Litecoin (LTC) is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. The digital currency was created based on the Bitcoin (BTC) protocol but differs in terms of the hashing algorithm used, its supply limit, and the average block generation time.

It is one of the most popular cryptocurrencies. Logically, many people ask, “Where to buy Litecoin (LTC)?” — this blog post gives the answer and provides a step-by-step how-to that lets you buy Litecoin easily.

Quick Guide

Here’s an overview of the preferred crypto exchanges with Litecoin (LTC) listed. If you know how to buy cryptocurrencies, you can simply select your preferred exchange. In case you are just getting started, you can scroll down to where we share all details about how to buy Litecoin (LTC).

Before we dive into the details about how to buy Litecoin (LTC) we want to provide you with some essentials about the Litecoin. Remember, it is essential to understand the asset you’re planning to buy before you invest!

What is Litecoin (LTC)?

About Litecoin

Litecoin (LTC) is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. The digital currency was created based on the Bitcoin (BTC) protocol but differs in terms of the hashing algorithm used, its supply limit, and the average block generation time.

Litecoin operates on a blockchain and uses the proof-of-work consensus mechanism, similar to Bitcoin. However, while Bitcoin uses the SHA-256 hashing algorithm, Litecoin uses a newer algorithm called Scrypt. This makes Litecoin mining less susceptible to being monopolized by custom hardware solutions, as the Scrypt algorithm is more memory-intensive, favoring systems with more RAM over raw processing power.

One of Litecoin’s major differences from Bitcoin is its quicker block generation time (2.5 minutes, compared to Bitcoin’s 10), allowing for faster transaction confirmation. The total number of Litecoins that can ever exist is also higher – capped at 84 million, compared to Bitcoin’s 21 million.

History Of Litecoin (LTC)

Litecoin was launched on October 7, 2011, by Charlie Lee, who envisaged the cryptocurrency as the “silver to Bitcoin’s gold.” The main motivation behind Litecoin was to offer a cryptocurrency that improved what Lee saw as limitations in the Bitcoin protocol.

In November 2013, Litecoin experienced a massive surge in value which saw its market capitalization reach $1 billion. This event solidified Litecoin’s place as one of the leading cryptocurrencies.

One notable milestone for Litecoin was becoming the first of the top 5 (by market cap) cryptocurrencies to adopt Segregated Witness (SegWit) in May 2017 and, later that year, the first to execute a Lightning Network transaction. These updates aimed to increase the block size limit on the blockchain and speed up transaction processing times, further enhancing Litecoin’s usability.

Use Cases of Litecoin (LTC)

Litecoin was created to provide a more scalable and convenient version of Bitcoin. Hence its use cases align with its foundational design.

1. Currency and Microtransactions: Just like any other cryptocurrency, Litecoin can be used as a digital currency for transactions. Due to its faster block generation time, it is more efficient at processing microtransactions and real-time trading.
2. Payment for Goods and Services: More and more businesses are accepting Litecoin as a payment method. These include both online and brick-and-mortar businesses, thus, increasing the everyday utility of Litecoin.
3. Remittance: With its fast transaction times and low fees, Litecoin is an excellent tool for remittance. It enables users to send money across borders quickly and cheaply, solving a problem that conventional banking systems have long struggled with.
4. Investment and Trading: Many investors and traders have added Litecoin to their cryptocurrency portfolios. Its strong market presence and technological foundation make it an appealing investment to some.

Litecoin’s established position in the cryptocurrency market, combined with its advanced features such as faster transaction confirmation time and higher total supply, position it as a cryptocurrency with significant real-world applicability and potential for future growth.

Litecoin (LTC) Price Chart

Analyzing the current price movement is an important step before investing. Therefore, you should closely examine the chart below before discovering how to buy Litecoin.

How To Buy Litecoin (LTC) — A Step-By-Step Guide

How To Buy Litecoin (LTC) — Step 1: Sign Up For An Account

The first step in buying a cryptocurrency token is to sign up for an account on a cryptocurrency exchange.

There are dozens of exchanges available, but it’s important to research and choose one that meets your needs regarding security, features, and trading possibilities.

However, more importantly, you must check if the cryptocurrency has the Litecoin token listed. Bear in mind that not every exchange has listed every coin.

In terms of Litecoin, you can select one of the exchanges we listed at the beginning of the post, such as Binance or MEXC.

How To Buy Litecoin (LTC) — Step 2: Secure Your Account

After you’ve created your account, it’s crucial to secure it. This generally involves setting up two-factor authentication (2FA). 2FA requires a second form of identification beyond just your password, such as a code sent to your phone. This greatly enhances the security of your account. It’s also important to choose a strong, unique password.

Although this step is optional at some exchanges, we highly recommend it. Major exchanges like Binance, MEXC, or KuCoin won’t allow you to trade before securing your account.

How To Buy Litecoin (LTC) — Step 3: Verify Your Account (Partially Optional)

Before you can start trading, you’ll usually need to verify your account. This process varies by exchange but typically involves submitting some form of identification like a driver’s license or passport. This is part of the Know Your Customer (KYC) regulations that exchanges must comply with.

However, there are also crypto exchanges where you don’t have to verify your account. This usually comes with some limitations in terms of payouts and features. Nevertheless, if you want to stay anonymous or want to give it a first try, this might be the better option. We put together a list of exchanges that don’t require verification. You can check this here: 4 Best Crypto Exchanges Without KYC (2023)

How To Buy Litecoin (LTC) — Step 4: Add A Payment Method And Funds

Once your account is verified, you can add a payment method. Depending on the exchange, this could be a bank account, a debit card, or a credit card. Some exchanges also support PayPal and other online payment services.

After adding a payment method, you can add funds to your account. Make sure to deposit enough to cover the cost of the token you want to buy and any associated fees.

How Buy Litecoin (LTC) — Step 5: Buy Litecoin!

Finally, we made it. You are now ready to buy Litecoin (LTC). Depending on the exchange you’ve chosen, you must navigate to the “Market” or “Trade” area.

You can typically choose between a market order (buy at the current market price) or a limit order (buy at a specific price or better). Once your order is executed, the tokens will be added to your account, and you can call yourself a proud owner of the Litecoin (LTC) token.