Some people may want to jump on the ship of the current wave of crypto craze, the rat race that is trying to get on board and invest in a particular cryptocurrency before it explodes in value and makes people rich.
It works for some people who find the right cryptocurrency to invest in. One of the newer ones on the market is Litecoin, some long drawn out spin off of Bitcoin (which capped out in value around $39,000). This is not an endorsement of Litecoin as the next cryptocurrency that will take the marketplace by storm, no. This is simply a buyer’s guide on how to purchase Litecoin for those who are new to the scene of cryptocurrency and have no idea where they should start.
There are a couple of preliminary steps one has to take before they are, in my words, ready to buy any cryptocurrency, but these are fairly simple steps that require just a little bit of research and guidance, both of which we have done for you.
Step 1: Get a Digital Wallet
First thing you think of is “what is a digital wallet?” It is simply a method of storing your cryptocurrency offline. When you purchase any cryptocurrency through a digital exchange marketplace, they store your cryptocurrency on their online servers, which obviously leaves it at risk to be stolen by hackers and thieves, no matter how reliable the digital marketplace’s security features are. When you store cryptocurrency in a digital wallet, however, you are storing it offline and on your computer’s hard drive, which makes it more difficult for hackers to come in and try to steal your crypto.
Different digital wallets have different features and security measures and fees involved with them, but they are by and large all pretty much the same when it comes down to the service they provide. We have a list of a couple of digital wallets that would be a good jumping off point for someone not heavily familiar with cryptocurrencies. When you have decided, go ahead and download the program on to whatever system you are using: PC, Mac, Android, iOS, most of these digital wallets that we have lined up for you are pretty inclusive when it comes to what they will operate on.
Also, a word of warning. It might be in your best interest to get in contact with you bank and inform them that your account is about to start seeing activity from perhaps sources unknown to the bank. By telling them this in advance and assuring them that the activity the see is not fraudulent, they won’t put your account on hold for suspicious activity. I remember when I made my first purchase, my bank froze my debit card from making purchases until I called to inform them that I was the one who made the transactions and that it was safe to unfreeze my account. So save yourself the extra hassle and go ahead and call them before you try to link your bank account or debit card to a digital wallet.
Coinbase Wallet is easily the most accessible and user friendly for beginners getting into the buying and selling of cryptocurrency. It has an interface that is integrated directly with the marketplace and exchange services that you need to buy, sell, and trade your cryptocurrency, which allows for speedy transactions. You can sign up and register for free, and you can download it onto any device that you want: PC, Mac, iOS, Androids, tablets, pretty much any device on the market right now. Coinbase Wallet offers you some insurance on your purchases as well, as an added security measure for their entire service. Coinbase Wallet, and you download and install it on your device, will allow you to go online and check out the current trends in the marketplace and have access to your own personal wallet of cryptocurrencies and are free to interact with the marketplace at will right from the program itself. You can even link your Coinbase Wallet account directly with your bank account or your debit and credit cards for ease of access when transferring money for purchases and for cashing out on what you sell or trade for. It is one of the highest recommended digital wallets out there and one I would absolutely suggest checking out as a starter wallet.
Exodus is another easy to use digital wallet for those unfamiliar with the buying and selling of cryptocurrencies. Exodus stores your digital currency offline on your hard drive, just like Coinbase Wallet, but it does not offer the same level of insurance on your purchases and transactions, so that is something to look into. But it does offer support for numerous cryptocurrencies, including Ethereum, and it is a completely free service that has built in graphing tools that help you to visualize your portfolio of cryptocurrencies and understand the trends in the marketplace that much easier by helping you to visualize the trends that you are investing in if you are someone like me who does better with visual representations of things. Exodus does not offer a two factor authentication system when registering your account with them and downloading and installing the program. This means that other digital wallets have a stronger security feature in place to protect your account from outside forces. So again, the overall security and protection measures of Exodus are being called into question, so it is up to you to decide whether the advantages outweigh the disadvantages when it comes to this digital wallet. But regardless, it is one of the better digital wallets for beginners out there, so you can’t go wrong with Exodus.
Mycelium is a digital wallet that became popular because it is one of the few digital only wallets options available on mobile platforms. It is available on both iOS and Android, so no one should be neglected from being able to go to the app store and downloading this digital wallet. Mycelium offers some unique features being a mobile only digital wallet that others do not offer. Mycelium was developed to be interlinked with other, more advanced technologies that can be added as extra layers of security and protection, like being able to bounce your IP address like a VPN would across different locations around the world so no one is able to track down specifically where your purchases are made, which is a added feature that some people would find extremely useful, considering it is on a mobile device that usually has all its activity recorded wherever it goes. You can also access the online digital marketplace to buy, sell, and trade through Tor, which is an internet browser that offers total anonymity online, which doubles the amount of protection any outside thieves would have to hack through in order to gain access to your particular wallet of cryptocurrency. It is a good option for those who do not want to use their desktops for this and would rather do it on the go, whenever you have spare time to browse the marketplace.
