In many ways, Litecoin is identical to that of Bitcoin. Creation and transmission of both cryptocurrencies is decentralized, but via an open encryption protocol. All expenses, transactions and balance sheets are managed through the peer-to-peer network. This means that the communication takes place among peer participants in the computer network who can both use Litecoin.
Buy Litecoin: Which platform to buy from?
How do you trade Litecoin? Unlike the “normal” stock market, where stocks, funds or bonds are traded, buying Litecoin is not that obvious. Generally you get direct support from your bank when trading stocks, funds, etc., or you have friends and acquaintances who have been with you for some time and can help you. For Litecoin, this is usually a bit more difficult.
Banks do not offer cryptocurrency trading. So you are usually on your own. In the following section we would like to give you recommendations based on our experience on how to buy Litecoin:
Step 1: Find a Trustworthy Exchange
From our experience, Coinbase is a reliable, reputable and established Litecoin exchange. Coinbase offers the possibility to buy Litecoin in a fast and uncomplicated way. You can start right away with the purchase of the digital currency.
Step 2: registration
Visit coinbase.com and click on the “Sign up” button. With this you get to the following overview:
After entering your full name (first and last name), e-mail address, password and country, just click the “Create account” button. Coinbase will be send a confirmation link to your email address. After clicking the link in the e-mail sent by Coinbase, you can start buying Ethereum.
But before, you will have to enter your phone number and provide additional information about yourself like employment situation, anual income etc.
Step 3: Buy Litecoin
After logging in, you will see the current Litecoin Price, together with an overview over the last hour, day, week, month or year. You can also choose Bitcoin, Ethereum or Bitcoin Cash in the overview section.
Under the menu item “Buy/Sell” you select Litecoin and enter how much Litecoin you want to buy. You can choose between the following Payment Methods:
- Banc Account Link (US Users)
- Debit Card (US + European + Australian Users)
- Wire Transfer (US + European Users)
Coinbase offers a wallet for all the currencies you can buy and sell on coinbase.com. Once you bought Litecoin on Coinbase, you will see the corresponding units automatically in your Litecoin (LTC) wallet.
If you want to sell Litecoin, you just have to generate your Litecoin address and send your funds from your Desktop wallet, hardware wallet like Ledger or another Exchange to you the Coinbase address and you will see your funds in the overview.
If you have any questions about the process let us know and we’ll do the best to help you.