What is Litecoin? Introduction of the currency happened 7 years ago, in 2011. The peer-to-peer cryptocurrency is slightly different from Bitcoin, but cheaper for users, the fork of the BTC client is lighter.
Let’s weigh its advantages and disadvantages before buying.
A digital wallet is an electronic or web purse with capabilities to look after, receive or send digital currencies. Its software program ensures that only an owner has access to the assets. Litecoins are recommended to hold in 3 types of the wallets: web, desktop/mobile or hardware. They’re also multicurrency, hot, cold, paper types to distinguish. For more about the features of each kind, read on.
The principle of any web wallet is in keeping your coins on someone’s server, which is risky somewhat. Some are free, other demand fees for transactions like LiteVault. Why do people give them a preference? They are fast, cheap, however, still limited to Litecoin or another crypto.
They are also known as hot wallets, which means you are always connected to the Internet, so you’re an easy target for scammers. A hacker will need to reach your computer to steal your money.
Desktop /Mobile Wallets
Litecoin Core is the desktop wallet, operating on MAC, Windows and Linux systems. The majority of LTC holders pick it – Electrum LTC, its lighter version. It also takes time to synchronize. And if a larger external drive is needed, there are 2 more alternatives.
Exodus supports over 300 crypto coins. It has a simple interface, but it is paid. The taken fees go to its network.
The advantage of another option, Jaxx, is its access via both smartphone and computer.
Multi asset hardware, Ledger Nano S, is working as a USB device. Use it for storing any of 30 crypto currencies. It is proven safe, but relatively expensive.
Another of the kind, Trezor, it provides the seed for restoring the wallet if it was hacked or lost. It maintains fewer currencies than the above mentioned, but it’s turned off. When not used better security is assured. Such wallets are known as cold hardware ones.
Payment Methods Available on the Platforms
In 2015, you could get LTC coin cheaper by 10 times. So, taking its fast growth into consideration, and potential price increase, we want you to know about all available payment methods at exchanges.
Credit or Debit Card
Visit CoinMama and Coinbase and pay using your Visa credit or Mastercard debit card. For the small fee of over 1%, you’ll buy LTC within a few days through the way. Add your payment to any of the suitable exchanges to proceed.
On BitPanda, there is an ability to use a wire transfer service. Selecting it, you should mind that they are limited in currencies, it is largely EUR, the fiat you can use. So with that, a larger part of crypto buyers from America will return to Coinbase, where that range is wider.
Some will avail of CoinFlip, the ATM-system that allows depositing and withdrawing of Litecoin atop. They function across USA territories. Other may take an advantage of more popular crypto currencies, which are easy to get with USD, EUR, GBP, etc. The only thing left is to exchange it on LTC after, which is not hard to do either.
Having more specific requirements, there is a special platform to suit them, Cyptex24, which accepts PayPal. There you can buy your coin with PayPal within a day.
Currently, you may settle the purchase up with such crypto coins – BTC, USDT, QC, ETH, XRP, OKB, CNYT. You’ll find all the mentioned pairs on Binance. Unsurprisingly, lower fees for such transactions makes it users’ favorite choice.
What are the Prospects of Litecoin
Does it cost the efforts? Despite all the gaps, Litecoin is growing in popularity and will continue so. It has lots of investors in line with benefits, which help it take the 6th rank and become 2nd favorite among users. Its price increase is going to happen any time soon. Seize the day!