Since Ethereum shifted to proof-of-stake (PoS), Litecoin has moved up the proof-of-work (PoW) ranks, grabbing significant investor attention. But before you jump in blind and buy litecoin, you should first understand how Litecoin works, the size of the ecosystem, and why LTC is popular. Here’s what to know.
Buy Litecoin (LTC) with few clicks on secure platform
YouHodler
Best for free BTC cloud mining
OKX
Best for mystery box offer
Coinbase
Best for beginners
Methodology: Our process for selecting the platforms to buy Litecoin (LTC)?
Our process for selecting the platforms to purchase Litecoin was methodical, meticulous, and conducted over a period of six months. Many platforms were taken into consideration, and ultimately excluded before choosing the final nominations. Some of the factors that were considered were as follows:
• Compliance
• Security
• Features
• Products
• User-experience
The primary qualification for selecting the top platforms was if they offered Litecoin. Beyond this, compliance was a strong factor in our decision making process. Platforms that are licensed and regulated provide customers with a certain level of safety.
To continue, security should be a top priority for platforms offering LTC. This means account controls, app security, proof of reserves, segregated assets, majority of assets in cold storage, and many other methods to ensure safety.
Features go hand in-hand with products. Features typically include factors such as iOS/ Android support, multiple order types, MT5 support, or generally any other feature that isn’t necessary as the bare minimum for an exchange. Products may include staking, learn-to-earn, cloud mining, derivatives, etc.
User experience is self explanatory. Platforms that provide a smooth interface, color composition, and even and balanced layouts add a certain “feng shui” and “je ne sais quoi” that takes a platform from being good to great.
iTrustCapital: A U.S. based exchange that provides services for users that would like to hold crypto in tax advantaged retirement accounts.
YouHodler: Is regulated in the E.U. and Switzerland. The exchange allows users to take out crypto loans and earn interest on their idle crypto.
Coinbase: Coinbase is regulated in the U.S. and is a publicly traded company. The company publishes financial statements on a quarterly basis.
Kucoin: Kucoin is an exchange that services over 200 countries. It is a popular option for users that would like to trade crypto derivatives.
Paybis: Paybis is an instant exchange that allows you to buy and sell crypto without the custody and responsibility of the average centralized exchange.
eToro: eToro is a U.S. based broker that also allows you to buy and sell crypto. The company also segregates customers accounts from its own.
OKX: OKX serves over 100 countries, publishes a proof of reserves, and has an Expiry and Safety fund to assure the smooth operation of the platform.
INX: INX is a platform that offers products such as crypto and security tokens. Companies can use INX as a launchpad for their security tokens.
This methodology was fact checked and peer reviewed to ensure the accuracy of the statements. All of the aforementioned platforms represent the top of the line options to purchase Litecoin. To review BeInCrypto’s Verification Process, click the link.
- Methodology: Our process for selecting the platforms to buy Litecoin (LTC)?
- What is Litecoin?
- What is litecoin popular? (payments)
- Litecoin vs. bitcoin
- The Litecoin ecosystem
- Where to buy litecoin
- How to buy litecoin
- How to sell litecoin
- Litecoin price prediction
- Best litecoin wallets
- Has litecoin got a future?
- Frequently asked questions
What is Litecoin?
To buy litecoin confidently, it’s necessary to know a little about the project. This Bitcoin-inspired blockchain and cryptocurrency was introduced in 2011, focusing on faster transactions — 2.5 minutes per block. Litecoin also has a supply cap — fixed at 84 million.
How does Litecoin work?
Like Bitcoin, litecoin is also a proof-of-work cryptocurrency. Miners solve puzzles to validate transactions and are rewarded in the process. Also, like any other decentralized network, Litecoin boasts immutability. Litecoin’s MimbleWimble security upgrade furthers its presence as a decentralized cryptocurrency, enhancing fungibility and privacy.
What is litecoin popular? (payments)
There are quite a few reasons, including faster transactions and support for mining, that lend popularity to this PoW cryptocurrency. As it follows BTC’s vision of being a payment system, a number of stores, including Snel.com, eGifter, Travala, and more, accept litecoin.
Litecoin, like bitcoin, also follows a halving structure. This approach is expected to impact the price of LTC positively. While the last halving event took place on August 2, 2023, the next one is expected in July 2027.
Litecoin vs. bitcoin
Litecoin is a popular crypto. But let us see how it compares against the biggest player in the cryptocurrency ecosystem — bitcoin. Any Litecoin vs. Bitcoin comparison makes sense as both networks strive to support payments, can be mined, and are PoW tokens. However, LTC mining follows the Scrypt language, whereas BTC adheres to the SHA-256 algorithm.
As a result of this mining-specific dissimilarity, the Bitcoin network consumes much more energy than Litecoin. Also, the max supply cap of litecoin is four times that of bitcoin’s.
“Proof of work is the secret sauce to decentralization of cryptocurrency.”
Charlie Lee, Creator of Litecoin: Twitter
The Litecoin ecosystem
Litecoin is a minimal cryptocurrency with an ecosystem comprising Litecoin nodes, a chain of developers, ATMs, explorers like Blockchair, nodes, and Litecoin trading exchanges. However, wallets and the mining setup deserve the most attention.
Also, the Litecoin Foundation is a major part of the LTC ecosystem, promoting the adoption and development of this PoW token.
Litecoin mining
Litecoin miners form a bigger part of the ecosystem. If you are interested in litecoin mining in order to acquire LTC without buying it, joining a mining pool can be a good option. Or, you can invest in specialized mining hardware to get started.
