A beginner’s guide to buying, selling and trading LTC cryptocurrency in the USA
Litecoin is among the first cryptocurrencies that entered the competition with Bitcoin and is one of the most intriguing crypto projects out there. The Litecoin project was created in 2011, two years after Bitcoin was launched, and has gained significant popularity since its inception. Often referred to as "the silver to Bitcoin's gold", Litecoin aims to make blockchain more scalable and reduce transaction time and fees.
So, if you are interested in investing in Litecoin and don't know where to start, this guide is for you. Here we will detail the basics of Litecoin, introduce its similarities and differences with Bitcoin, and give the best brokers to start buying Litecoin in the USA.
What's in this guide?
- QUICK GUIDE: HOW TO BUY LITECOIN IN THE USA
- Where To Buy Litecoin In The USA?
- What Is Litecoin?
- How To Buy Litecoin Online In The USA - A Step by Step Guide
- How to Trade Litecoin in the USA - A Step by Step Guide
- How Litecoin Works and What Affects its Price?
- Is Litecoin A Buy Right Now?
- Is Litecoin A Buy Right Now?
- Litecoin Advantages and Disadvantages
- What Is Litecoin Price Prediction?
- What Is The Total Supply Of Litecoin?
- Things to Consider Before You Invest in Litecoin in the USA
- Final Words
QUICK GUIDE: HOW TO BUY LITECOIN IN THE USA
- Register for an account with a US cryptocurrency exchange like eToro.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Litecoin.
- Enter how much Litecoin you want to buy.
- Check the details and confirm your Litecoin purchase.
Where To Buy Litecoin (LTC) In The USA
Are you searching for how to buy Litecoin in the USA? Well, there are hundreds of crypto exchanges and brokers in the USA. This can make it hard to know which platform is right for you.
List of the best Exchanges to buy Litecoin in the USA:
Looking where to buy Litecoin in the USA right now? Below you will find 4 of the best brokers that allow you to buy LTC in the USA.
- eToro - Best broker to buy Litecoin (LTC) in the USA
- Binance - Best exchange to buy Litecoin USA for asset diversity
- Coinbase - Best exchange to buy Litecoin (LTC) for beginners
- OKEx - Best broker to buy LTC USA for low-cost
What Is Litecoin (LTC)?
Litecoin is a peer-to-peer decentralized cryptocurrency launched as an alternative to Bitcoin and has several similarities with it. Firstly, it is based on the same coding system that Bitcoin uses and, similarly to Bitcoin, adopts a Proof-of-Work consensus mechanism to run its blockchain. Still, Litecoin's protocol differs from that of Bitcoin's with its hashing algorithm: Litecoin uses Scrypt algorithms in contrast to Bitcoin's SHA-256 algorithm.
In 2011, the cryptocurrency project was founded by former Google employee Charlie Lee, who announced that the aim was to create a blockchain with faster and lighter transactions. To do so, Litecoin verifies transactions every 2,5 minutes while Bitcoin does this per minute. As to its purpose, Litecoin does not bring any creative adoptions for cryptocurrencies other than just being used for buying goods and services faster and cheaper than any other digital coins out there in the crypto market.
How To Buy Litecoin (LTC) Online In The USA - A Step by Step Guide
If you have already decided to buy some Litecoin, here is a step-by-step guide explaining how to buy Litecoin online in the US.
1. Find a US Regulated Crypto Exchange that Supports Litecoin
Whether you choose a cryptocurrency exchange or an online broker to buy Litecoin, there are certain things to take into account. Firstly, you need to make sure that the platform operates in your country and is regulated by top regulators. Another thing to consider is whether it supports Litecoin or not. Still, as long as Litecoin is among the most popular digital currencies, you will find lots of platforms accepting it.
To help you get the online broker more efficiently, below, we will introduce the best trading platforms that are internationally recognized as the best places to buy Litecoin in the US.
eToro: eToro is a commission-free brokerage platform that was founded in 2006 and has grown to become one of the largest online trading platforms in the world. It's the most well-known social trading platform that enables you to get in touch with other traders and even copy their trades.
