Chapter 2.9

Litecoin was the world’s second major cryptocurrency. Called “blockchain 2.0” at launch, Litecoin used bitcoin’s core code as its foundation, then expanded on that foundation to build a new cryptocurrency. Litecoin continues to be actively developed to this day. Litecoin was originally built as a lightweight alternative to bitcoin: it reduced transaction time from 10 minutes to 2.5 minutes, for example. Litecoin is also known for its low fees.

Do you want to buy Litecoin? Like other cryptocurrencies, Litecoin has grown tremendously in value since the beginning of 2017. Originally priced at just a few pennies, Litecoin has soared as high as $320. Today, it consistently sits within the top 5 or top 10 largest cryptocurrencies by market cap, behind only major players like bitcoin, Ethereum, and Ripple.

Ready to discover how to buy Litecoin? Keep reading to find out!

How to Buy Litecoin (LTC) from Any Cryptocurrency Exchange

All major cryptocurrency exchanges sell Litecoin. It’s one of the largest cryptocurrencies by market cap. You should have no trouble finding an exchange that offers a trading pair like LTC/BTC. Some exchanges also offer LTC/USD, LTC/EUR, or LTC/ETH pairs, among others.

Here’s the basic process you’ll use to buy LTC from any cryptocurrency exchange:

  1. Sign up for a cryptocurrency exchange; most major (and many minor) cryptocurrency exchanges have at least one LTC pair – like LTC /BTC
  2. Verify your account
  3. Deposit funds into your account
  4. Buy LTC using a pair like LTC/BTC, LTC/ETH, or LTC/USD
  5. Keep your LTC in your exchange account; or, withdraw your LTC to your LTC wallet

How to Buy LTC Using Bittrex

The process of buying LTC on all major exchanges is virtually the same. However, we’ve broken the process down step-by-step for you below. For the purposes of this example, we’re buying LTC using Bittrex. Bittrex offers three LTC pairs, including LTC/BTC, LTC/USDT, and LTC/ETH.

  1. Go to Bittrex.com
  2. Click the “Get Started Now” button to visit the account registration page.
  3. Enter your email address and password to register your account, then confirm your registration by clicking the link sent to your email.
  4. Sign into your newly-verified account, then fill in personal details like your name, address, and phone number; Bittrex will verify your phone number. If this is your first time signing up for Bittrex, then you might also be required to provide government-issued photo ID and other verification data, depending on your country of residence.
  5. Once this process is complete, you’ll need to activate two factor authentication (2FA) to protect your account further; if you want to login to Bittrex in the future, then you’ll need to enter your Google Authentication code. This protects your account from being hacked. Go to your Bittrex Settings page, then click on Two Factor Authentication. Bittrex will generate a 6 digit code.
  6. Create an LTC wallet on Bittrex. This wallet will hold your Litecoin. Remember: you cannot deposit LTC into a bitcoin or Ethereum wallet. If you try to do so, then you’ll permanently lose access to your LTC. To create an LTC wallet on Bittrex, click the “Wallets” link in the upper right corner of the Bittrex homepage. On the next page, you should see a “plus” sign beside LTC. This will create a public LTC address complete with a QR code, making it easy to deposit LTC into that address.
  7. Now you need to actually purchase LTC. You can purchase LTC in several different ways. First, there’s the LTC/BTC pair that lets you buy Litecoin in exchange for selling BTC. There’s also an LTC/USDT pair that lets you sell your LTC for US Dollars (technically, you’re selling a digital token called the USD Tether in exchange for LTC). Finally, there’s an LTC/ETH pair that lets you sell your Ether for Litecoin. In order to buy LTC through either of these pairs, you’ll need to deposit USD, ETH, or BTC into your account. You can deposit USD using bank transfers and other payment methods. Or, you can deposit BTC or ETH from your existing BTC or ETH wallets.
  8. Once your Bittrex account has been funded, you can easily purchase LTC using either of the pairs listed above. Click on the BTC/LTC pair, the ETH/LTC pair, or the USDT/LTC pair. On this page, under the price graph, you’ll see two boxes. One says “Buy LTC” and the other says “Sell LTC”. In the Buy LTC box, you’ll have three options to buy LTC. You can buy LTC at the last sold price (“Last”). You can buy LTC at the best price currently being offered (“Bid”). Or, you can buy LTC at a specific price – like a price lower than the market rate, if you’re anticipating a drop. In that case, you’d hit the “Ask” button. Once you’ve chosen your order type, enter the number of LTC tokens you wish to purchase (under “Units”). Then, click the “Buy LTC” button once you’re ready. Your order will be processed as soon as a seller is found. Your USD or BTC will be deducted from your account. Then, you’ll receive your LTC.

Step 9) You can keep your LTC in your Bittrex LTC wallet. Or, you can withdraw to your LTC wallet if you want to maintain full control of your funds.

Conclusion

Litecoin is one of the world’s most popular cryptocurrencies. It’s also one of the oldest. Originally based on the bitcoin blockchain’s code, Litecoin has grown to become its own fully-fledged cryptocurrency. Today, Litecoin is easily available for purchase from all major exchanges. To buy Litecoin from exchanges like Bittrex today, follow the tutorial listed above.

Written by Andrew T

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