Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Litecoin, and is trustworthy!
You can find our top 3 exchanges for buying Litecoin here, alternatively you can also check our comparison of the best Australian crypto trading platforms if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Litecoin
And of course, the final step is to find Litecoin on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Litecoin (LTC)
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How to Sell Litecoin
- Sign into the exchange
- Find where you stored your Litecoin, either on a hardware wallet or on the exchange.
- Transfer your Litecoin to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Litecoin.
Considerations when looking to buy Litecoin.
Litecoin (LTC), a cryptocurrency, was created to facilitate fast, secure, and low-cost payment by leveraging the unique properties blockchain technology.
Check out our detailed dive into Litecoin to learn more about the project.
Although the Bitcoin (BTC protocol was used to create the cryptocurrency, it has its own hashing algorithm, hard cap, block transaction times, and other factors. Litecoin's block time is 2.5 minutes. It also has very low transaction fees which makes it ideal for micro-transactions as well as point-of sale payments.
Litecoin was first released on Oct. 7, 2011 via an open-source client hosted on GitHub. The Litecoin Network launched five days later, on October 13, 2011. It has seen rapid growth in usage and acceptance by merchants since then and is now among the top ten most valuable cryptocurrencies according to market capitalization.
Charlie Lee, a former employee of Google, created Litecoin. He intended it to be a "lite" version of Bitcoin in that it has many of the same properties and is lighter in weight than Bitcoin.
Litecoin, the second most-popular pure cryptocurrency, is behind Bitcoin. Its simplicity and obvious utility benefits are the key to its success.
Litecoin has been accepted by more than 2,000 stores and merchants around the world since January 2021.
Its primary benefit is its speed and cost-effectiveness. Litecoin transactions can be confirmed in minutes and transaction fees are almost negligible. It is an attractive alternative for Bitcoin in developing countries where transaction fees could be a deciding factor when choosing which cryptocurrency to support.
The MimbleWimble testnet (MW) was also released by Litecoin in late 2020. This testnet is used to verify Mimblewimble-based confidential transactions. Litecoin users will be able to benefit greatly from the enhanced privacy and fungibility once this feature is made available on the mainnet.