2. Open an Online Account and Fund Your Account
To buy Litecoin with your favorite platform, first, you need to create a personal account. It's not a complicated process, and you will finish the process quickly. What you need to do is to provide some personal information. The verification process follows this step, where you need to give a copy of your passport or other documents to complete your account details.
Now, when you have a verified account, you can transfer some funds to it to start buying Litecoin. Top exchanges or brokers support various payment methods, so, you simply need to select the one accessible to you and link it to your brokerage account to complete the transfer.
3. Buy Litecoin
At this point, you have your account ready to buy Litecoin. Finally, you can type in the search toolbar for this cryptocurrency with an LTC ticker and fill in the amount you want to buy. After all these steps are done, you can set the order of buying Litecoin. You can make sure where your order is complete when you see the amount of Litecoin on your brokerage account.
4. Transfer Your Litecoin to a Hardware Wallet
Though you have a brokerage account where you can keep your coins, it's not a recommended method of storing cryptocurrencies. However safe the brokerage platform is, you need to create your personal cryptocurrency wallet, to keep them away from any third-party access. Personal wallets, in their turn, are of two kinds - hold storage and cold storage.
Cold storage wallets help you keep your coins without touching the Internet. These are perfect for holding large amounts of cryptocurrencies. Meanwhile, Hot storage wallets are excellent for storing small amounts of crypto. They are internet-enabled and will get you quick access to your coins and provide an easy transfer.
How To Trade Litecoin (LTC) In The USA - A Step by Step Guide
You can treat Litecoin in two ways - keep it as a long-term investment and make a profit in the future or speculate on price fluctuations getting rewards in the short-term. If you plan to select the second option, here is a complete guide that explains how to trade Litecoin in the US.
1. Find an Online Trading Platform that Supports Litecoin
You usually buy and sell assets more often in short-term trading, so you need to be careful with selecting a good brokerage platform not to lose your capital in the transaction costs. Other essential factors to consider are whether your platform is quick and straightforward to operate and what non-trading fees it charges.
2. Fund Your Account
Making sure you have picked the suitable brokerage platform; you can jump in creating an account on that site and complete all the verifications the broker requires, not to get any limitations on the number of coins you will buy. Finally, you can charge your account with fiat using one of the payment methods that the platform supports.
3. Develop a Trading Strategy
Generating a trading strategy is among the most crucial parts you need to accomplish before you start trading. Trading strategies help you to make your trades more organized and lower the risks of losing your capital. There are several types of strategies that fall into two groups - active and passive. So, you can browse a little bit to find the one that best suits your trading goals.
4. Start Trading Litecoin
Now that you have verified your account, deposited funds, and developed a trading strategy, you are entirely ready to start trading Litecoin. As you buy and sell your coins frequently, keeping them on your brokerage account would be more convenient. So, there is no need to create a personal Litecoin wallet for this purpose.
How Litecoin (LTC) Works And What Affects Its Price?
Litecoin uses a blockchain technology that works similarly to Bitcoin, which means that its transactions are transparent and anonymous. But generally, there is a massive problem with the blockchain - the more transactions are conducted, the heavier it becomes. Hence it takes longer to verify transactions, or, in other words, this problem is known as blockchain scalability.
Litecoin aims to address this problem by making the network lighter and faster. Another fundamental thing that Litecoin made somehow simpler is the mining process. The blocks for Litecoin blockchain are mined in the same way as Bitcoin works - miners use hardware and electricity to solve complex puzzles and verify transactions.
However, the Scrypt protocol that Litecoin uses for its blockchain is less complex than SHA-256 that Bitcoin uses. So, it requires less hardware and electricity to be used for the blockchain, which is also more eco-friendly. But we should note that even though Litecoin incorporated new methods, it did not succeed in outpacing Bitcoin. Looking ahead, Litecoin can increase its value by catching the attention of more and more users.
Is Litecoin (LTC) A Buy Right Now?
Overall, there is actually a lot of controversy about whether Litecoin is a good long-term investment and has a bright future. Many crypto experts consider the Litecoin blockchain mechanism being out-of-date that could only outperform Bitcoin or gain massive adoption during its early days. Today, hundreds of other cryptocurrency projects emerge, intending to build more scalable blockchains. Hence, Litecoin faces overwhelming competition.