Where to buy litecoin
Most reputable global exchanges, including Binance, KuCoin, Coinbase, and Kraken, allow you to trade multiple LTC pairs. Our top five choices are as follows:
KuCoin
KuCoin is a powerhouse for those who love variety and want to do more with their crypto. We found the procedure for buying or staking Litecoin pretty straightforward even with all the KYC requirements. Besides that, KuCoin’s futures trading desk is another solid option for those of us looking to stretch our investment legs. What we particularly liked is the NFT marketplace. It comes with a clever touch that offers a taste of the NFT world without the full plunge. Plus, for anyone new to the crypto scene, KuCoin’s learning resources are gold, making it a full-service stop for traders at all levels.
eToro
eToro makes it feel like as if you are trading Litecoin with a group of friends who know the market inside out — yes, there’s a social aspect to it. And the social aspect isn’t just fluff; it’s a real game-changer that allows you to clone the moves of seasoned traders and soak up their wisdom. Based on our observation, it is obvious that copy-trading and other social features on the platform will come in pretty handy for new users to up their investment game. Overall, it’s the blend of crypto with traditional investing that makes eToro a standout, all through an app that’s easy to use.
INX
Our team appreciates INX for its no-nonsense fee structure—just a flat 0.1% per trade, which is perfect for serious Litecoin trading without the headache of sliding fee scales. They’re pioneering with security tokens, too, opening doors to fresh investment opportunities. It’s this blend of simplicity and innovation that makes INX a forward-thinking choice for diversifying your portfolio.
iTrustCapital
iTrustCapital is where you go for a smarter play on Litecoin, especially when thinking about the long haul with a crypto IRA. It’s about savvy investing—where tax advantages meet crypto’s growth potential. Around-the-clock trading means you’re never out of the loop, and low fees keep it all within reach for seasoned investors focused on the future.
Paybis
Buying Litecoin on Paybis is about as hassle-free as it can get on a CEX. You’re in and out before you know it, with LTC sent directly where you want it. It’s perfect for those ‘strike while the iron is hot’ moments, offering the kind of speed that keeps you one step ahead. Plus, with a streamlined process for cashing out, Paybis is all about keeping things simple and fast for everyone from crypto rookies to trading pros.
Each platform on this list offers a unique set of advantages to cater to your specific litecoin investment needs. All have strong security features and offer different user benefits. If you also want to invest in securities, INX is a great option. Meanwhile, those looking to buy significant amounts of LTC might want to opt for iTrustCapital. If you want to buy litecoin anonymously and avoid KYC requirements, PancakeSwap is a decent decentralized option.
How to buy litecoin
Regardless of any exchange you wish to onboard, you can buy litecoin in 4 easy steps — set up an exchange account, get KYC verified, fund your account, and search for LTC to place a market or a limit order. Here’s how to buy litecoin on eToro.
1. Open the eToro app, go to “Discover” and select litecoin.
2. Put in the amount you would like to purchase and press “Buy.”
3. Lastly, select confirm to complete your order.
How to sell litecoin
1. Open the eToro app, go to portfolio and select Litecoin.
2. Select the amount that you would like to sell.
3. Press the red button to confirm your sell order.
There are quite a few ways to offload your LTC. On DEXs, you can swap the same for any other crypto. On a CEX, you can sell your LTC at the market or a limit price, off-ramping the same to fiat. However, if you have LTC in an external wallet, you need to deposit the same into an exchange’s LTC wallet address. You can then directly sell the pair of your choice by accessing the litecoin wallet.
Litecoin price prediction
If you wish to buy LTC with a longer time frame in mind, our litecoin price prediction could come in handy. Our price analysis foresees that the price of LTC could head toward the $300 mark by 2028, making it a decent investment choice for those looking to HODL. Note that while based on solid technical and fundamental analysis, it is never wise to rely solely on price predictions in the volatile crypto space. Always DYOR and only buy into projects you believe in.
Best litecoin wallets
Selecting a suitable litecoin wallet involves considering ease of use, security, features, and compatibility with other cryptocurrencies. Here are some notable options:
- LiteWallet: The official Litecoin wallet, developed by the Litecoin Foundation and Charlie Lee, allows users to store, send, and receive LTC.
- Trust Wallet: As the official wallet of the Binance exchange, it’s ideal for storing small amounts of litecoin or for trading. It’s particularly beginner-friendly, with an intuitive interface and added security features like face/touch ID.
- Trezor (Model T and One): Both models are easy for beginners to set up and use. They allow direct purchasing of litecoin and other tokens through the Trezor Wallet application and offer in-app exchanges of Litecoin and other cryptocurrencies.
- Paybis Wallet: Known for its simplicity and advanced technology, Paybis offers a seamless experience for users in various regions, including the U.S., Canada, and Europe.
If your goal is secure long-term holding (HODLing), Trezor wallets stand out as a dependable choice. On the other hand, if you’re looking for a wallet that supports a wider range of crypto activities, the Trust Wallet offers great versatility. No matter which option you select, it’s crucial always to conduct thorough research (DYOR) and make responsible investment decisions.
Has litecoin got a future?
Litecoin has started to gain investor attention. With historical reliance suggesting future longevity — followed by transaction speeds, reputation as the digital silver, support for mining as an additional earning method, and high liquidity for trading — buying litecoin with the future in mind could be a prudent option.
Frequently asked questions
What is litecoin?
Is litecoin better than bitcoin?
Who created litecoin?
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