Last Updated on November 16, 2022 by Umer Malik
Created from a fork in Blockchain, Litecoin was aimed to prevent enterprise-sized miners from taking over the mining process. The founder of Litecoin, Charlie Lee, felt that Bitcoin was becoming too centrally controlled; hence, he decided to create an alternative to making large-size enterprise miners from gaining the upper hand in mining. He created Litecoin, which is a peer-to-peer cryptocurrency network, and today boasts of a sizeable market capitalization. Litecoin became one of the top altcoins that reached the list of top 25 cryptocurrencies in terms of market capitalization in a relatively short period.
While not entirely, Litecoin does improve the Bitcoin structure; its utility clearly reflects in the LTC to INR price charts. It even offers a competitive edge over Bitcoin by offerings faster transaction processing speed and lower transaction fees. Litecoin has given good returns to its early investors, so you might be tempted to add it to your portfolio. But how exactly do you purchase it? Luckily, buying Litecoin is easy and takes a few minutes if you have a KYC-verified account in a crypto exchange. To make the crypto buying experience hassle-free for new crypto investors, we have created this simple guide that will show you a step-by-step process of buying Litecoin.
Choose the Right Cryptocurrency Exchange
One of the easiest and quickest ways to purchase Litecoin is choosing the right cryptocurrency exchange. A crypto exchange will help you buy crypto especially Litecoin in a matter of seconds. To ensure you have a smooth Litecoin buying experience, pick an exchange that offers top-notch security and charges reasonable transaction fees, preferably on the lower side.
You should also pay attention to the UI/UX of the exchange platform. The easier it is to use the platform, the better. Suppose you have never created an account on any cryptocurrency exchange and want an unbiased opinion. In that case, you can head to online Facebook groups, forums, and other online communities built around cryptocurrencies and ask for investors’ experience with different crypto exchange platforms. The gathered inputs will help you make an informed selection.
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Create a KYC-Verified Account
Once you have selected the ideal crypto exchange, you should start by creating an account on the platform. Creating an account on most crypto exchanges is generally very easy. You just have to provide the information as the screen prompts. Most crypto exchanges will ask for details like full name, email address, phone number, date of birth, address, etc. You will have to create your account and e-verify it by providing your identity and address proof.
E-verification of account is mandatory, as, without a valid KYC-verified account, you won’t be able to buy coin. To e-verify your account, you can upload your passport, Aadhar card, PAN card, etc. Any one or more documents will suffice. Just ensure the copy you’re uploading is clear and easily legible for a faster approval process.
Purchase Litecoin Using the Dashboard
After you have quickly uploaded all the necessary documents and provided the required details, your crypto exchange account will be approved and active in a few hours. Once active, you can head to the dashboard and start buying Litecoin. You will find a screen where all the supported cryptocurrencies are listed, along with the current price. It can be Dogecoin price, Litecoin price, or other cryptocurrencies.
You will have to click on the desired cryptocurrency from the list, provide the amount you’re willing to spend to buy Litecoin, and hit the purchase option. After a few minutes, the purchased coin will be displayed in your crypto exchange wallet. You can now choose to store it in the wallet or use the purchased Litecoin for further trading.
Things to Keep in Mind While Purchasing Litecoin
Now that you know the exact steps to invest in Litecoin, you may be tempted to buy it at the earliest. However, we’d suggest avoiding investing in Litecoin or any other cryptocurrency based on FOMO. Take your time analyzing the digital coin, the crypto exchange you’re planning to create an account in, and what the future holds for the said digital coins.
Only after you’ve done enough research and are confident of handling wild price swings will be the best time to invest in Litecoin. A golden rule is to start small and scale big for the best results. Investing a little amount in Litecoin and playing around for some time will give you enough confidence and information to trade wisely.
