchasing Litecoin, you’ll have to find out the best way to fund your buy. When you’re utilizing a fee or Litecoin-specific app, you possibly can 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 can help you 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 may very well be so simple as a click on, otherwise you may 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. When you make a purchase order for $100, you’d personal 1 LTC.
3. Retailer Your Litecoin
When you’re new to crypto, you may not be used to having decisions for the place to “retailer” an asset. However with Litecoin, you have got a number of decisions.
Many of the standard crypto exchanges have built-in digital wallets the place you possibly can retailer your Litecoin and different crypto purchases. Some people favor to retailer their crypto in a separate digital wallet that’s not linked to the web to assist hold their crypto secure from hackers.
Whereas the main 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 standard digital asset storage methodology, the place {hardware} units retailer the personal keys to the house owners’ property and can help you work together with the pockets with out exposing your information. These units can hook up with your PC, cellphone or pill to transact with LTC. Just a few {hardware} wallets that help LTC embody Leger, Trezor and BitBox.
- Paper Wallets. For paper wallets, you utilize a non-public key to ship funds. To your paper pockets, merely print your personal keys and restoration passphrases on a chunk of paper after which retailer it for safekeeping. This is called a “chilly pockets.”
- Desktop/Cell Wallets. Cell and desktop wallets are sometimes thought of “sizzling wallets” identified for his or her ease of use. However sizzling wallets might be weak to on-line assaults, so it’s necessary to analysis the status of the pockets the place you propose to retailer your crypto. Just a few cellular wallets that can help you retailer LTC embody Edge, Mobi and Exodus.
- Crypto Exchanges. Many exchanges that commerce LTC will allow you to retailer your crypto. A few crypto exchanges embody Coinbase and Newton.
Ought to You Purchase Litecoin?
Earlier than you make investments your cash, know the dangers of cryptocurrency and hold your funding to a small quantity of your web value.
As with all cryptocurrencies, Litecoin could be a extremely risky asset. Consultants counsel limiting your funding to a small fraction of your web value in cryptocurrencies, together with Litecoin.
