Litecoin – The Lite Bitcoin
Litecoin came to life in 2011. Charlie Lee’s announcement stated that developers had teamed to produce a cryptocurrency that would be silver comparing to Bitcoin's gold or as later known, Lite Bitcoin.
For the past months Litecoin price has enjoyed tremendous stability, recording up to 1,700% climb. This cryptocurrency, which has almost everything in similarity with Bitcoin, is currently valued at $80.28 (and still counting). Its resemblance to Bitcoin is so much that many liken the two to be digital siblings.
Whereas Bitcoin has made headlines almost this entire year for hitting the $5,000 mark, the overall returns are much lower than that of Litecoin. Up until now, Bitcoin has gone up to 400% year-to-date but this is not even a quarter of Litecoin's 2017 performance.
Before buying this Lite Bitcoin (Litecoin), it's important that you have a Litecoin wallet. With respect to this, there are different options including:
- Hardware wallets such as Ledger Nano S and TREZOR (read about them here)
- Desktop wallets including Electrum LTC and Litecoin Core
- iOS and iPhone wallets such as Jaxx and LoafWallet
- Android wallets – Jaxx is also available for Android
- Litecoin Paper Wallet (Read our article on how to create a paper wallet)
With that handled, we can proceed with purchasing your first (or more) Litecoins.
Where to Purchase LTC
There are various places you could buy the Cryptocurrency using different payment methods. Coinbase and BitPanda easily stand out as the most reputable places to purchase your Litecoin. You can use a credit or a debit card to do so. Additionally, you may choose to use Bank transfer this will require you to wait for at least 1-3 days in Europe and 5-7 days in the USA. When using Credit/Debit card, you will be charged about 4% fee while with bank transfer, you will incur 1.5%.
You do not have a direct way to buy Litecoin using PayPal. To do so, you will first purchase Bitcoins using PayPal and then change the BTC to Litecoins (the conversion is direct considering the LTC/BTC pair is a popular trade).
Like some other cryptocurrencies, you can also get LTC through mining. Just arm yourself with a powerful processor.
Read more about Exchange Platforms here.