How to purchase Litecoin – your First Digital Silver

Purchasing your first Litecoin

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Have you gone through our article on “the basic approach to Litecoin Mining”? You might want to save yourself the hassle of mining Litecoin, and decide to simply purchase Litecoin instead.

To purchase Litecoin is nothing complicated – just a bit of planning. Litecoin is widely available in a large trading volume and allows easy access for new investors. Litecoin is characterized by high liquidity, relatively low price, and many payment methods, which make this cryptocurrency a go-to choice.

Litecoin soared from $2 price in 2016 to over $50 in October 2017 – what a significant achievement. The price of Litecoin is generally stable, compared to other cryptocurrencies, as any gain or loss usually fluctuate around 20%. Since the past few months, Litecoin has been available for cash, and a number of exchanges have added up Litecoin.

How to Purchase Litecoin

The process of purchasing Litecoin has several steps:

  1. Locating an exchange that accepts fiat currency and completing the necessary registration and verification.
  2. Presenting fund that equates the required amount of coins. This fund may also be in fiat currency, cryptocurrency, or a centralized virtual currency. Though different exchanges offer different payment methods, nevertheless, the fastest are credit card or 3D protected debit card.
  3. Receiving your newly purchased amount of Litecoin into your wallet or address. Ensure that your wallet has been tested with a small transaction before sending the funds.

Litecoin Wallet

Before you commence on purchasing Litecoin, you need to first set up a wallet. We recommend the Litecoin Core wallet from Litecoin’s official website, though there are many other alternatives you can settle for. It takes a little while for your new wallet to synchronize with the whole network. It is advisable to encrypt your wallet and then make backups. Backups before encryption makes the backups unusable.

Litecoin Exchange

You can buy Litecoin from most online exchanges. Depending on the country you reside, exchanges may have varying degrees of difficulty in acquiring Litecoin for cash. Though Litecoin is fully decentralized and global, using credit cards or bank transfers requires some more work. The alternatives for easy purchasing of Litecoin are: BitPanda (targeted to European buyers) and Coinbase.

How to purchase Litecoin with Fiat

You can make payment for Litecoin through:

  1. Anonymous payment by Skrill. Subject to fees and credit/debit card verification.
  2. International wire transfer, subject to fees.
  3. Link a bank account and transfer funds- depends on availability and country of residence.
  4. SEPA payments- in the European Union, subject to fees.
  5. Visa Verified or Master Card 3D security direct purchase by debit card.

Purchasing Litecoin with PayPal

PayPal has a money-back policy and this has this has kept it away from the world of cryptocurrencies. However, some exchanges allow the buyer to buy Second Life Linden Dollars (SLL) through PayPal. SLL is an intermediary and is a centralized digital currency. Then, the SLL can be exchanged for Litecoin. VirVox also offers this service.

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