Litecoin is a peer-to-peer cryptocurrency and open-source software project with similarities to Bitcoin. Litecoin is among the successful altcoins in the cryptocurrency market. The cryptocurrency deploys the same encryption techniques to transfer and create funds and to confirm transactions just like Bitcoin. Litecoin differs from Bitcoin since it has a larger amount of coins and it has faster transaction rates. Generally, Litecoin is a better version of Bitcoin but lacks brand awareness.
Litecoin is currently trading at $89.00 by the time of writing this article with a market capitalization of $5,502,066,609. Since the beginning of 2019, Litecoin has shown strong performance making it a cryptocurrency worth investing in. The cryptocurrency world is gearing up towards Litecoin’s August halving. The halving is expected to have an impact on the value of Litecoin.
What is Litecoin Halving and Its Impact on Price?
Halving can be defined as the process where miner’s rewards are halved following a predetermined block. The halving feature was introduced by Satoshi Nakamoto, the anonymous creator of Bitcoin. Halving protects cryptocurrencies from inflation. The process also ensures that not all the blocks are mined so soon. In August 2019, Litecoin is set to undergo its second halving. With Litecoin, we have only a total of 84 million coins that will exist. Note that the halving process happens every 840,000 blocks. Litecoin halving usually takes place after every four years. The last halving occurred in August 2015 when the network reached 840,000 blocks. The impact of halving is evident now since prior to the previous halving, Litecoin was trading at $3.
Contrary to popular beliefs, halving does not affect miners only but investors as well. As the number of blocks is mined, mining becomes difficult translating to more resources. However, mining rewards decrease. As a way of tackling the decrease in mining rewards, the value of Litecoin increases as well.
How to Buy Litecoin In 2019
There are various ways of buying Litecoin in preparation for the August halving. However, before purchasing Litecoin, you need to prepare by having an appropriate wallet. You can get hardware or software wallet. Note that hardware wallets are the best for storing cryptocurrencies due to security reasons. Some of the popular hardware wallets to consider for your Litecoin is the Ledger Nano S and the TREZOR One. Popular software wallets compatible with Litecoin are Exodus and Jaxx. The Exodus wallet is compatible with the desktop while Jaxx is compatible with mobile devices.
The most popular way of buying Litecoin is through cryptocurrency exchanges. Litecoin is gaining popularity, meaning that more exchanges are willing to list the cryptocurrency. Here are popular exchanges where you can buy Litecoin.
Buying Litecoin From Coinbase
Coinbase is among the leading cryptocurrency exchanges globally with a good reputation. On the exchange, you can buy Litecoin through various means. Coinbase accepts purchasing Litecoin directly through the use of a credit/debit card. You can also buy Bitcoin or Ethereum then trade it for Litecoin afterward. To get started, you need to create an account with Coinbase. Ensure the exchange is available in your area of residence. As part of the registration process, you will then need to confirm your identity by providing the necessary verification documents.
On Coinbase you can also buy Ethereum or Bitcoin then exchange it for Litecoin. To add your card, visit the payments methods page and select the ‘Add Payment Method’ button. You will then select ‘’Credit/Debit Card’. Note that to navigate this stage, your account must be fully verified. You will then accept the prompt explaining the pending charges. To proceed, log into your cardholder account and confirm the charges. You will then see a window that says “Credit/Debit Card Added’ and a ‘Buy Digital Currency’ button. You can now buy either Litecoin, Bitcoin or Ethereum from the ‘Buy/Sell’ page.
Buy Litecoin On Binance
Binance is another leading cryptocurrency exchange. Despite the recent hack, Binance still has the confidence of the entire cryptocurrency community. On the exchange, you have to start by creating an account through the official website or the mobile application. To proceed, you will need to verify your account through a code sent via your email.
With Binance, you can first buy Bitcoin or Ethereum then exchange it for Litecoin. To start the process, you need to access the Binance Credit Card Page. You can also access the page by logging into your Binance account then click on ‘Funds’ and then ‘Buy With Credit Card’. You will then select the type of cryptocurrency you would like to buy and then enter your order amount. A second bar pops up with the total amount that you will incur.
In the next stage, you will have to customize the amount you have selected. Binance allows you to buy any amount of Bitcoin using a credit card. You can toggle the base currency of your credit card between USD or EUR. The Total Charge section indicated is the payment to be made inclusive of the service provided and the handling fee.
Additional Information For Simplex
If all the details are in order, you will have successfully purchased your Bitcoins or Ethereum. It takes about 30 minutes for the purchased cryptos to reflect in your Binance account. You can later exchange your Bitcoin or Ethereum for Litecoin.
Buy Litecoin on eToro
eToro is a leading cryptocurrency investment platform that allows you to buy and sell Litecoins for fiat currency. eToro is known to have a user-friendly interface alongside good customer support. Note that if you opt to use eToro you don’t actually need a Litecoin wallet. This is because eToro does not supply you the actual coins. eToro allows you to short a certain currency if you think its price will decline. If you do decide to use eToro for speculation purposes, keep in mind that cryptocurrencies can fluctuate in prices and are not appropriate for all investors. Additionally, note that trading cryptocurrencies are not under any EU regulatory framework.
Litecoin continues to shows its ability in the cryptocurrency world. The coin has a vibrant community alongside a strong development team that seeks to propel it to the next level. With the upcoming August halving, the value of Litecoin has the potential to increase hence the need to invest in the asset. We have different ways of buying Litecoin and the covered exchanges are ideal for getting your asset. Buying Litecoin with a credit or debit card is among the efficient methods available. The process is efficient and in most cases instant. It is important to consider the safety of your Litecoin by ensuring you store them in a secure wallet. Most preferably a hardware wallet. Exchange wallets are susceptible to hackings.
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