Buy Litecoin USA (LTC Buying Guide)
Alright, so you want to buy some Litecoin (aka LTC). First things first, a quick crash course on buying cryptocurrencies in general.
Cryptocurrencies are bought through exchanges, and if you want to know more about those, check out our list of Best Crypto Exchanges in the US. Once you’ve signed up with one, you can log in, and use your preferred payment method to buy and trade cryptocurrencies like LTC on the crypto exchange.
Our favourite exchange is Coinbase, it’s easy to sign up and they have an incredible app which makes trading a breeze.
How To Buy Litecoin in the USA
- Register for an account with Coinbase.
- Verify your identity/account.
- Choose a payment method.
- Click the “Trade” button.
- Enter the amount USD you want to trade for LTC, or how much LTC you want to buy.
- Review the details.
- Click “Buy Litecoin”
How To Get Started With Coinbase
Setup Your Account
As mentioned above, Coinbase is our go-to for trading cryptocurrencies in the USA, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying and selling coins incredibly easy.
Verify Your Account
Before you do anything on Coinbase you'll have to verify your account. It has the fastest verification process we've tested so it won't take long.
Click on "Verify your account"
You'll have to verify your email, mobile number and identity to begin trading.
You will then have to fill in all of your personal information including documents, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
Add a payment method
You'll first need to add a payment method so you can buy an sell cryptocurrency. You can also deposit Bitcoin straight into the platform if you already have some and would prefer trading with that.
Click on "Add payment method" or the Trade button in the top right which will take you there as well.
Once your account is verified and you've added a payment method, you can start buying and selling cryptocurrency.
Click on the blue Trade button in the top right
Then you can click on the coin name to see all the possible cryptocurrencies you can buy/sell.
Once you've decided what you want to buy you can indicate how much USD you want to buy.
Easy as that! You now have bought some cryptocurrency.
Litecoin Price USD
Find the LTC USD price below:
Where To Buy Litecoin
We highly suggest using Coinbase to buy and sell Cryptocurrency. We've done a comparison of the top 10 exchanges in the world for the US to use and Coinbase clearly deserves the top spot.
What is Litecoin?
When Bitcoin was launched in 2009, many crypto enthusiasts were not only interested in the first digital coin itself, but in its underlying technology as well. One of them was Charlie Lee, a computer scientist who used to work at Google before he founded his own cryptocurrency and payment system, Litecoin.
Litecoin was released to the public in 2011 after Lee had mined only 150 coins. He has stated that Litecoin was never intended to be seen as Bitcoin’s rival. Instead, he wanted to create a coin that would be used for smaller transactions which is why Litecoin is frequently referred to as the silver to Bitcoin’s gold.
Charlie had to perform something called a fork in order to create a lighter version of Bitcoin. You can either perform a soft or a hard fork. The former is used for creating smaller changes to an existing blockchain, while the latter, the one that Charlie did, makes big changes and actually creates a completely new blockchain.
What are Their Future Goals?
At the moment, Litecoin is the sixth-largest cryptocurrency in terms of market capitalization and monetary value (1 LTC is worth $73). The currency enables instant, near-zero cost payments, both locally and internationally.
One other payment feature that Litecoin is currently working on is the “atomic swap”. Atomic swaps enable users to conduct cross-chain exchanges of digital coins without paying for an intermediary. For example, if Alice has 10 BTC and wants to exchange them for 100 LTC, on Litecoin she can find another user on the network that owns 100 Litecoins and wants to swap them with Alice’s Bitcoins. Although still in their infancy, atomic swaps are very promising.
Litecoin is also looking to develop and adopt MAST technology to increase the network’s speed, scalability, and privacy. Usually, all smart contracts on the blockchain (be it the Bitcoin or the Litecoin one) are visible to everyone and take up a lot of space. MAST technology allows nodes to interact with Merkle trees but gives out only the top layer of the Tree, i.e. saves space by hiding the data containing all the details and only shows contracts that have already been completed.
Who is Litecoin For?
Let’s go back to the gold versus silver comparison. In the past, gold was primarily kept and safely stored while its price continued to go up. Silver, on the other hand, was used more often in the day to day purchases of goods and services.
The same thing is true for Bitcoin and Litecoin today. Bitcoin is primarily seen as stored value and traders treat it as a long-term investment. In their eyes, it’s the more stable one because its price is higher and less volatile.
However, if you need to choose one of them for everyday transactions, then we suggest purchasing Litecoins. Although less secure for long-term profit, they’re faster and cost significantly less. Based on this information, rethink your investment strategy and decide which coin works for you.
You can buy Litecoin wherever you are, so if you’re in Canada for example, have a look at our How to buy Litecoin in Canada guide, or learn how to purchase Litecoins in Australia if you happen to be there.
Litecoin vs. Bitcoin
When developing Litecoin, Charlie Lee focused on introducing some key features that he thought were lacking or needed improving on the Bitcoin blockchain. Let’s take a look at what they were and how he tried to fix them.
- Bitcoin has to speed up transactions.
Over at Bitcoin, it takes 10 minutes for a new block of data to be confirmed. Litecoin manages to do that four times faster, with only 2.5 minutes needed per block.
After 2.5 minutes, the new block already has one confirmation and it’s automatically stored on the blockchain, meaning that it’s irreversible. Sometimes, retailers might ask for more than one confirmation just to be sure the transaction is reliable. However, even if you wait a little longer, by the time you get at least one confirmation on Bitcoin, you’ll already have four on Litecoin.
- The flaws of Bitcoin’s proof of work mining.
Both Bitcoin and Litecoin use the proof of work (PoW) consensus method for mining coins. The reason why they’re using a consensus method in the first place is because they’re decentralized peer to peer networks, and there’s no single authority to validate the transactions and mine coins.
However, Bitcoin uses the SHA-256 hash function. To put it in simple terms, as the number of transactions that need to be processed increases, the difficulty of solving the complex algorithm with this hash function increases as well. As a result, users need to spend an enormous amount of computing power and electricity just to mine one block.
That much power is generated with special mining hardware, and instead of cheaper ones like the GPUs (Graphics Processing Units), Bitcoin miners have to use ASICs (Application-Specific Integrated Circuits) which are extremely expensive but allow them to mine the blocks faster. Litecoin, on the other hand, uses a script algorithm and can be mined with GPUs just as easily. This makes Litecoin more accessible to the average trader.
Moreover, even though the mining reward for both Bitcoin and Litecoin miners was initially 50 BTC/ LTC, Bitcoin’s reward is halved every 210,000 blocks whereas Litcoin’s reward is halved every 840,000 blocks. This means that the current reward for Bitcoin miners is 12.5 BTC, while Litecoin miners earn 25 LTC per block.
- Bitcoin can’t perform a large number of transactions per second.
Yet another problem with Bitcoin is its low scalability, i.e. the ability to handle a large number of transactions per second. Bitcoin has the potential to process only 7 transactions per second, whereas Ethereum, the second-best cryptocurrency, can process up to 15 transactions. Litecoin, in comparison, takes the cake with its high scalability. The Litecoin ledger processes 56 transactions per second! Incredible, right?
This will be even more important and desirable when Litecoin becomes more popular and the number of incoming transactions increases. Litecoin’s already up to the challenge!
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.