When Bitcoin (BTC) the pioneer cryptocurrency, was first introduced into the financial spheres, many archetypal connoisseurs of finance and investments discredited it as a delusion that would quickly fade away over time.
A century down the line, Bitcoin has not only been backed hard by popularity and success but also led to the inauguration of more than 2000 altcoins. If you feel that the Bitcoin wave bypassed you and is far beyond your scope but still have an extraordinary knack for diversifying your investment portfolio; then altcoins such as Litecoin are your go-to options.
In the subsequent paragraphs, we get to the bottom of all you need to master about buying Litecoin (LTC).
Early investments are likely to yield higher returns over time
If you bought Litecoins in May 2013, you would have spent approximately USD 2.5 per coin. By May 2014, the price of LTC had risen to roughly USD 10.0. As time unfolded to May 2015, the value of the cryptocurrency depreciated to approximately USD 1.80.
Despite the volatility experienced in the entire crypto market, LTC managed a USD 25.0 mark by May 2017. As of January 2019, Litecoin had a value of USD 45.32 USD, a drop from USD 135.35 witnessed earlier in June the same year.
Though not extensive, the above statistics are enough indication that buying litecoin or any other reputable cryptocurrency during its inauguration ages, can be significantly rewarding. Subject to market volatility.
There are various methods for buying litecoin
Since the investment and use of LTC is borderless, there are several methods available to facilitate a seamless purchase of the cryptocurrency. The method of purchase you choose depends on its availability as well as the crypto transaction rules governing your territory.
Some of the widely accepted methods for acquiring litecoins include:
- Credit or Debit Card Platforms: These are by far the most commonly accepted means of buying cryptos. If you have a credit or debit card, most exchange services will allow you to leverage them for purchasing LTC.
- Bank Transfers: Depending on your location, you can wire funds from your bank to the LTC seller’s bank account.
- Cash Payments: Initially, there was no direct means of buying litecoins apart from meeting with the seller and swapping the crypto for cash. If you have trust issues, you can utilize cash payments.
- Other matching cryptocurrencies: This is restricted to those with other cryptos such as BTC in their wallets which they can exchange for LTC.
A litecoin wallet and a good exchange are crucial when purchasing litecoin
Before buying any cryptocurrency, you need a portfolio in which to store them. You can either opt for hardware or software wallet, with the former being the most secure option.
Finally, just like in the case of fiat currencies that are bought on different foreign exchange services providers, you need a good crypto exchange platform. Purchasing LTC from a reputable crypto exchange platform will give you the best value for your money, hence more Litecoins.