Litecoin was developed by Charlie Lee in 2011 to offer a faster transaction time compared to Bitcoin. This makes Litecoin suitable for more frequent and smaller transactions than Bitcoin, which may be why you are looking to buy Litecoin.

In this guide, we are going to be sharing how you can buy Litecoin, as well as how to work with crypto exchanges like Coinpass so you can sell Litecoin and make profits from your crypto wallet.

What Is Litecoin?

Before we can talk about how to buy Litecoin, we first need to explain what this cryptocurrency is and how it can be used.

Litecoin (LTC) was developed in 2011 by a Google software developer, Charlie Lee, and relies heavily on the blockchain technology of Bitcoin. Over the years, Litecoin has been referred to as the silver to Bitcoin's gold, as it can be used for smaller and more frequent transactions.

This Litecoin is designed to offer a shorter transaction time, making Litecoin trading and any Litecoin purchase faster to complete than when working with Bitcoin or any other currency. It may be just as easy to use Litecoin as your debit card, which is why many people are looking to buy Litecoin for their online activities.

Litecoin has consistently been named as one of the top ten cryptocurrencies by market capitalisation, which means few hardware wallets do not contain this currency.

The Litecoin network is also considered to be one of the top most mined in the world, and it is continually gaining popularity across major cryptocurrency exchanges.

What Is The Difference Between Litecoin and Bitcoin?

If you are looking into buying Litecoin, you should understand how it works and whether this is the right cryptocurrency for you.

There are many forms of cryptocurrency in the market today, and Litecoin is one of the most popular assets across the internet because it allows for fast, efficient, and secure transactions. A lot of this popularity has to do with the history of Litecoin and the fact it is connected to Bitcoin, which is the most popular and widely accepted form of crypto in the world.

The Litecoin blockchain is based on Bitcoin but was developed by Charlie Lee to have the faster processing power and be more efficient. This means that those buying Litecoin will experience faster transaction times, allowing them to use Litecoin for more purchases.

Due to this faster speed, many portals and platforms accept Litecoin, and it can be easier to use than others. The token for Litecoin is LTC, and the code has a decreased block time of 2.5 minutes. Compared to the 10 minutes required by Bitcoin, it is clear to see why many are looking to buy Litecoin (LTC) today.

As well to the faster processing time of Litecoin wallets, another significant difference is the fact it uses a Scrypt hashing algorithm. This means that Litecoin miners are more complicated and more expensive than Bitcoin.

The total supply of Litecoin is capped at 84 million, which is drastically more than the 21 million cap of Bitcoin. As Litecoin is more available, it is better suited to more frequent transactions. Many people use Litecoin like a standard bank account or debit card because of this.

How To Buy Litecoin

Due to the fact that Litecoin is better suited to everyday transactions, many people are looking to own Litecoin. Litecoin can be used across most payment apps and can be transferred to fiat currencies, making it a good one to have in your trading account, no matter what experience you have with crypto assets.

There are two ways that you can buy Litecoin, which is from a cryptocurrency exchange or by mining. If you are looking to buy Litecoin instantly, then going to crypto exchange like coinpass is the best option.

Exchange platforms are convenient ways to start trading and make it easy to buy Litecoin instantly as it is widely available. The demand for this cryptocurrency makes it widely accessible, and you can purchase the tokens from many exchanges across the Internet.

You can buy Litecoin, as well as other cryptocurrencies, from exchange platforms such as coinpass or the Binance platform. These platforms allow for buying LTC, as well as offering ways to trade LTC and contribute to your investment portfolio.

How To Buy Litecoin Online From Exchange Platforms

Crypto exchanges allow for users to buy Litecoin as well as options to sell Litecoin and trade Litecoin for other cryptocurrencies and cash, depending on the current rates.

If you want to start work in cryptocurrency investments, then an exchange platform like coinpass is the best place to start. We offer this version of Bitcoin as well as many other forms of crypto, making it easy for you to add Litecoin to your cryptocurrency wallet.

To start a Litecoin wallet, you need to:

  1. Create an account
  2. Verify your account
  3. Make a deposit
  4. Start trading, buying, and selling LTC

A cryptocurrency exchange makes it incredibly easy to buy or trade LTC, along with many other digital assets. In most cases, they can be accessed on all devices, including mobile, so you can continue trading on the go as well as keep track of your trading account at all times.

Instead of mining Litecoin, you can buy what is already available through exchanges and work with other traders across the globe from the comfort of your home.

To get started, let's look further into these steps and what needs to be done to buy Litecoin.

