A Beginner’s Guide to Buying Litecoin Cryptocurrency in Australia
If you’re based in Australia and wish to buy Litecoin – the process is very simple. All you need to do is find a regulated online broker that offers competitive fees, deposit some funds with a debit/credit card, and decide how much you wish to buy.
The guide will explain the best way to buy Litecoin (LTC) in Australia. You will also understand the step-by-step method of buying LTC in a cryptocurrency exchange.
Litecoin is a cryptocurrency that is designed much like Bitcoin technology. The digital currency works based on the peer 2 peer system that initiates speedy transactions at a cost that is almost free. Litecoin is a very popular currency that is used globally. Shortened as "LTC," Litecoin is among the top ten digital currencies in the world.
One of the primary benefits that users get from Litecoin is its speedy transaction confirmation. Litecoin also has superior storage capabilities. Litecoin, while not looking to displace Bitcoin, it seems to complement it. Litecoin is next to Bitcoin in the world of cryptocurrency. This post shows you how to buy Litecoin in Australia Dollars (AUD).
What's in this guide?
People looking to buy Litecoin in Australia will find this guide very helpful. With this guide, you can find the details you need to buy Litecoin from any crypto exchange. Moreover, with this guide, you will still be able to sell Litecoin through the use of a cryptocurrency exchange. You will also get information on the storage of Litecoin and the crucial things you need to know when buying Litecoin.
Where to Buy Litecoin in Australia
A cryptocurrency exchange is a fastest and best way to buy Litecoin. This exchange can also be called a broker. Exchanges for buying Litecoin are similar to companies in the stock market because they provide the enabling platform for sellers and buyers to meet to exchange assets. This is the best alternative for beginners in the world of cryptocurrency.
List of the best Exchanges to buy Litecoin (LTC) in Australia:
Looking where to buy Litecoin in Australia right now? Below you will find 4 of the best brokers that allow you to buy Litecoin in Australia.
- eToro - Best broker to buy Litecoin (LTC) in Australia
- Binance - Best exchange to buy Litecoin in Australia for asset diversity
- Coinbase - Best exchange to buy Litecoin (LTC) for beginners
- OKEx - Best broker to buy LTC in Australia for low-cost
A Step-by-Step Guide to Buying Litecoin in Australia
You can buy Litecoin by using another cryptocurrency and the standard fiat currencies like Australian dollars.
Buying Litecoin by Using a Fiat Currency
1). Get a Litecoin Wallet
The first step to buying Litecoin with Australian dollars (AUD) is to get a wallet for the coins. Once you do this, you can move to the next stage.
2). Look for an exchange that sells Litecoin
With your Litecoin wallet ready, you are expected to find an exchange that will enable you to buy Litecoin. There are numerous exchanges that you can buy Litecoin from.
3). Deposit some money into the account
After the process of account verification comes a money deposit. In this phase of the process, you are expected to deposit money through any of the options provided on the platform.
4). Buy Litecoin
The moment you now have some funds (AUD) in your account, you can then decide to buy as much Litecoin as you need.
5). Transfer the Litecoin to your wallet
After buying the Litecoin, you can now transfer the Litecoin to your wallet.
Buy Litecoin with Another Cryptocurrency
Litecoin can also be purchased with the use of other cryptocurrencies.
1). Open your account
It is possible to buy Ethereum or Bitcoin with your account. However, it is recommended that you compare the fees for various platforms.
2). Fund the account
Next, you will then fund your account with fiat money to help you buy the cryptocurrency you desire.
3). Purchase the Litecoin
Soon as you have the money in your account, you will need to exchange the money for the cryptocurrency. Soon as you have the cryptocurrency in your account, you can now look for the trading pairs you are looking for.
Examples of trading pairs: " Bitcoin to Litecoin - BTC/LTC" or "Ethereum to Litecoin - ETH/LTC" to buy the Litecoin with your cryptocurrency. Then enter the amount of the LTC that you want to buy. You will need to confirm the details of the transaction before you proceed to finalize the transaction.
Read Also: Pros and Cons of Investing in Litecoin
How to Sell Litecoin
It is possible to sell Litecoin with your cryptocurrency exchange. This time, you will need to use your fiat-to-crypto exchange.
All you need to do is to choose the amount of Litecoin that you are looking to sell. You will then confirm the sale of Litecoin. Soon as somebody accepts to buy the LTC, the sale will be completed. After the sale, this will instantly be converted to fiat currency in a matter of minutes.
Which Wallets Can I Use to Hold Litecoin?
There are many wallets that can be used to hold and store Litecoin. These wallets can be accessed with desktop systems, laptops, mobile phones, and tablets; before you choose a wallet to store your Litecoin, you will need to verify that the company is a trusted one to help avoid falling victim scammers and fraudsters.
How Litecoin Works
Litecoin is a type of digital money that many payment outlets widely accept. It uses blockchain technology to help maintain a public record of every transaction. With Litecoin, you can send funds to businesses or individuals without ever going through an intermediary body like a payment merchant or a bank.
Litecoin is pretty much like every other digital money out there like Bitcoin, Ethereum, Ripple, and so on. However, Litecoin seems to have distinct characteristics that make it stand out from other crypto coins. It has these three distinct features:
- An excellent market capitalization
- The abundance (availability) of coins, and
- Its speed of transaction.
Don't Miss: Litecoin (LTC) Price Prediction
Things to Consider Before You Buy Litecoin in Australia
Before you go ahead to buy Litecoin, there are several things that you need to consider.
Created by a former employee of Google in 2011and relies on the same protocol like Bitcoin. Litecoin, a lite version of Bitcoin, is growing in popularity and is expected to hit the same success as Bitcoin.
Litecoin is currently being mined. With time, continuous mining will lead to a forced scarcity as it tends towards its saturation point (the point where mining stops and no more coin is produced). According to typical crypto-economics, a forced scarcity will ultimately lead to a geometric increase in price.
A dedicated and loyal support base
Litecoin is among one of the earliest crypto coins like Bitcoin. The coin has a loyal team of followers and enthusiasts. This means that it enjoys both strategic and financial support from this group of enthusiastic supporters. This means that Litecoin is a coin for the future that is projected to rise in value.
eToro – Best Platform to Buy Litecoin in Australia
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
When was Litecoin Launched?
Litecoin was launched two years after Bitcoin in October 2011.
Litecoin vs. Bitcoin: Which is better?
Litecoin is processed 2.5 minutes faster than Bitcoins with a processing time of 10 minutes. Practically, Litecoin transactions are usually confirmed four times faster than Bitcoin transactions.
Is Litecoin a good investment?
There is sufficient proof that Litecoin is an excellent investment. With a solid user base, the coin has shown a potential for growth and profitability.
What can I buy with Litecoin?
With Litecoin, you can purchase anything like clothes, food, drinks, airplane tickets, shopping, transfer money, and so on.