Buy Litecoin UK (LTC)
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Alright, so you want to buy some Litecoin. First things first, a quick crash course on buying crypto in general.
Cryptocurrencies are bought through exchanges. Exchanges are platforms you need to sign up for (like forums/apps or any other website with user accounts). Once you’ve signed up, you can log in, deposit credits/money (preferably GBP) into your account. And then you can use that money to buy cryptocurrencies on the platform/exchange.
Buying Litecoin in the UK has become pretty easy since CEX.io came onto the crypto scene. Just sign up, verify your account, and buy LTC with GBP.
We’ve laid out the steps on how to get started below!
How To Buy Litecoin in the UK
- Register for an account with CEX.io.
- Verify your account.
- Deposit GBP into your account
- Click the “Buy/Sell” link
- Select “Litecoin” and “GBP”.
- Enter the amount of GBP you want to trade for LTC, or how much LTC you want to buy.
- Review the details.
- Click “Buy”
How To Get Started
Setup Your Account
CEX.io is definitely our go-to crypto trading platform in the UK. They offer a great range of cryptocurrencies and they are UK based so it's easy to sign up and use GBP to trade.
The first thing you'll need to do is sign up for an account from their homepage.
Verify Your Account
After you've created your account, to unlock higher limits you'll need to verify your account. You can do this by clicking on your name top right then clicking on "Verification", this will take you to a separate subdomain where you can verify your details. You will have to fill out all of your personal information including any documents required, don't worry about this, every exchange requires it. Cryptocurrency exchanges need to request this information to abide by local laws.
Fund Your Account
You can now deposit money in your account, there are a few different options which you can see below. If you have any issues you can always reach out to their support team.
Once you’ve funded your account with GBP, you’re set to buy some crypto.
CEX.io caters for all users, so they have both simple and advanced ways of buying cryptocurrency. Essentially you can just choose which Cryptocurrency you want to buy and which local currency you want to use, in this case GBP.
Where To Buy Litecoin
We reviewed all of the exchanges available in the UK and we highly suggest using CEX. It far surpasses the other exchanges as the best option due to it's customized platform and ease of use.
CEX is by far our favourite exchange for people in the UK. Their platform is incredibly easy to use and allows you to buy Cryptocurrencies with GBP. They have their HQ in the UK so it allows from some great benefits like faster payments and localised support.
What is Litecoin?
The year 2009 will forever be remembered as the year that put an end to the financial system as we once knew it. The first digital coin, Bitcoin, and its underlying blockchain technology proved that we don’t necessarily have to rely on government-issued currencies and financial institutions to complete our money transfers.
The technology drew in a lot of supporters and enthusiasts, and soon enough, a lot of them were already busy working on their own crypto projects. This is also the story behind Litecoin, an online blockchain-based payment system and its digital coin (LTC), developed by Charlie Lee, an American computer scientist and a former Google employee.
Lee had a driving ambition to create a digital coin that would be used as silver to Bitcoin’s gold. He wasn’t looking to steal Bitcoin’s fame and create the number one digital coin in the world. He believes that the two coins serve different purposes and can be used side by side.
To create Litecoin, Charlie Lee performed a “hard fork” to Bitcoin’s blockchain. This happens when you make changes to an existing blockchain and create a completely separate one for your system. Next, he mined the first 150 LTC and launched Litecoin as an open-source ledger in 2011.
What are Their Future Goals?
After almost nine years of existence, Litecoin boasts of being the seventh-largest cryptocurrency when it comes to market capitalization. In terms of monetary value, 1 LTC is worth 34.17 GBP according to CoinMarkeCap. Litecoin has earned the trust of its customers by offering local and cross-border payments that are both fast and cheap.
The team has a clear vision for future developments. Their number one priority is adding the “atomic swap” feature to their payment system which will allow users to complete cross-chain transactions instantaneously. If you happen to have 5 BTC and you want to swap them for 100 LTC, let’s say, Litecoin will link you with another user who has 100 LTC and is willing to accept the offer.
Another promising project is Litecoin’s effort to incorporate MAST technology into its blockchain network. This technology is quite complex but basically, what it does is it compresses the stored data on the blockchain, especially that of smart contracts, to save up memory and improve the ledger’s scalability and speed, and increase the level of privacy.
Who is Litecoin For?
You might be wondering why Litecoin is similar to silver and Bitcoin to gold. Well, back in the early centuries, gold was seen as the most prestigious metal, with stable value. However, people didn’t use gold in their everyday purchases. They used silver instead. Their gold was safely stored away or used for trading.
The same analogy can be drawn to the Litecoin and Bitcoin relationship. For years, Bitcoin has been seen as a store of value and a lucrative long-term investment. Litecoin, on the other hand, is the perfect cryptocurrency for day to day usage and small payments, rather than a digital coin one should hold onto.
Litecoin vs. Bitcoin
We mentioned that to perform a hard fork you need to make major changes to an existing blockchain. So, what were the changes and improvements that Charlie Lee brought to Litecoin’s blockchain?
Litecoin confirms transactions faster
When you send a transaction through Bitcoin’s blockchain, it takes roughly ten minutes to get one confirmation. Usually, merchants want to see that your transaction has been verified by at least three to four different miners before they accept your order.
In comparison, Litecoin’s blockchain needs only about 2.5 minutes before it confirms your transaction. This is four times faster! Once verified, the transaction enters the blockchain and no one can make any more changes to it.
Litecoin allows for more energy-efficient
and cost-effective coin mining
Digital ledgers work on the basis of cryptographic proof instead of trust in a third-party authority or intermediary. Different blockchains might decide to use a slightly different consensus method, but the miners on Blockchain and Litecoin all use Proof of Work (PoW) with minor variations.
But how is this done? First, miners need to run the upcoming transactions through a hash function. Bitcoin miners use the so-called SHA-256 hash function which increases in difficulty as the number of transactions waiting to be processed climbs up too. This whole process requires an incredible amount of computing power that only special mining hardware can generate.
In the past, bitcoins were mined using GPUs, Graphics Processing Units, that were less robust and relatively inexpensive. As Bitcoin’s popularity went up in recent years, this mining hardware had to be replaced with an ASIC miner, or an Application-Specific Integrated Circuit able to generate more power.
The difference with Litecoin is that the script algorithm it uses makes it possible to mine the coins with GPUs. There’s no need to buy the super expensive ASICs. Litecoin mining is available to almost everyone.
Another important incentive for miners is the mining reward. Although the initial Bitcoin mining reward used to be 50 BTC, the halvening has brought it down to 12.5 BTC. Litecoin still gives 25 LTC to its users for each block of litecoins they’ve mined.
Litecoin has a better transaction processing time
But that’s not all. Bitcoin has another shortcoming compared to Litecoin and that’s the inability to process a large number of transactions. The reason for this is the lack of scalability or the limited rate of the blockchain network to process more data.
Therefore, Bitcoin can only process 7 transactions per second, Ethereum, the second-largest digital coin, handles up to 15 transactions, but Litecoin outperforms them both by being able to process up to 56 transactions per second! Amazing!
If Litecoin becomes even more popular and is adopted as a regularly used currency, the high scalability will definitely be one of its best assets.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.