Step 1: Make An Account To Buy LTC

To buy LTC or any other cryptocurrency we offer, you first need to make an account with an exchange platform. To make an account, personal details are required, such as your name, address, date of birth, and contact details.

Step 2: Verify Your Account

Before you can use your account to buy or send Litecoin, you need to verify your identity. This is known as the KYC process (Know Your Customer), and many of the features on this kind of platform will be limited without completing this.

This requires proof of identity, such as a statement from your central bank, driver's license, passport, or any other form of photo ID. We need proof of identity to protect your account from fraud and money laundering. With verification, we can help to keep you secure when you buy crypto.

It is important to note that you have full responsibility for private keys and your digital wallet.

Step 3: Make A Deposit

Before you can complete your Litecoin purchase, whether this is to buy Litecoin to use yourself or trade Litecoin with other investors, you need to add money to your account.

We support several fiat currencies, including GBP, that can be used to buy Litecoin.  To deposit into your account, you can use the following payment methods depending on your financial situation:

  • Debit Cards
  • Bank transfers (please note a bank transfer may take several working days to process)
  • Apply Pay
  • Google Pay

Many sites have zero fees for any deposit, including for professional traders, market makers, and institutions.

There will be a deposit limit which indicates how much money needs to be put into your account before you can start buying, selling, or trading, with many operating as low as £25.

Step 4: Purchase Cryptocurrency

If you are looking to buy LTC, an exchange platform is a great space to do this.

These platforms make it easy to partake in the buying, selling, and trading of all cryptocurrencies, including Litecoin.

Working with these apps or websites, it is easy to see the current crypto costs as they offer the most up-to-date Litecoin price. This price is based on dollar cost averaging as well as giving insight into the past performance of any crypto asset we have on offer.

At coinpass, it is easy to control your digital wallet and buy, sell, or trade crypto based on your needs. You can set limits for how much you want to spend and search for currencies within this bracket.

Once your account has been set up and verified, you can purchase crypto from traders across the globe.

How To Store Litecoin

One of the benefits of cryptocurrency is the additional security it provides compared to traditional currency. However, this does not mean that it is safe from the moment you buy it.

Without the middleman of banks, it is easier to use crypto privately, but it does give you personal responsibility to secure your own funds. If your funds are hacked or stolen, there is no one you can report this to, nor is there any help as security is your responsibility.

To keep Litecoin secure, once you have paid for it, you will need a wallet of some kind. You can use digital wallets, which can be connected to your smartphone or computer, to keep all private keys secure, including those given on these platforms.

It is best to store your crypto in a wallet of some kind as this offers additional security and can be accessed whether you are wanting to use your currency to buy a service or trade for another asset.

Why Should I Use An Exchange Site To Buy Litecoin?

Using an exchange site is the easiest way to buy crypto.

Most sites will offer LTC as this is one of the most popular forms of crypto and can be used for everyday purchases or transactions. This means there are plenty of options for you to consider when it comes to buying crypto, and it makes it easier to obtain than mining.

As well as making it easy to buy LTC, there are other perks that come with using these kinds of platforms which you should consider.

One of the best benefits is the editorial content that these sites provide, all of which is written by crypto experts. At the same time, it is best to do your own research as well when trading, buying, or selling crypto, having content written by experts can make things easier for you.

There is investment advice available on these platforms which may help you make progress when buying LTC or any other available cryptocurrencies, ensuring you are on the right track when it comes to making a profit. It is recommended for beginners in trading to make an account on platforms like coinpass, so they have access to this kind of support.

There are options to work with trading pairs on these platforms, as well as buying crypto individually, ensuring there is something for everyone.

It is always easy to see how much LTC is being sold for as there are instant price changes, market cap, and investment values being shared on these platforms. Due to the nature of cryptocurrency as a whole, the cost and value of any one denomination can vary dramatically depending on how it is performing in the wider market, and crypto exchanges have access to this information first to provide ongoing updates.

Whether you are looking to trade or buy LTC, working with one of these platforms is a great way to go and keeps you on the right track.

Conclusion

Litecoin is one of the most popular forms of crypto in the market today, and it is based on Bitcoin. Litecoin (LTC) was designed to be more suitable for everyday purchases and transactions as it has a shorter processing time.

The speed and efficiency offered by Litecoin have made it become one of the most purchased currencies in the crypto market, and it is widely available on exchanges.   To buy any cryptocurrency, you will need to register to these exchanges.

This is where you will have access to the latest prices and activity of a certain digital asset, as well as being able to buy, sell, and trade.

Litecoin is widely available on these platforms and can be purchased easily with a verified account.