There are more than 150 internationally accepted currencies currently in circulation even from Burmese Kyat to Samoan tala, and just like these recognised currencies, there are a number of cryptocurrencies also. Being the first widely accepted cryptocurrency, bitcoin has become extremely popular, but it has a couple of other alternative cryptocurrencies competing with it, and one of these is Litecoin.
With a market capitalization measurement system, or the amount of currency being distributed in the market, Litecoin stands as the third leading cryptocurrency just behind XRP and bitcoin.
Like its contemporaries, litecoin operates as an online system of payment. Just like a bank’s online network or PayPal, you can use the Litecoin blockchain to transfer currency to another user. But, it conducts these transactions in litecoin units, instead of U.S. dollars. And that is where the similarity between litecoin and other traditional payment systems and currency ends.
What is Litecoin?
Generally, Litecoin functions as a peer-to-peer digital currency that lets you make near-zero cost and instant payment to anyone anywhere in the world. It is a global payment, open source network that is entirely decentralized and does not have central authorities coming up with rules and regulations. Mathematics allows you control your own finances and also secures the network.
With litecoin, transaction confirmation is faster and you have an improved storage effectiveness than many other currencies that are math-based.
With a substantial liquidity, trade volume, and industry support, Litecoin has proven to be a medium of trading just like Bitcoin.
So you now know what Litecoin is, you can go ahead and buy some. But how? First, there are a couple of things you should have in mind like:
- Where is the most reliable place to buy Litecoin?
- What are the available options and what is the process involved?
- Your Wallet, Deposit, and Purchase
There are many platforms that support buying Litecoin, but one of the most popular and reliable is Coinbase. With Coinbase, you can easily convert your currency to any cryptocurrency, including Litecoin.
What is the process involved? It is quite simple
- Register on Coinbase
- Go through your identity verification
- Choose a preferred payment method (either Credit/Debit Cards or Bank transfers)
- Start buying Litecoin
Just like in the case of buying other cryptocurrencies, you need to have a wallet where you can store your currencies as it is not advisable to leave them in an exchange after a purchase. Volla! You can start trading with Litecoin.
Being an open source software, Litecoin empowers users and gives them the power to copy, modify, and run the software, and also distribute an improved copy of the software. Just like its alternative cryptocurrencies, it is decentralised and does not have a central authority running it.
You can easily buy Litecoin on an exchange in a few steps and transfer them to your own controlled digital wallet, which could be a hardware wallet or software wallet, and from then, you can start making transactions with your litecoin. For more information on litecoin and how to buy it, visit Binance.
You can also trade Litecoin for other cryptocurrency by transfering your Litecoin to Binance Exchange