How To Buy Litecoin

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How To Buy Litecoin?

This is another cryptocurrency that is an option to review if you seek to invest in cryptocurrencies this year. Though litecoin is perhaps the oldest cryptocurrency available in the digital coin market, after the surge in the popularity of bitcoins, people started looking at other cryptocurrencies for investment opportunities one of which is litecoin.

It was brought into existence by a former employee of Google known as Charles Lee and though it has similar features to the bitcoin, there are little dissimilarities. The total number of Litecoin available is over 84 million almost three times larger than the bitcoin. With its growth rate steadily on the rise, it is no wonder they are listed as one of the strong cryptocurrencies that could prove a wise investment in the year 2018.

One of the promising cryptocurrencies available in the crypto market, where you are concerned about advanced security and proper storage of data, then this is the coin to pick as your first choice. Currently, it is ranked as the 5th largest cryptocurrency and it is needless to say that it is one of bitcoin’s close competitions.

Steps to take to buy Litecoin

Having established that this cryptocurrency is secure and is probably the oldest in the cryptocurrency world, as a beginner, here are easy steps to follow if you are looking at investing in this cryptocurrency.

Get a wallet

Just as it is obtainable with every other cryptocurrency, this is the first step you want to take before buying your Litecoin(s). You need a wallet firsthand because it would serve as the storage for your coin. There are some popular wallets for Litecoin like coinbase, Jaxx, Exodus etc. Just like it is with ethereum, there are software wallets (which are the ones I just listed) and there are hardware wallets which offer more security for your coin e.g. Ledger. You may not need a hardware wallet where you are not buying a large number of coins.

Find an exchange platform

Currently, one of the issues faced by people who want to buy Litecoin is the fact that they cannot buy it directly with their local currency. Most exchange platforms only trade Litecoin for bitcoins so you might have to ply the route of buying bitcoins first and exchanging it for Litecoin. There are many popular exchange platforms for bitcoin, and you can buy bitcoins first with your local currency before proceeding to exchange them for litecoin.

Withdraw your coins to your wallet

After you have found and chosen the exchange platform you have decided on, you will need to open an account and follow the necessary steps as they would guide you to. As soon as you have opened an exchange account and you have bought your coins, please make sure you withdraw the Litecoins from the exchange to your personal wallet. This is to curb the risk of losing your coins in any case that the exchange shuts down or gets hacked.

With these easy steps, making your crypto purchase has never been easier!

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