Litecoin is the second-place digital currency after Bitcoin. The crypt is in sixth place, and for 1 LTC they give 52.02 US dollars. Litecoin can be used to buy goods and services, exchange for ordinary fiat funds or buy bitcoin. As a security, Litecoin uses the cryptographic method.
Before acquiring Litecoin, you need to create a cryptocurrency wallet. To do this, there are programs installed on a computer and mobile device, they can be downloaded from the official website, latcoin.org. After installing and authorizing the program, you can begin to make transactions with cryptocurrency.
How to buy Litecoin
Litecoin cryptocurrency can be purchased in one of the following ways:
- WebMoney. Buying bitcoin through WebMoney is one of the easiest ways, provided that the user has his own account in the payment system. The method is interesting in that there is no need to install the application, the system provides a WML wallet designed to store currency. All operations with Litecoin are carried out in your personal account in WebMoney. After a user creates a wallet for storing cryptocurrency in the WebMoney system, he can purchase Litecoin in several ways:
- Having selected the wallet with the ctrl + t key combination or use the right mouse button and choosing to top up in the menu. To purchase cryptocurrency, you can use any funds that are in dollar, ruble and euro wallets.
- Use cryptocurrency exchange
- wm.exchander indicating the type of exchangeable currency and accepting the existing application. In the exchanger, when converting currency, the user will have to pay a commission. The advantage of this method is the simplicity of operations, but the minus is the large commission for the exchange.
- Exchanger. Users can purchase Litecoin through exchangers:
- XChander, offers a profitable course, but the exchange may take 15 minutes. The exchanger works around the clock and has a convenient and simple interface, which allows the user to quickly understand the system.
- BaksMan is a reliable online currency exchange service. Transaction speed is instant. You can choose almost any payment system and different directions of the transaction. The course is quite profitable and constantly updated. There is round-the-clock support.
- Prostocash is a partner of EPS guaranteeing high quality of the exchanger. The service offers fast transaction, low commissions, and also has a large reserve of all types of currencies. On average, it takes 15 minutes to complete a transaction. To use the exchanger you do not need to go through authorization. The system is aimed exclusively at anonymous service, therefore it requires a minimum list of payment details. For regular users who have registered, the service offers a cumulative discount that allows you to save on commissions.
The best cryptocurrency service is WELLCOINEX providing high transaction reliability. The platform allows you to save on commissions, and also offers users a convenient interface with a wide selection of cryptocurrencies and various payment methods.
- Cryptoexchange. Buying Litecoin on cryptocurrency exchanges is one of the best ways, as the user himself chooses a rate that is favorable for him. The uniqueness of exchanges is that you can not only purchase Litecoin, but also make money on the difference in its exchange rate. Minimum transaction fee; there are various options for replenishing the exchange account. The main condition for buying currency through exchanges is authorization on the site, as well as opening a trading account, which must be replenished to purchase currency. After making a transaction on the order, Litecoin is credited to the trading account, from which coins can be withdrawn to your wallet.
- Broker. You can purchase Litecoin through the FXOpen broker. To do this, the user must register on the broker’s website and go through authorization. After opening an account using crypto, establish the recommended leverage 1: 1 or 1: 2. Copy and save all data. The information you need is stored in a screenshot indicated by a black rectangle. You also need to install a trading terminal on a computer or mobile device. After replenishing the trading account in any available way, place an order to buy Litecoin using MetaTrader 4.
The broker has all the licenses for the provision of financial services. It is important that if you use the leverage 1: 2, you can buy several types of currencies at the same time at a price 2 times lower than the funds on the trading account. But, if the value of the currency decreases by half of the purchase price, then the transaction is closed, therefore, leverage must be used wisely. The disadvantages of this method include the difficulty of the process. Therefore, for beginners, it is better to bid with a minimum amount of currency.
- Intermediaries. You can buy Litecoin cryptocurrency forums by viewing ads from other users. Forums work like a well-known OLX ad platform. However, this method carries great risks, since you can become a victim of scammers. The deal is based solely on trust, so before choosing a seller you need to carefully study what time he is on the site and read reviews about him. When making a transaction, the buyer pays for the cryptocurrency to the wallet indicated by the seller, after which the seller sends coins to the account specified during the transaction.
What to do with Litecoins
After a user bought Litecoin and even made money on a volatile course, he wonders: what next to do with cryptocurrency?
There are several options:
- Sell cryptocurrency at a higher cost.
- Keep it on your wallet and wait until the exchange rate rises.
- Pay for a product or service on the Internet.
Each user chooses the method of using Litecoin for himself. However, to get the maximum profit, it is better to fix the income and wait for how the cryptocurrency will develop.
Experts predict that in the summer of 2020, the Litecoin exchange rate will begin to rise rapidly, and by 2021 they will give 300 US dollars for one coin. Therefore, today it is possible to invest in Litecoin in the long term in order to further obtain good profits.