Buy Litecoin on Paybis.com

Over the past few years, the crypto market has managed to grow massively. Currently, there are more than 3000 recognized cryptocurrencies in circulation. Among these, some are small and serve no purpose. Others, however, have a strong foundation and a promising future.

One of the more popular coins that aims to change the way we use crypto in our daily lives, is Litecoin. But what do you really know about this cryptocurrency, other than its current price?

In this short section, we will give you a quick introduction to Litecoin and walk you through the process of buying your first coins.

So, if you’re ready to buy Litecoin (LTC), read on.

What is Litecoin (LTC)?

Litecoin (LTC), like most other cryptocurrencies, is a digital payment system. 

Created in 2011 by software engineer and ex-Google employee Charlie Lee, Litecoin aims to become a faster and “lighter” version of Bitcoin.

In essence, the code behind the two cryptocurrencies is very similar, since Lee based Litecoin on the original Bitcoin code, making just a few changes to ensure that it serves the public in a better way.

You see, back in the day, Bitcoin was faced with two big problems.

First, transactions took a long time to complete, since the Bitcoin network was only able to process four transactions per second.

And through this issue, another problem was born. With such a limited amount of transactions per second, Bitcoin could not scale to the point of actually being used as a currency in our day-to-day lives. To give some context, consider that a payment system like Paypal can conduct 400 transactions per second, while Visa completes 1700 per second.

This is why, as time went on, Bitcoin was seen more as a store of value (often compared to gold) instead of an actual currency. And this is exactly the reason why Litecoin is often referred to as “the silver to Bitcoin’s gold”. In times when barter was the norm, silver, being a cheaper material, was often used for smaller transactions.

And today, in the world of crypto, Litecoin seeks to innovate by becoming the first crypto that can be used in your daily life for smaller transactions.

This is possible thanks to the following properties:
 

• Litecoin uses Scrypt instead of SHA-256 for mining. Through this small adjustment, the public can mine Litecoin with computer-grade hardware instead of large, expensive miners.
• Litecoin can process 56 transactions per second. This is a lot more transactions than Bitcoin can handle. It is also much better for the general public, as it allows more transfers to be made on a daily basis. 
• Litecoin has a total supply of 84,000,000 coins, which is four times more than Bitcoin.

So now that you have a better idea of the coin’s background, let’s take a look at the steps required to buy Litecoin.

Step 1 - Create a Litecoin (LTC) wallet

 
First and foremost, you will need to create a Litecoin wallet. Without it, you won’t be able to receive any coins.

Litecoin wallets are exactly what they sound like—a place to safely store your Litecoin.

Since cryptocurrencies are digital coins, your wallet will also be digital, with the exception of hardware wallets, but more on that below.

There are different types of Litecoin wallets, and some seem to work better than others.

If you prefer convenience and ease-of-use, you can start with an online wallet. The security level of these wallets can be easily adjusted by implementing additional safety measures (like 2FA or SMS verification). It is best to use online wallets for smaller amounts of money (e.g. $100), since they are more prone to hacking attempts and, thus, are not the safest option out there.

If you are looking for a safer option, you can also use a desktop wallet. Find a wallet that supports Litecoin, download it onto your computer and install it. Once it’s all set up, you can access your Litecoins—but only from the device that contains the wallet. Several desktop wallets allow you to store Litecoin offline, which makes them even better when compared to online wallets.

Hardware wallets are the only physical cryptocurrency wallets. They are the safest out of all the options for several reasons. They require manual authorization for each transaction, include additional security measures, and they store all your coins offline. They do come at a small cost ($70-$200), but the investment is worth it, especially if you’re buying a substantial amount of crypto. Consider using a Trezor or Ledger device, as these are the most popular hardware wallets on the market.

Finally, you also have an option to store your coins offline by using a paper wallet. These “DIY” wallets have to be printed on a sheet of paper and carefully stored in a secure location. The hold both your public address and private key, so you can easily request or access your funds at any time. If you decide to go with this option, you can make your own wallet on liteaddress.org.

Step 2 - Where to buy Litecoin (LTC)

 
After choosing your favorite wallet, it’s time to buy LTC.

You can do this easily through a cryptocurrency exchange.

In short, these are platforms that help users buy and sell cryptocurrencies online using a wide range of payment methods.

Our exchange, Paybis, has everything you need to purchase Litecoin within minutes, including a simple interface, fast (if any) verification, and a team to help you out along the way.

Speaking of which, Paybis is known for its responsive customer support. Our team has received thousands of positive reviews on Trustpilot for assisting users during the buying process.

Step 3 - Select your payment option

 
Once you sign up at Paybis, get ready for a new transaction. You will come across a broad range of different payment methods, some of which can’t be found on any other platform.

We are doing our best to constantly improve, as well as adding more languages and additional payment methods for all our users. You can make use of the following options when choosing to buy Litecoin (LTC):
 

1. Credit and Debit Cards
2. Bank Transfers in EUR (SEPA)
3. Bank Transfers in USD
4. Advanced Cash
5. Payeer
6. Skrill
7. Neteller

The payment options are available on the left column of the Paybis main page, labeled as “You Spend”.
Paybis supports more than 180 countries and is constantly adding more. However, there are a few limitations for residents of certain locations. Some countries/states do not allow their residents to buy Litecoin (LTC) using a credit card. Other locations are excluded as a whole.

If in doubt, go through the list of supported and restricted countries to check if your country can use our services.

After choosing your preferred payment method, you can also select the currency you wish to buy Litecoin (LTC) with. We currently support US Dollars (USD), Euros (EUR), and British Pounds (GBP).

Finally, enter the amount you wish to spend and start the transaction.

Step 4 - Buy Litecoin

 
Depending on your payment method, you may need to go through a KYC/AML check. This step takes around five minutes to complete and is only necessary for your first purchase.

After our team verifies your ID, you will be presented with an option to complete the payment. Go through the steps and finalize your order.

And that’s how you get Litecoin (LTC)!

Step 5 - Receive and store your LTC

 
The Litecoin (LTC) you bought should soon become visible in your wallet. As soon as you receive the coins, you can use them as you please. 

Most wallets will automatically show the value of your Litecoin (LTC) in your native currency. 
If this is not the case, you can download an application that indicates the value of your funds (e.g. Blockfolio) or use a price calculator.

You now know that your coins are safely stored and what they are worth. What comes next?

Step 6 - Next steps?

 
At this moment, you can do the following:
 

• Sell your coins within a short amount of time, hopefully at a higher price than you bought them for.
• Hold onto your coins for a longer period of time until they increase in value.
• Trade your coins for other cryptocurrencies.
• Buy products and services online at stores that accept Litecoin.

Whatever your plan is, always remember to take the necessary precautions. Backup your wallet, only spend what you can afford to lose, and keep you private keys out of sight! 

Step 7 - When should you sell Litecoin (LTC)?

 
There is no perfect moment to sell your coins. If you ask experienced cryptocurrency traders, they will all give you the same answer: “You should have sold at the peak price.”

And since that is no longer possible, what is the second-best option? According to the same experts, “the next best time is right now”. This is because no one really knows if the price will go up or down.

Due to this uncertainty, many new investors often find it difficult to invest in cryptocurrencies. Sudden price volatility can lead to hasty decisions and, even worse, losses.

Therefore, it is best to set your own targets and stick to them no matter what. After all, you should have invested only what you could afford to lose. This approach will help you make better decisions and improve your emotional intelligence.