Litecoin is one of the “eldest” cryptocurrencies. It has been in the top 10 on the coinmarketcap site for a long period of time. Now the project occupies the 4th place, with a total capitalization of just over $2 billion. If Bitcoin is often compared to gold, then Litecoin is considered silver in the cryptocurrency world. Buying this coin is a relatively stable investment, which can bring good profit in the future. In this article, we will talk about how to get Litecoin and what wallet is better to choose.
1. How to choose a Litecoin wallet?
Initially, in order to become the owner of this cryptocurrency, it is necessary to acquire a wallet that supports LTC. There are few variants for storing Litecoin. Let’s take a closer look at each of them:
- Online wallets are the most convenient in use, but unfortunately, this method is the most unsafe. The fact is that private keys to wallets are on the servers of companies. Potentially, they can be subject to hacker attacks. This may lead to a total or partial loss of assets. For this reason, it is better not to keep all your savings in online wallets. A short list of popular services that support LTC (Cryptonator, LiteVault, block.io, Rahakott etc)
- Software wallets are intended for installation on desktops or laptops. There are two types – “heavy” and “light”. To install the former, you need a lot of free disk space (hundreds of gigabytes), since the clients of “heavy” software wallets contain the entire blockchain network database. These wallets are fairly secure; one of the most popular full-length official wallets for Litecoin is Litecoin Core. “Light” wallets do not require downloading the entire blockchain, they are more convenient to use but less secure. List of lightweight wallets (Electrum LTC, Exodus etc)
- Mobile wallets are applications for smartphones and tablets. One of the most popular LTC storage applications on the Android operating system is LoafWallet. If we talk about multiplatform solutions, then these are Coinomi and JAXX.
- Hardware wallet is an upgraded USB flash drive, which has an auxiliary protective mechanism built into it. They can be made manually, but here is a list of ready-made solutions: Ledger Nano S, Trezor, KeepKey.
- Paper wallets are one of the most reliable ways to store cryptocurrency. This option is suitable for long-term storage, as using coins on a daily basis through a paper wallet is not very convenient. You can generate a new wallet for LTC at https://liteaddress.org.
2. Online exchanges
According to most users, the best place to buy Litecoin is online exchange. Before making an exchange in any service, it is necessary to make sure that it is working and secure. The fact is that there is a huge number of fraudulent services on the Internet, which either exchange at a very low rate, or do not pay a penny at all. For this reason, it is necessary to be very careful and attentive. Here is a small list of honest and good services that have been operating for years now:
AlfaCashier. This exchange supports a huge amount of different coins and fiat. For example, here it is possible to buy Litecoin with cash Perfect Money, MoneyPolo etc.
Indacoin – is it very popular online exchange that works in many countries of the world. The main advantage of this service is the ability to acquire LTC or any other cryptocurrency using a credit or debit card Visa/MasterCard.
Large exchanges have physical places where it is possible to buy almost any popular cryptocurrency for cash. But unfortunately, these kind of services are not numerous, and they are concentrated mainly in large cities.
3. LTC purchasing on the stock exchange
Many more advanced users know the answer to the question “Where can I buy Litecoin profitable with minimal cost?” – on cryptocurrency exchanges. These sites are first of all intended for trading cryptocurrency assets, but if you are not going to engage in trading, but want to buy cryptocurrency at the most favorable rate that changes in real time, you still need to register at one of these sites:
Livecoin – a convenient small exchange that has minimal commissions, does not have a minimum deposit amount and works with Fiat.
EXMO – a large choice of languages, moderate commissions and the ability to replenish your account with fiat currencies make this exchange a very convenient tool for purchasing digital coins.
HitBTC – has a friendly interface, low commissions, and also supports USD.
4. Other methods to acquire LTC
It is possible to buy Litecoin through direct transfer of funds to a person who wants to sell his coins. The advantage of this method is that you do not need to pay commissions to intermediaries, to register at various services, etc. But in this case, there is a possibility that the second participant in the transaction may turn out to be a fraud and you can say goodbye to all your money. There are various forums for searching for direct sellers and buyers of cryptocurrency, but they should be used only at your own risk.
Many people mistakenly think that it is possible to buy Litecoin stock as simple as Apple, Tesla, Microsoft, etc. But it should be understood that Litecoin is not a company that represents the stock market, it does not have stocks, it is a cryptocurrency project that has its own coins, which can be easily purchased using online or offline exchanges, cryptocurrency exchanges, directly from another person, etc. Many beginners are interested in an important question: “When to buy Litecoin?”. Unfortunately, there is no exact answer to this question. Nobody knows when the best time for purchasing comes. The main things to know about investments in LTС or any other cryptocurrency:
- don’t invest your last money;
- don’t buy cryptocurrency for a short term;
- forget about this money and be morally ready to say goodbye to it.
Only in this case, you will be able to calmly experience the huge volatility and wait for the next growth.
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