You’ve probably heard of Bitcoin before, but you may not know about Litecoin, a different kind of cryptocurrency that’s become increasingly popular. Litecoin’s primary advantage is its transaction time, which is over four times faster than Bitcoin, so it’s the best way to buy if the speed of transfer is important to you. It’s also the second most popular cryptocurrency and has been on the market since 2011. It was developed to improve user experience thanks to speed and lack of friction. Litecoin also has four times the supply of Bitcoin and is fundamentally more scalable. While Bitcoin remains more common for smaller transactions, Litecoin has a lot to offer investors and consumers interested in the cryptocurrency market.
Before purchasing Litecoin, it’s important to remember that you should never store your Litecoin on a cryptocurrency exchange. You can get a Litecoin wallet from Ledger Nano S instead. You should always withdraw your LTC to a wallet that you control. When you’re ready to dive in, there are several ways to buy Litecoin, so let’s go over the main five.
Credit or Debit Card
The most accessible way for the average consumer to buy Litecoin is via credit card or debit card. There are several apps that offer this service, the most popular being Coinbase. Coinbase is available in the US, Canada, Europe, the UK, Singapore, and Australia. There is a 3.99% fee per purchase.
Bank Account Transfer
Coinbase also offers bank account transfers. Americans can use an ACH transfer, which has a 5-7 business day wait time, and European customers can use a SEPA transfer, which takes 1-3 business days. The fee for bank transfers is 1.49% per purchase.
Unfortunately, buying Litecoin with cash can be a little complicated. Since Litecoin isn’t supported by exchanges that trade cryptocurrency for cash, your best bet is to purchase Bitcoin with cash from either a Bitcoin ATM or off an exchange like LocalBitcoins, and then use a cryptocurrency exchange to swap for Litecoin. A select few Bitcoin ATMs also sell Litecoin, but this is not typical, so please check before you make a purchase.
As with cash, you will also have to buy Bitcoin and exchange them for Litecoins if you wish to use PayPal. Buying Bitcoin with PayPal is an incredibly complicated process, so we recommend using one of the other methods if you can. It’s worth noting here that PayPal bans its users from using their service directly on cryptocurrency exchanges.
If you’ve already got Bitcoins, it’s simple to trade them for Litecoins. Any exchange with an LTC/BTC swap can handle your request. Binance, Kraken, and Changelly are just a few examples of exchanges where you can easily make a crypto transaction. LTC/BTC is one of the most popular exchanges to make, so it should be fairly simple to swap your currency.
Litecoin has, thus far, appealed most to customers as an investment tool, but the speed and scalability of the currency mean it has a very bright future. With almost no technical expertise, consumers can now purchase Litecoin in a variety of ways, including via their credit cards, ACH or SEPA transfer, or with other forms of cryptocurrency on an exchange. Once invested, Litecoin is easily stored in a personal Litecoin wallet.
As the economy continues to move online, cryptocurrency will soon become an even more important part of our daily lives. So, if you’re looking to invest early on or are just checking out one of the biggest trends in currency right now, there are plenty of fast, simple ways to buy Litecoin today, regardless of your experience.