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Whether or not you’re new to cryptocurrency or well-versed in digital foreign money, there would possibly come a time while you wish to add Litecoin (LTC) to your holdings. Litecoin is commonly referred to 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 cost designed for on a regular basis transactions with its sooner velocity and decrease prices.
The place Can I Purchase LTC?
You should purchase LTC with a number of completely different fiat currencies on numerous completely different crypto exchanges. Listed below are just a few exchanges the place you’ll be able to trade Canadian {dollars} for LTC:
With Kraken, customers can pair LTC with a number of fiat currencies, not simply the U.S. greenback. You’ll be able to pair LTC with the euro, the British pound, the Australian greenback and naturally, the Canadian greenback to call just a few. Kraken means that you can purchase Litecoin with Canadian {dollars} immediately utilizing an Interac e-Switch out of your checking account, provoke a wire switch or make an in-person cost at your native Canada Publish.
Be aware 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 could be transformed into Tether, a stablecoin whose worth is pegged to the U.S. greenback.
Should you’re trying to purchase and commerce LTC with Tether, listed below are just a few exchanges that pair USDT with LTC:
- Binance.com
- KuCoin
- Bybit (all provinces besides Quebec)
How To Purchase LTC
1. Select a Cryptocurrency Trade
You should purchase Litecoin immediately by means of Litecoin-specific wallets, equivalent to Litewallet, a cell app out there by means of Google Play.
Should you’re all-digital at coronary heart and wish to use Litecoin for funds, you’ll be able to probably get by with a Litecoin-specific app that permits you to purchase and promote Litecoin.
Should you plan on utilizing Litecoin as an funding, you’ll most likely do higher by opening an account at a crypto trade.
You’ll additionally wish to be sure that the crypto trade you select provides Litecoin, which gained’t be too tough because it’s a preferred digital foreign money. Past availability, you’ll wish to examine the best cryptocurrency exchanges for qualities equivalent to charges, safety and ease.
2. Purchase Litecoin
When you determine on an app or trade for purchasing Litecoin, you’ll have to find out the best way to fund your buy. Should you’re utilizing a cost or Litecoin-specific app, you’ll be able to fund your account by linking a checking account, credit score or debit card. Remember that not all banks or bank card issuers in Canada permit you to 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 trade 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. Should you make a purchase order for $100, you’d personal 1 LTC.
3. Retailer Your Litecoin
Should you’re new to crypto, you may not be used to having decisions for the place to “retailer” an asset. However with Litecoin, you’ve gotten a number of decisions.
A lot of the fashionable crypto exchanges have built-in digital wallets the place you’ll be able to retailer your Litecoin and different crypto purchases. Some of us choose to retailer their crypto in a separate digital wallet that’s not linked to the web to assist hold their crypto protected from hackers.
Whereas the main exchanges have insurance coverage in opposition to hacking occasions and such, you would possibly choose to retailer your Litecoin in one among these offline wallets.
Listed below are just a few choices for storing your LTC:
- {Hardware} Wallets. These are a typical digital asset storage methodology, the place {hardware} units retailer the personal keys to the homeowners’ property and permit you to work together with the pockets with out exposing your information. These units can connect with your PC, telephone or pill to transact with LTC. Just a few {hardware} wallets that help LTC embrace Leger, Trezor and BitBox.
- Paper Wallets. For paper wallets, you employ a personal key to ship funds. In your paper pockets, merely print your personal keys and restoration passphrases on a chunk of paper after which retailer it for safekeeping. This is named a “chilly pockets.”
- Desktop/Cell Wallets. Cell and desktop wallets are sometimes thought-about “sizzling wallets” recognized for his or her ease of use. However sizzling wallets could be susceptible to on-line assaults, so it’s essential to analysis the popularity of the pockets the place you propose to retailer your crypto. Just a few cell wallets that permit you to retailer LTC embrace Edge, Mobi and Exodus.
- Crypto Exchanges. Many exchanges that commerce LTC will allow you to retailer your crypto. A few crypto exchanges embrace 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 recommend limiting your funding to a small fraction of your web value in cryptocurrencies, together with Litecoin.
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