Home » genesis mining promo code » Trio Elementary Steps to Buying Litecoin (LTC) A Beginner – s Guide – 2018 Update

Trio Elementary Steps to Buying Litecoin (LTC) A Beginner – s Guide – 2018 Update

3 Simple Steps to Buying Litecoin (LTC) A Beginner - s Guide - 2018 Update

Last updated on February 26th, 2018 at 02:38 pm

What is Litecoin te a nutshell?

Litecoin wasgoed created by Charles Lee, a former employee of Google. It has taken the general idea behind Bitcoin, but switched a few key component:

  1. The block time, is Two.Five minutes versus Ten minutes for Bitcoin.
  2. The mining algorithm which blocks the use of powerful ASIC miners like you have ter Bitcoin.
  3. The total number of Litecoins available is 84 million spil opposed to Bitcoin’s 21 million.

Litecoin, Bitcoin’s junior brother has recently taken off to fresh heights. Since Litecoin reached its all time high on December 2013 of $38 it then plummeted and kept a sustained exchange rate of around $Three for the last Trio.Five years. However recently Litecoin commenced thriving again, many people say this is due to the fact the currency has adopted the Segwit soft fork implementations.

Today Litecoin is trading overheen overheen $40 on most major exchanges. Ter this postbode I will voorkant how you can buy Litecoins using a credit card, your Paypal account or wire transfers. Keep te mind that using the very first two methods will most likely cost more than using the wire transfer. This is due to the fact that if you buy Litecoin with Paypal or a credit card the seller takes the risk of your requesting a chargeback on your transaction.

Step 1 – Get a Litecoin wallet

Before you buy your Litecoins you should very first get a wallet to store them on. Inbetween some of the most popular wallets today for Litecoin are Coinbase, Uittocht and Jaxx. If you’re looking for better security for your Litecoins you can use hardware wallets like TREZOR or Ledger to store them spil well.

Step Two – Find a Litecoin exchange

One of the main issues it’s presently hard to buy actual Litecoins is because most exchanges trade it only for Bitcoins (and not for USD or EUR). Therefor one option you have is to buy Bitcoins and then exchange them to Litecoins on exchanges like Polonix, BTC-e or Shapeshift.

However, there are some exchanges that permit you to buy Litecoins directly.

eToro – Platforms like eToro don’t give you actual access to your coins and you can’t send coins from eToro to other people. The only thing that can be done with the toneelpodium is to buy and sell Litecoin for fiat currency (i.e. Dollars, Euros, etc.). Meaning this toneel is good if you only want to speculate on the price. This method is only valid if you live outside of the US.

Significant! If you use eToro you don’t actually need a Litecoin wallet spil they don’t supply you the actual coins. Also, Cryptocurrencies can widely fluctuate te prices and are not adequate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. So keep ter mind that your capital is at risk.

Coinbase – Permits you to buy up to $500 worth of Litecoins using your credit card. Higher boundaries can be achieved once you verify your identity. Coinbase accepts buyers from 33 countries around the world and the fees on the exchange are relatively low (mainly for ACH transfers inwards the US).

Bitpanda – Permits you to buy Litecoin using your credit card, Skrill account, SEPA transfer or SOFORT transfer. Buying on Bitpanda requires verification and buying thresholds are relatively low (600 euros).

Bitstamp – One of the oldest cryptocurrency exchange out there. Bitstamp permits you to buy Litecoin through a wire transfer of USD or EUR. You can also exchange your Bitcoins to Litecoins spil well.

Step Trio – Buy Litecoins and withdraw them to your wallet

Once you determine on an exchange, open an account and buy the Litecoins. Make sure to withdraw the Litecoins from the exchange to your individual wallet. Never leave coins te an exchange spil you risk losing them if the exchange gets hacked or shuts down.

Can I buy Litecoins with Paypal?

If you’re looking to buy Litecoins with Paypal there is no rechtstreeks option. You’ll need to buy Bitcoins with Paypal through Virwox or other options (spil shown below) and then exchange them to Litecoins on an exchange like changelly.

VirWox is delaying fresh user transactions for up to 48 hours. This means that it can take you Two days to finish this process. This is still way swifter than using a wire transfer but keep ter mind that this will most likely not be instant (albeit ter some cases it is relatively quicker). If you find yourself getting stuck at any point don’t hesitate to voeling mij through the voeling form on the webpagina.

A few things to keep ter mind before wij start. The very first is that it’s indeed hard to buy Bitcoin with Paypal because of the risk it poses to the seller. It’s still possible but now wij come to the 2nd point. Since wij can’t buy Bitcoin with Paypal directly, wij will buy it using a workaround. This workaround causes the transaction fees to be higher. I find this process still worth the cost because of the extreme volatility of Bitcoin.

Also the ondergrens amount to buy te this process is 0.002BTC, so don’t use this process if you want to buy less than that.

Open an account te VirWox

The very first thing you’ll need to do is to go to VirWox (Virtual World Exchange) and open a fresh account – look for the “Not registered yet” verbinding spil shown te the picture below:

Now just pack te your individual details. Where it asks you about your avatar name just leave it at “no avatar” and click “Register. Once this step is done you’ll be sent an email with your password.

Significant – Don’t leave behind to switch your password

Ter the email from VirWox you will receive a password. Loom into VirWox with that password. I strongly recommend you switch it once inwards since you will be transferring money through this account. You can do this under “change settings” spil shown here:

Fund your account through Paypal

Now go to “Deposit” and choose the “Paypal express” method. Inject the amount of USD/EUR you want to deposit and click the Paypal checkout button. Note that if your account is fresh you will have a max limit on how much you can deposit. Te time this limit will be eliminated and you will be able to deposit more and more.

Once the account is funded it’s time to buy some SLL (2nd Life Lindens) and exchange them into Bitcoins. Commence off by buying SLL te the SLL/USD exchange spil shown here:

After you see the SLL ter your account (top left) you will now need to exchange them to Bitcoins. Go to the SLL/BTC exchange and exchange you Lindens to Bitcoins:

Withdraw you Bitcoin

Go back to VirWox and transfer your funds into this Bitcoin address:

Now you can use Changelly or Shapeshift to exchange your Bitcoins to Litecoins.

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