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How to Buy Litecoin (LTC) in 3 Simple Steps

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Author: Alice Leetham Updated: March 15, 2022

Litecoin is designed for payments. Although it is based on Bitcoin, Litecoin transactions are faster and cheaper, making it ideal as a global, peer-to-peer currency, especially for smaller transactions. This guide will show you the best way to buy Litecoin online and why it is so popular.

3 Step by Step Guide to Buy Litecoin instantly

1. Choose a broker or exchange

Start by selecting one of the many platforms that support LTC. It is useful to consider aspects such as fees and how easy it is to navigate the platform when making your choice. The best platforms are compared further down this page, or simply sign up right now with our top recommended platform.

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2. Create and fund your account 

Fill in your personal information on the registration form in order to create an account. Regulated platforms often have a KYC process, which could mean you will need to supply a photo ID before your account can be verified. Then you can head to the deposit page and choose a payment method with which to fund your account. Options can include bank transfers as well as credit or debit cards.

3. Start Buying Litecoin

Now that your account is funded, you can search the platform for the relevant trading pair (this will be LTC/GBP if you just deposited British pounds, for example). Enter how much you want in a buy order and submit it. A market order will execute straight away, while a limit order will execute once LTC reaches your chosen price.

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What Is Litecoin LTC?

Litecoin is a global payment network that enables payments to be made instantaneously to anyone in the world at a cost of almost nothing, through the medium of the peer-to-peer internet currency LTC. Litecoin was one of the first forks of Bitcoin and created in 2011 by computer engineer Charlie Lee

Other cryptocurrencies, such as Bitcoin and Ethereum, can be slow and expensive to send, especially when the network is busy, meaning they’re not well suited to making payments. Litecoin, however, is ideal for this purpose and is accepted by over 2,000 merchants around the world, making it one of the most widely accepted cryptocurrencies.

Litecoin was based on the Bitcoin protocol and intended to be a “lite” version of Bitcoin, but there are a number of differences between the two. They have different maximum supplies and although both are secured by a Proof of Work consensus mechanism, Litecoin uses a different mining algorithm with a faster block time.

Ways to Invest in Litecoin

There are different ways of investing in Litecoin, depending on your goals and preferences. The cryptocurrency can be bought for either the long term or the short term and we shall explore what each option has to offer below.

Buy LTC and hold it

The buy and hold strategy has a pretty self-explanatory name and can be undertaken by anyone, regardless of skills and previous experience. You don’t have to spend lots of time watching and analysing the market to make a profit with this strategy, and can read our Litecoin forecast.

Litecoin can’t be staked while you hold it as it is a Proof of Work network secured by mining.

Best Litecoin wallets

If you've decided on buying Litecoin or any cryptocurrency investments you'll need a crypto wallet to put it in. Those holding LTC for the long term may prefer to store their coins in a private wallet, as this provides true ownership of your assets and can be more secure. Private wallets tend to be either software or hardware.

Software crypto wallets can be downloaded onto a mobile or desktop computer and are generally free and easy to use. Hardware wallets can be expensive and less user intuitive but provide the best security. Popular hardware brands include Trezor, BitBox, and Ledger.

Trade Litecoin LTC

Like most cryptocurrencies, LTC can be pretty volatile. This is something that can be to the benefit of traders, who generate more frequent returns by buying and selling LTC over shorter timeframes.

Traders may find private wallets inconvenient as they would have to transfer their coins between their wallets and exchange regularly. Exchanges tend to provide free web wallets which may be better suited to traders.

Should I Buy Litecoin LTC Now?

This is ultimately up to you, although we can supply you with information about the fundamentals and potential of Litecoin. As with Bitcoin, Litecoin has a hard supply cap and this in-built scarcity could make it a good long-term store of value.

Unlike Bitcoin, Litecoin’s speed and low cost make it convenient for point-of-sale payments and microtransactions. This could drive demand for the coin from people wanting an efficient way to make peer-to-peer and global payments.

Litecoin development is ongoing and the future introduction of confidential transactions could see it attract even more users. With the number of merchants accepting LTC growing, it appears to be one of the most useful and enduring cryptocurrencies around.

Frequently Asked Questions

  1. Like Bitcoin, Litecoin has a fixed maximum supply but it is four times higher at 84 million LTC, compared with 21 million BTC for Bitcoin.
  2. The number of new litecoins mined with each block halves roughly every four years—just like Bitcoin. As with Bitcoin, the maximum supply of Litecoin is expected to be reached around the year 2140.
  3. Yes, Litecoin aims to be quicker than BTC, and is kind of a modified version of Bitcoin. Blocks are generated every 2.5 minutes on the Litecoin network, compared with 10 minutes for Bitcoin. This enables Litecoin to handle a higher transaction volume and means that merchants get faster confirmation times.

  4. Litecoin’s Proof of Work consensus algorithm is designed to make transactions secure and protect the network from attacks. Users can also keep their wallets more secure with wallet encryption, which requires a password before coins can be spent.
  5. Although no personal information is required to use the Litecoin network, all transactions are stored on the blockchain for everyone to see so it may be possible to identify users through the use of blockchain analytics. However, Litecoin developers are working on implementing confidential transactions for Litecoin, which would provide much greater privacy.

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