What is Litecoin?
Litecoin is a peer-to-peer cryptocurrency developed by Charles Lee in 2011 in response the complications and cost in mining and purchasing Bitcoin. Like Bitcoin, and most other cryptocurrencies, Litecoin uses a digital signature to sign the transaction. This signature is unique to the holder of the key and all transactions are kept on a network ledger. The Litework ledger keeps account and validates millions of transactions and it is impossible to alter or reverse a transaction after completion. This makes Litecoin very stable and extremely safe.
How To Buy Litecoin With A Credit Or Debit Card
There are many other types of coin available on the market, but here we’ll only discuss the revolutionary Litecoin which appeared less than 10 years ago yet has already established a foothold in the world of cryptocurrency. Other guides will tell you how to mine Litecoin but this guide will tell you how to buy using either a credit card or PayPal. There are various ways you can buy Litecoin. The easiest is to go through an exchange. This operates on the same principle as a bureau de change in most countries where the currency of the country you are leaving can be exchanged for the currency of the country you are going to. To buy Litecoin this way, you would normally purchase another cryptocurrency such as Bitcoin (the most popular cryptocurrency) and exchange it at the cryptocurrency alternative to a bureau de change. There are a number of exchanges you can buy Litecoin from including:
- Bitbargain UK – This is a safe, easy to use with a fast turnaround exchange. It hasn’t received the high number of users as some of the others, however, it is a reputable site where you can interact easily with the interface.
- Kraken – this exchange focuses on security and reliability. It is perhaps one of the best-known sites when it comes to buying Litecoin, however some users have had negative experiences.
- Cryptex24 – an exchange that prides itself on having a reputable platform- not only a bonus in this modern era of safety and security, but a necessity. It is especially popular with international buyers and sellers.
- EToro – this is a CFD provider that gives a simple user experience. If you are just breaking into this world it’s a good bet to start here, or if you’re only interested in one aspect of crypto.
In today’s system of online financial exchanges, PayPal is at the top when it comes to buying and selling online. PayPal is quickly becoming the number one alternative to traditional banking because they provide a fast service, admittedly at some cost, but do it simply and without much fuss. If you are sending payments to friends or family members in the same country, the platform functions the same as a bank, and no fees are incurred. Not only this, but all invoices and transactions are recorded in a similar way to a bank statement to be printed off for tax purposes if needed. Combining quick transactions through PayPal and an exchange will only aid the cryptocurrency market. Not all exchanges and CFD’s accept PayPal as yet. Notable ones who do are Cryptex24 and eToro but it is certain that more exchanges will use PayPal in the future.
Buying Litecoin on eToro
The CFD service eToro provides access to the world of investing in cryptocurrency to both seasoned investors and beginners. Their platform is easy to use and everything is there on the screen. It prides itself on being available to just about anyone in the world. They say they are responsible, secure, transparent, and personal. They also seek to educate new users in the world of cryptocurrency.
So how do we buy Litecoin through eToro?
- First of all, you need to register and log into the eToro website. Follow the link above.
- Choose the currency you wish to purchase, in this case, Litecoin.
- Choose the method of payment, either credit card or PayPal.
- Deposit the funds.
- Buy your coin.
It has to be noted however that there is a minimum transaction amount of $100.
Buying Litecoin on Cryptex24
Cryptex25 provides a reliable, private, and speedy service with no mandatory registration. Like eToro they exchange Bitcoin and Litecoin to Paypal and offer other methods of payment such as Perfect Money, WebMoney etc. So here is a guide on how to buy Litecoin using Cryptex24:
- Though registration is not mandatory it is recommended. To register provide a valid email address and password followed by any other personal information.
- Click the ‘Sign up’ button through the main site, do not be tricked into clicking a similarly named advert if using a search engine.
- An automated email will be sent which will allow you to activate your account.
- Choose the currency you wish to purchase. A drop-down list is provided.
- Enter the amount and then provide your email.
- All fees will then be worked out. At this stage, you need to carefully review your transaction and ensure that it is what you want to do at the rate on offer.
- You then have the option to proceed and click ‘Exchange Now’.
- You will then have to complete the instructions on the page being careful that you put the correct details.
- Pay for your order using your chosen method.
Cryptex24 say they make the process as easy as possible but are very secure. You should not be surprised at the level they go to to make sure the process is as safe as possible.
Buying Litecoin is a good purchase. Once seen as a poorer alternative to Bitcoin, it is now a serious contender in the cryptocurrency market and cannot be ignored by investors. It is often seen as a way into investing in cryptocurrency as its costs and value are much lower than Bitcoin but it is growing in the market so its value will most certainly increase.
As always, care must be taken with all investments.