Known as Bitcoin’s younger brother, litecoin is a cryptocurrency that is amongst the most popular ones out there. It was created by a former Google employee named Charles Lee and what he did was he took the general idea that has made bitcoin what it is but has changed a few of the key components in order to improve on it. For example, while bitcoin as a total number of 21 million available, litecoin has 84 million, while the block time for bitcoin is 10 minutes, for litecoin it is 2.5 minutes and so on. There are three easy steps take you can take when talking about how to buy litecoin, so keep on reading to find out what they are.
Get yourself a wallet
This is pretty much the same principle as it is with bitcoin, but the most important thing that you need to figure out is which is the perfect wallet that you can use in order to store your litecoins. You should never make the mistake of storing them on an exchange for too long which is why a wallet is essential. Some of the most popular wallets that people use for storing litecoins are Exodus, Jaxx, and Coinbase, but there are many other options out there and it is all a matter of which one you think will be the best one for you.
Find the right exchange
Probably the biggest problem that litecoin is facing right now is the fact that it can be very hard to actually buy the coins, so when talking about how to buy litecoin in Canada, what you will actually have to do is exchange it for bitcoin instead of pay for it with a fiat currency like the US or Canadian dollar. For you to make this work you will have to do some research and find some exchanges that will let you get litecoin for bitcoin. However, there are still some exchanges out there that will actually let you buy litecoin directly, so also try to find some of those.
Proceed to buying them
Once you have decided on the right exchange for you and once you have figured out whether you will be buying them directly of exchanging them for bitcoins, it is time for you to actually make the purchase. The most important thing here is to make sure that the second you get them you withdraw them from the exchange and put them straight into your wallet. As we mentioned before, keeping them on the exchange for too long isn’t very safe because they can be hacked or the exchange can get shut down and that will live you in a loss.
It may not be the leading cryptocurrency out there yet, but since it has recently been taking off to new heights, it is definitely something that you should look into and consider investing in. Make sure to follow these three easy steps for how to buy litecoin and you will surely be able to get your hands on some of these coins as well.