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How to buy Litecoin (LTC) – Forbes Advisor INDIA
That you are new cryptocurrency or digital currency expert, there may come a time when you want to add Litecoin (LTC) to your holdings. Litecoin is often called “the silver to Bitcoin’s gold”, although it is an entirely separate cryptocurrency.
Created by Charlie Lee in October 2011, Litecoin was one of the first cryptocurrencies to launch after Bitcoin. Cryptocurrencies aim to be a global digital payment designed for everyday transactions with greater speed and lower costs.
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Where can I buy LTC?
You can buy LTC with different fiat currencies on different cryptocurrency exchanges. Here are some exchanges where you can exchange Indian Rupee for LTC:
With CoinDCX, users can pair LTC with different fiat currencies, not just the Indian Rupee. For example, you can pair LTC with the Euro, British Pound, US Dollar, Australian Dollar, and Japanese Yen.
Note the terminology of “trading pairs,” which comes up quite often on cryptocurrency exchanges. An example of a trading pair is LTC Tether (USDT). In the case of LTC/USDT, bitcoins can be converted into Tether, a stablecoin whose value is pegged to the US dollar.
If you’re looking to buy and trade LTC for Tether, here are some exchanges that pair USDT with LTC:
How to buy LTC
1. Choose a cryptocurrency exchange
You can purchase Litecoin directly through other payment apps like PayPal or Litecoin-specific wallets, like Litewallet, a mobile app available through Google Play.
If you’re fully digital and want to use Litecoin for payments, you can probably get by with a payment app or a Litecoin-specific app that lets you buy and sell Litecoin.
If you plan to use Litecoin as an investment, you will probably be better off opening an account at a cryptocurrency exchange.
You will also want to make sure that the cryptocurrency exchange you choose offers Litecoin, which won’t be too difficult since it is a popular digital currency. In addition to availability, we recommend that you compare the best cryptocurrency exchanges for qualities such as commissions, security and simplicity.
Featured partners
Inheritance
Over 1 million investors trust Mudrex for their cryptocurrency investments
Safety
Mudrex is the Indian government. Recognized platform with 100% insured deposits stored in encrypted wallets
Commissions
Enjoy zero cryptocurrency deposit fees and the best rates in the industry.
Award-winning broker
Listed in Deloitte Fast 50 Index, Best Global FX Broker of 2022 – ForexExpo Dubai October 2022 & more
Best-in-Class for investment offerings
Trade over 26,000 assets with no minimum deposit
Customer care
Dedicated 24/7 support and easy registration
We invite you to invest carefully, your capital is at risk
2. Buy Litecoin
Once you have decided on an app or exchange to purchase Litecoin, you will need to determine how to finance your purchase. If you use a payment or Litecoin-specific app, you can fund your account by linking a bank account or debit card.
Once you have funded your account, you are ready to make your first Litecoin purchase. Depending on the app or exchange you are using, the purchase transaction may be as simple as one click, or you may have to enter the ticker (LTC) and indicate the amount you want to purchase.
You may own full Litecoins or partial coins once your purchase is complete. For example, if Litecoin is trading at INR 7,000 and you want to invest INR 3,500, you own 0.5 LTC. If you purchase INR 7,000, you would own 1 LTC.
3. Store your Litecoin
If you’re new to the world of cryptocurrencies, you may not be used to having choices about where to go store your cryptocurrency. But with Litecoin you have several options.
Most of the popular cryptocurrency exchanges have built-in digital wallets where you can store your Litecoins and other cryptocurrency purchases. Some people prefer to store their cryptocurrencies in a separate location digital wallet which is not connected to the internet to keep its encryption safe from hackers.
While most major exchanges have insurance against hacking events, you can store your Litecoins in one of these offline wallets.
Here are some options for storing your LTC:
- Hardware wallets. This is a common method of storing digital assets, where hardware devices store the private keys of the owners’ assets and allow you to interact with the wallet without exposing your data. These devices can connect to your PC, phone or tablet to transact with LTC. Some hardware wallets that support LTC include Leger, Trezor, and BitBox.
- Paper wallets. For paper wallets, you use a private key to send funds. For your paper wallet, simply print your private keys and recovery passphrases onto paper and then store them for safekeeping. This is known as a “cold wallet”.
- Desktop/Mobile Wallets. Mobile and desktop wallets are generally considered “hot wallets” known for their ease of use. But hot wallets can be vulnerable to online attacks, so it’s important to research the reputation of the wallet where you plan to store your cryptocurrencies. Some mobile wallets that allow you to store LTC include Edge, Mobi, and Exodus.
- Cryptocurrency exchanges. Many exchanges that trade LTC will allow you to store your own cryptocurrencies. A couple of cryptocurrency exchanges include Coinbase and Uphold.
Should you buy Litecoin?
Before investing your money, know the risks of cryptocurrency and keep your investment to a small amount of your net worth.
Like all cryptocurrencies, Litecoin can be a highly volatile asset. Experts suggest limiting your investment to a small fraction of your net worth in cryptocurrencies, including Litecoin.