Step 2: Pick a Digital Exchange Marketplace
After you have chose your digital wallet and registered an account with the program, you are ready to select your digital exchange marketplace. The best way to explain what a digital exchange marketplace is is to compare it to a broker who invests in the stock market. When someone goes to invest money in stocks, they usually go through a broker who will research and study the market intimately and then give them multiple ways to go that would get them the biggest return on their investments. These digital exchange marketplaces are basically like your own personal broker, in that it turns you into one by forcing you to learn information about the markets that you are investing in so that you can make the best choices possible.
Each of the digital exchange marketplaces that we have listed here will provide different features and levels of security and performance, as some are more reliable than others, some charge larger fees than others, but most are fairly straightforward when it comes to the user interface and accessibility.
Coinbase is a really good choose for a digital marketplace because it is easy to read and understand and use, and as added bonus, if you chose Coinbase Wallet as your digital wallet, the two will be interlaced together and you can access Coinbase’s digital marketplace directly from the Coinbase Wallet program. Coinbase does not offer as in depth of analysis on the trends in the marketplace as others, but it makes it easy to understand and visualize for beginners and that is why it is heralded as the easiest to use. It does have fees for every transaction made on its marketplace, but the fees are not particularly high and the site has consistently performed at a high quality level that most people do not mind the fee as they know that their purchases and exchanges are protected. You can use it on your desktop, smartphone, or tablet, and you will be on your way to purchasing your first Litecoin.
Bitcoin Exchange Service
Bitcoin Exchange Service is a digital marketplace that, unlike what the name might suggest, is used for the purchasing, selling, and exchanging of dozens of types of ctyptocurrencies, like Ethereum and Bitcoin and Litecoin and what not. Some people might feel more secure using a digital marketplace made by the same people that made Bitcoin, because it was the first of its kind to really tap into this new marketplace. Bitcoin Exchange Service is also a digital marketplace that will outsource and provide you with information on several different digital marketplaces and what the different trends and exchange values are on them, allowing you to make the most of your portfolio. They also offer the ability to read reviews and the history of individual marketplaces to get a better understanding of how each one operates and so you won’t end up ripped off in the end.
Binance is a tremendous digital marketplace as it is highly unique in nature. It collects and transmits data from several different digital marketplaces and displays all of the information in one place for you to see and decide where you will get the highest return for what is in your portfolio of cryptocurrency. The interface is a little more difficult to read than other digital marketplaces because of all of the available information that Binance provides for its users. It is not so much as an overload of information that you are overwhelmed by its presence, but it will take a little more time to fully understand what everything means which will then allow you to better understand the trends in different marketplaces and decide what is best for you. It is almost like this digital marketplace teaches you to become your own cryptocurrency broker, and after spending some time on the website learning how to read the marketplace, you can become a pretty successful crypto broker.
Step 3: Select Payment Method
After you have selected and registered with both a digital wallet program and a digital exchange marketplace, you are almost ready to make your first purchase of Litecoin. You only need to set up what your payment method is going to be.
Based on what digital wallet and digital exchange marketplace you chose, you will have different options for what you are allowed to make your payment method, but every one that we have provided you with allows for use of PayPal, linking a debit or credit card, or directly linking your bank account to make withdraws and deposits.
Once you have gone into your settings and selected however it is that you want to pay, we can move on to finally buying some Litecoin.
Step 4: Purchasing Litecoin
Every one of the digital exchange marketplaces will provide you with current market trends and information on the exchange rates for cash into Litecoin. The exchange rates can change minute to minute, so keeping a watchful eye on them is important to make sure you maximize your potential profits.
To start, on the digital exchange marketplace, select the rate for whatever currency you will be paying with for the Litecoin. Unless you want invest in the full amount of a single Litecoin, you might just be purchasing a fraction of one, which is still just as good because as long as the overall value of Litecoin increases then so will your fraction.
On your digital exchange marketplace, sign in and select Litecoin to buy. You can enter the amount you want to buy, or the amount you want to spend, it will calculate your purchases either way. After that, select ‘Purchase’ and your digital exchange marketplace will take you to its payment method page where you select your preferred payment method, which if you didn’t skip step 3 should already be loaded into the site and should just need a click of the mouse to move forward to the next screen, the purchase confirmation page. Here you just make sure you are spending what you want and getting back the right amount, and select ‘Confirm’. Depednding on how quick the servers are, it may take up to ten minutes to half an hour to have the cryptocurrency transferred into your wallet on the digital exchange marketplace’s website. After it loads in and you have your Litecoin, you can move it to whichever digital wallet you selected earlier. There might be a small fee associated with this transfer, but that small fee should bring you peace of mind that your cryptocurrency will be secure on your own hard drive instead of in a website’s servers.
Once you have the Litecoin in your digital wallet, just keep an eye on the market’s trends and values so you can make the decision of when to sell for the most value. It can be a fun hobby, not knowing which ways the market will turn and checking multiple times a day to see if anything changed. Investing in cryptocurrency is a way to gamble on your potential future, and everyone who wants to get in on it should have the opportunity to.