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How To Buy Litecoin
Litecoin (LTC) is a popular cryptocurrency gaining momentum over the last few years. Following in the footsteps of BTC and other cryptocurrencies, Litecoin is a global decentralized, peer to peer digital currency. The growth rate and potential of LTC has created a buzz in the crypto world, but one of the major problems is people are still unsure how to purchase it.
What is Litecoin?
Litecoin is a decentralized online currency, based on blockchain technology. Quick confirmation times make it an ideal cryptocurrency for small transactions and sending money overseas. It was created in October, 2011 and has seen vast improvements since launching, gaining momentum and being featured on more and more exchanges, like Coinbase. More and more places are accepting LTC payments and it can also be a very lucrative store of value, as many early investors found out.
Where Can You Purchase Litecoin
There are a lot of options for purchasing Litecoin, which can make choosing an exchange platform all the more difficult. I have tried many exchanges and Coinbase is a very good option for purchasing Litecoin, Bitcoin, Ethereum and Bitcoin Cash. Not only is it easy to use and available in many parts of the world, it is also more safe and secure in comparison to many exchanges out there. You can manage your account on your computer and download the iOS/Android application, as well.
The best part about Coinbase is the user interface is great for newer cryptocurrency investors. It’s easy to use and doesn’t complicate the process, making it fast to get started. Once you have created your account you can purchase Litecoin instantly with your credit card or use your bank account. Click here to Sign Up and you can get $10 FREE on your first purchase!
Purchasing Litecoin Safely
Here are some tips for safely purchasing Litecoin on Coinbase:
- Use a strong password. Make sure it is not easily guessed, doesn’t contain successive letters/numbers (123, abc, etc.) and you will remember it (Tip: Make it really strong and write it down. Store it in a very secure place, like a safe).
- Don’t boast about your Litecoins.
- Use two factor authentication. Two factor authentication requires you to input a short code that is automatically texted to your phone when you login into Coinbase. This is optional, but will help secure your account.
- Setup a pin code in the Coinbase app. You set it up in the Coinbase app settings. This will require you to put the pin in before sending any money out of the Coinbase app. It is a security feature for the phone app to protect you from anybody tampering with your phone without your consent.
- After purchasing Litecoin from Coinbase you could also consider storing your Litecoin(s) on a hardware wallet, desktop wallet, or mobile wallet. This takes time to understand and setup, but is also a very secure option, especially for long term investors. (More On This Below)
- Utilize virus protection on any device you use. While you may think your computer is working just fine and you are doing everything you are supposed to do; viruses, malware and adware can be crawling undetected on your devices, potentially exposing you. Virus protection is necessary to defend you from these situations.
Hardware Wallets vs. Desktop Wallets vs. Mobile Wallets vs. Paper Wallets
For a technically inclined individual there are an array of options for storing your LTC coins. While, there are many viably safe options, I would like to focus on a particularly secure method: cold storage. Cold storage simply means that your coins are stored offline, usually in the form of a Hardware or Paper wallet.
One of the best break out options for cold storage of your LTC is Hardware wallets. A Hardware wallet simply means your LTC private keys are stored on a secure hardware device, usually with a small display for transaction authenitcation. The Ledger Nano S is widely acclaimed as the best option on the market for storing an array of different Cryptocurrencies securely, offline and most importantly: conveniently. They have a supreme user interface that is toppling everything else in the market and is truly a must-have for serious cryptocurrency investors. Click Here To Buy The Ledger Nano S!
Paper Wallets are another popular option that I would recommend to a very tech savvy person. While the other options mentioned are rather easy to comprehend and figure out, paper wallets are a little bit more complicated, but also A LOT more secure. Essentially a paper wallet is creating a new cryptocurrency public address and private key with a simple program. The program will produce QR codes for your public address and private key that you can print out or write it down.
In a nut shell, you can store your cryptocurrency in a “paper wallet,” and store multiple copies in very safe places (Think: Bank safe deposit box). This will eliminate the possibility of anyone using viruses or malware to attempt to tamper with your coins (so long as you don’t expose your private key in any way).
WalletGenerator is one Paper Wallet solution for LTC and many other cryptocurrencies that will assist you in the process of creating your paper wallet. In our opinion, paper wallets are the most secure method of storing your cryptocurrency long term if done correctly. Do extensive research before creating your paper wallet, so you know the process, security tips and best solution for your specific needs. Please also keep in mind a paper wallet is just like cash: if you lose your private keys than you lose your coins. Paper tears, ink bleeds and anything could happen like a natural disaster or fire. Use your best judgement on how to protect yourself from every possibility, just like you would cash.
Mobile and Desktop wallets are inherently online, so while they are just fine for many intents and purposes, they do pose the risk of being exposed to viruses and malware that could end up on your device. The only exception to this is a Desktop/Laptop/Mobile device that is kept offline 24-7, which in reality is hard to accomplish and, in most scenarios, unlikely.
We only recommend Desktop/Mobile wallets for small cryptocurrency amounts or when being utilized for day to day trading and/or purchases. A damaged mobile device or desktop could also pose a risk of losing your cryptocurrency, so there are typically backup files/phrases/passcodes for situations like this. Be sure to back these up to multiple secure locations to protect yourself.