How To Buy Litecoin (LTC) – Forbes Advisor INDIA

Whether you’re new to cryptocurrency or well-versed in digital currency, there might come a time when you want to add Litecoin (LTC) to your holdings. Litecoin is often called “the silver to Bitcoin’s gold,” although it’s an entirely separate cryptocurrency.

Created by Charlie Lee in October 2011, Litecoin was one of the first cryptocurrencies to launch after Bitcoin. Crypto aims to be a global digital payment designed for everyday transactions with faster speed and lower costs.

Where Can I Buy LTC?

You can buy LTC with different fiat currencies on several crypto exchanges. Here are a few exchanges where you can exchange Indian Rupee for LTC:

With CoinDCX, users can pair LTC with several fiat currencies, not just the Indian Rupee. For example, you can pair LTC with the euro, the British pound, the U.S. dollar, the Australian dollar, and the Japanese yen.

Note the terminology of “trading pairs,” which comes up quite often on crypto exchanges. One example of a trading pair is LTC to Tether (USDT). In the case of LTC/USDT, bitcoins can be converted into Tether, a stablecoin whose value is pegged to the U.S. dollar.

If you’re looking to buy and trade LTC with Tether, here are a few exchanges that pair USDT with LTC:

How To Buy LTC

1. Choose a Cryptocurrency Exchange

You can buy Litecoin directly through other payment apps such as PayPal or Litecoin-specific wallets, such as Litewallet, a mobile app available through Google Play.

If you’re all-digital and want to use Litecoin for payments, you can likely get by with a payment app or a Litecoin-specific app that lets you buy and sell Litecoin.

If you plan on using Litecoin as an investment, you’ll probably do better by opening an account at a crypto exchange.

You’ll also want to ensure that the crypto exchange you choose offers Litecoin, which won’t be too difficult since it’s a popular digital currency. Beyond availability, you’ll want to compare the best cryptocurrency exchanges for qualities such as fees, security and simplicity.

2. Buy Litecoin

Once you decide on an app or exchange for buying Litecoin, you’ll have to determine how to fund your purchase. If you’re using a payment or Litecoin-specific app, you can fund your account by linking a bank account or debit card.

Once you’ve funded your account, you’re ready to make your first Litecoin purchase. Depending on the app or exchange you’re using, the buy transaction could be as simple as a click, or you might have to enter the ticker (LTC) and indicate the amount you want to purchase.

You might own full Litecoins or partial coins when your purchase is complete. For example, if Litecoin is trading at INR 7,000 and you want to invest INR 3,500, you’ll own 0.5 LTC. If you purchase INR 7,000, you’d own 1 LTC.

3. Store Your Litecoin

If you’re new to crypto, you might not be used to having choices for where to store your cryptocurrency. But with Litecoin, you have several options.

Most of the popular crypto exchanges have built-in digital wallets where you can store your Litecoin and other crypto purchases. Some folks prefer to store their crypto in a separate digital wallet that’s not linked to the internet to help keep their crypto safe from hackers.

While the significant exchanges have insurance against hacking events, you can store your Litecoin in one of these offline wallets.

Here are a few options for storing your LTC:

• Hardware Wallets. These are a common digital asset storage method, where hardware devices store the private keys to the owners’…