How To

How to buy Litecoin?

Litecoin is the third largest cryptocurrency in the world after Bitcoin and Ethereum when measured by the total market capitalization. Litecoin is an open-source codebase, essentially a peer-to-peer, centralized network which works on the ASIC algorithm. The transaction time is 2.5 minutes, and the total supply is 84 million, which is the highest till date. 

There are various ways to buy Litecoin. It can be bought using credit cards, PayPal and through wire transfers. A certain amount of processing fees is charged for the services provided by credit cards and PayPal when it comes to purchasing Litecoin, whereas wire transfers are almost free of cost. 

You can purchase Litecoin using credit/debit cards on various websites, like Coinbase, CoinMama and BitPanda, without much documentation. However, it is necessary to keep in mind that once you have received your Litecoin, you should not forget to transfer them into your Litecoin wallet, else if lost, you cannot get them back by any means.

The easiest step is to purchase Litecoin via bank account or bank wire transfer. Coinbase and BitPanda offer these purchases and they charge a minimal fee for the same.

You can even purchase Litecoin with cash at Bitcoin ATMs. But in this case, you have to first purchase Bitcoin and then exchange them for Litecoin, as purchase with cash is only possible with Bitcoin.

You can buy Litecoin from PayPal, though there is no possible way to purchase Litecoin directly using PayPal. You have to first purchase Bitcoin and then convert them into Litecoin. Though it is an expensive method, yet it is the most convenient to use. PayPal does not allow its users to do transactions once you have successfully purchased your cryptocurrency. You have to transfer them to your personal wallet for any further use. 

Last but not the least, if you are still uncomfortable purchasing Litecoin in the above mentioned ways, you can directly exchange your Litecoin (if you have or you want to purchase) and store them in your offline wallet.

Litecoin wallets are of great use, you can even start Litecoin mining and store the earned rewards. Litecoin mining is the process of solving mathematic puzzles (algorithm) which are generated at the time of performing any transaction. When you solve this algorithm, you receive rewards as fee which are added to your blockchain. Every time you decode the puzzle, you get 25 coins as a reward, which when sums up to 99, becomes a full block. This block is then added to your Blockchain and will reflect in the general ledger.

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