Litecoin First Time Buyer's Guide - How to Buy Litecoin

litecoin

#1

First ( to the newcomers)

Make sure you have a secure wallet set up to receive your Litecoins to. I recommend using a Paper wallet or the official Litecoin client.

I highly recommend you purchase a small amount first. Send it to your wallet, send it around, buy some small things, and get a feel for how to send and receive Litecoins to different wallets first. Once you’re comfortable using the Litecoin network, then invest more.

I say this because Litecoin is decentralized and there’s no head office or customer service desk to call if you make a mistake. If you make a boo boo, then it’s bye bye to your coins! So that’s why I recommend you make any mistakes with a small amount vs a large one.

Now lets get into the methods to buy Litecoin

1) Flagship Exchange

Pros

Instant exchange at current market rates
Deposit or withdraw funds right from bank

Cons

Must be 18+
Need an account
Some require ID verification
Some have buy/sell limits
Could be hacked

Some Flagship Exchanges


kraken.com
bitstamp.net

2) Altcoin Exchange

Pros

Instant exchange at current market rates
Some Exchanges (like ShapeShift.io) don’t require an account or ID

Cons

Need an account
Some require ID verification
Some have trade or withdraw limits
Could be hacked

Litecoin Altcoin Exchanges


cryptopia.co.nz
bittrex.com

3) Litecoin ATMs

Pros

Instant exchange
Some have no ID requirements
Some have no buy limits
Coins can’t be lost due to hack

Cons

High percentage markups
Some require ID, phone number, and even fingerprint
Some have limits

Litecoin ATM Location Finders


4) Localbitcoins.com (and like sites)

Pros

Instant exchange
Some traders have no ID requirements
No buy limits

Cons

Scammers
You may have to meet in person
Some traders have high percentage markups
Some traders require ID and/or phone number

Some Examples

localbitcoins.com
litecoinlocal.net

5) Sell your things directly for Litecoins

Pros

Get rid off extra stuff you already have
Possibly higher profit margin for your business

Cons

Must have something to sell
Getting sales can be challenge
Exposure to extreme price volatility

Some Sell Your Stuff Sites

bitify.com
cryptopia.co.nz/MarketPlace
glyde.com/bitcoin

That’s it!

I wish you the best on your Litecoin journey! Be sure to follow me on steemit and check the other links below for more Litecoin info.

Follow me on Steemit:

Litecoin Charts
bitcoinwisdom.com/markets/bitfinex/ltcusd

Get Litecoin @ Litecoin.org


#3

Let me give you a brief of what is Litecoin:

“Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.”
That’s because Litecoin is based on Bitcoin’s open source codebase, but with a few technological differences. Litecoin was never intended to replace Bitcoin but to complement it like the silver to Bitcoin’s gold. This beginner’s guide should help those who are new to Litecoin to understand the high-level differences between these two digital currencies.

How to buy Litecoin:

STEP0: Set up an LTC Wallet

LTC wallet: https://litecoin.com/#wallets
I would recommend a paper wallet or desktop wallet, please keep the physical key with you. It is never advisable to keep your LTC coins on exchange wallet.

STEP1: Go to coinswitch.co and exchange BTC to LTC.

STEP 3: HOLD the LTC, my analysis says it would reach 1000$ till 2018 end.


#4

Nice how-to