Another sad fact for the project is that Litecoin was initially recognized as the second-largest cryptocurrency by its market capitalization. But with the incorporation of the new crypto projects, it has significantly yielded in the charts. At the time of writing, Litecoin is the 15th largest crypto by market cap.
However, these factors don't necessarily mean that Litecoin is going to fail in the near or distant future. Actually, all cryptocurrencies are incredibly volatile, and nobody can guess what type of these digital assets will survive in the long run. While some cryptos are just copies of another cryptocurrency, others bring in profound ideas and have good potential to be well-established in daily life. Litecoin is among the second group that has all the chances for further growth.
Read Also: 15 Reasons Why You Should Invest in Litecoin
Litecoin (LTC) Advantages And Disadvantages
If you still cannot decide whether Litecoin is a good project, we hope that the advantages and disadvantages of Litecoin introduced below will considerably help you make the final decision.
Advantages of Litecoin
✅ It's a very popular cryptocurrency among investors.
✅ Litecoin uses a blockchain that relies on a more eco-friendly consensus protocol.
✅ It verifies transactions faster than Bitcoin.
✅ Litecoin is among the largest cryptos in terms of market cap.
✅ Transaction fees are lower.
✅ Litecoin has an upper limit of total coins.
✅ It's a more affordable alternative to bitcoin.
Disadvantages of Litecoin
❌ It does not have any interesting or innovative ideas to develop the project further.
❌ There is strong competition in the market in terms of making blockchain faster and more scalable.
❌ The cryptocurrency has significantly lost its credibility.
Check Out: Pros and Cons of Investing in Litecoin
What Is Litecoin (LTC) Price Prediction?
Some apps and algorithms are designed to make predictions about the future prices of a particular asset based on their market research. The forecasts for Litecoin's future prices differ depending on the platform.
The Long Forecast, for example, gives the lowest predictions, which show the Litecoin prices are going to decrease. According to these predictions, Litecoin's value will increase by the end of 2023, when it will be traded at $140, but it will start falling and eventually drop to $50-60.
Digital Coin Price, in contrast, predicts an incredible growth for Litecoin. According to its algorithm, Litecoin will be traded at $234 for 2025 and hit $383 in 2028. Wallet Investor also considers Litecoin a profitable investment with 57% potential returns. According to its predictions, Litecoin will increase to $405 in 2027.
Don't Miss: Litecoin Price Predictions
How Do I Mine Litecoin (LTC) In The USA?
Litecoin mining has become more profitable in the recent two years. Its blockchain is based on the same Proof of Work protocol, but instead of the SHA-256 protocol, it uses a newer Scrypt protocol that makes the mining process simpler. As with Bitcoin, Litecoin miners use special computer equipment to solve complicated computational problems to verify transactions and be rewarded with a new block. But in contrast to Bitcoin, Litecoin requires less hardware, so its mining is more environmentally friendly.
What Is The Total Supply Of Litecoin (LTC)?
Litecoin has a maximum supply of 84,000,000 LTC coins, from which 69,702,131 LTC are already in circulation. The cryptocurrency has a market cap of $7.6 billion, and at the time of writing, its value fluctuates between $100-150.
Things To Consider Before You Invest In Litecoin (LTC) In The USA
In conclusion, Litecoin still seems to be a good investment with room for further growth. It's a pretty affordable asset for the newbies in the cryptocurrency trading market and has the potential to bring good returns. Litecoin can also be a good short-term investment as it's a highly volatile asset.
But whether you are going to invest in Litecoin in the long-term or trade it to manipulate price fluctuations, you need to be very careful with this asset not to lose the money you cannot afford. If you think you can handle its price ups and downs, you can pick a good broker that allows you to buy Litecoin in the US, open an account and get to the process.
Don't'Miss: Is Litecoin a Good Investment?
Litecoin has had an impressive year so far, just like several other cryptocurrencies. The token has risen to unprecedented highs, as holders have cashed out big time.
Litecoin has indeed attracted lots of people who want to buy Litecoin and enjoy the enormous gains.
For the newbie that doesn’t know how to buy Litecoin, the guide above will take you step-by-step. It’s now very easy to own Litecoin, and there are lots of crypto exchanges in the USA willing to help you own your first Litecoin.
eToro – Best Platform To Buy Litecoin In The US
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
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