Litecoin is a peer-to-peer cryptocurrency, decentralized by nature. It is upright on 3rd position after Bitcoin and Ethereum in the world of cryptocurrency. Litecoin is used to transfer between two parties without any disruption of the third party as it works totally on Blockchain which maintains the public ledger. It works on Scrypt algorithm that helps in easily cracking the mathematical problems. A new block is created in every 2.5 minutes which is fastest till date and attains the market cap of 84 million.
Once you have decided to purchase Litecoin, your first step should be finding the best wallet to store your LTC in. As there are different wallets in which you can save your funds like hardware wallets, you can download the wallet on your computer as well as mobile phone and can use it according to your needs. The most trusted wallet is paper wallet, although people do not opt for this opportunity because of its lengthy process but, it process and print out the private key on the system (do not forget to note down your private key, because if you forget the key you will never be able to regain the funds back). Apart from Hardware and paper wallet, there are a desktop wallet, online wallet, portable wallets, etc.
The private keys are stored offline in the hardware wallet, as they are always used to make any payment, they are kind of password that needs to be entered at the time of logging (making the transfer of funds) in.
Once you are done setting up Litecoin wallet it’s time to purchase your Litecoin now with Bank Account. Here are the steps which will help you purchase your Litecoin.
1. Create an account with Coinbase (as it is the only platform that allows Bank account purchases till date)
2. Add payment Method
3. Choose Bank Account
4. Click on buy/sell option
5. Choose Litecoin
6. Enter the amount
7. Wait for your Coins. It may take up to 3-5 days to reflect the Litecoin in your wallet, as Bank account purchases need verification first then transfer but without any fees.
So, welcome to the world of cryptocurrency! You can even try Litecoin Mining, as it is simple and does not need complex grids, unlike other cryptocurrencies.
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