A Beginner’s Guide to Blockchain Technology
Bitcoin is a digital currency that is being used increasingly all over the world since its inception in 2009. In the years since, many other assets and forms of blockchain technology have been developed. Find out more about bitcoin, ethereum, blockchains, and enterprise distributed ledger technology and how they are being used and evolving with our straightforward guides.
How to Buy Litecoin
Having read our explainer of the differences between litecoin and bitcoin, you may be interested in buying some of bitcoin’s more agile sibling.
(*Please, never invest more than you can afford to lose – cryptocurrencies are volatile and the price could go down as well as up. You can follow litecoin’s price and volume data here.)
Storing your litecoin
Before buying litecoin, you’ll need somewhere to store it.
The original wallet for this cryptocurrency is Litecoin Core, which you can install (for free) on your desktop. However, this downloads the entire litecoin blockchain, so you’ll need to make sure you have enough storage (and patience).
Electrum-LTC is a lighter (SPV, or Simpler Payment Verification) version, also for desktop. And some desktop wallets (such as Jaxx and Exodus) have multi-coin capability, which means you can hold your bitcoin and litecoin in the same place.
Loafwallet is a mobile litecoin storage solution, developed by Charlie Lee, the creator of Litecoin.
And there are even paper wallets for litecoin, such as Liteaddress.
Fiat or bitcoin?
Buying litecoin is similar to buying bitcoin – most major exchanges today trade in both, in exchange for a wire transfer, or a credit or debit card payment. The list of currencies with which you can buy litecoin has grown significantly over the past year (but strangely does not yet include British pounds, according to CryptoCompare).
You can follow CoinDesk’s Litecoin network data here.
(Note: specific businesses mentioned here are not the only options available, and should not be taken as a recommendation.)
Authored by Noelle Acheson.