Digital currencies are not a new concept. Many attempts at digital currencies have been made in the past. However, none of them gained mass attention due to a lack of security measures or design flaws. Bitcoin gave an entirely new meaning to digital currencies.
Bitcoin, invented in 2008, became the first digital currency backed by blockchain technology and protected by cryptographic algorithms. The structure, design, as well as its unique features, quickly drew attention to this first cryptocurrency.
A decade later, more than 2000 cryptocurrencies, other than bitcoin exist in the crypto market today. The collective worth of cryptocurrencies, in total today, is more than $200 billion dollars. One digital currency, bitcoin, with a prototype like never before, has literally created a whole industry that is worth billions of dollars today.
Although, currently more than 2000 cryptocurrencies exist in the market today, only the top 10 control almost 90% of the whole crypto market. One of them, which we are going to study in-depth is the Litecoin cryptocurrency. We are going to explore the options available for you to buy, sell or trade litecoin.
What is Litecoin
Invented 3 years after bitcoin, in 2011, litecoin was originally a fork of bitcoin. Created by Charlie Lee, an ex-google engineer, the cryptocurrency is an open-source, peer to peer, and, a decentralized platform like bitcoin.
The structure of litecoin is quite similar to bitcoin but with few enhancements and technological differences. Litecoin was formed in order to solve the scalability and speed issues of bitcoin. While bitcoin can currently handle 7 transactions per second, Litecoin can process 56 transactions per second. Another significant difference is that Litecoin can form blocks of transactions in 2.5 minutes as compared to Bitcoin’s 10 minutes per block. Like bitcoin, the supply of Litecoin is limited. However, with Bitcoin, the supply is capped at 21 million while for Litecoin it is capped at 84 million.
Even when litecoin is meant to solve major concerns faced by bitcoin, in terms of speed and scalability, it was never developed with the intention to compete with bitcoin. In fact, it wants to thrive alongside bitcoin.
In terms of value, litecoin has come a long way since its invention in 2011. It started at $3 per LTC (symbol for litecoin), during its launch. During the peak period, it has even gone as high as $360 per LTC, back in 2017. After the crypto and ICO bubble burst, the price of LTC did drop substantially. Now, in 2019, the price of litecoin nearly doubled and it even claimed the position of the top 3 best performing crypto assets of 2019.
That being said, litecoin has always ranked in the top 10 cryptocurrencies of the market. The crypto analysts firmly believe that it is meant to reach greater heights in the upcoming year due to several factors. These include increasing merchant adoption, steady lowering of transaction fees, and faster transaction times.
The one question which instantly pops up in your mind is ‘How to Buy Litecoin in UK’
How to Buy Litecoin in United Kingdom
There are a couple of options, to buy litecoin in UK. One of the most easy and simple option is to buy it from an exchange. As litecoin has grown in popularity, most of the exchanges list it alongside bitcoin and ethereum. Alternatively, you can also buy it using your Pounds (GBP).
Furthermore, with an increase in crypto adoption, there are substitutes available to trade litecoin using a CFD broker like Monfex that can further expand your investments
But, before getting into any of the alternatives, first and foremost you would need a cryptocurrency wallet, where you can store your litecoins.
Let’s explore the steps that you have to undergo if you want to buy litecoin in UK.
In order to buy litecoin, in UK, you would need a cryptocurrency wallet to store your coins. There are 2 kinds of wallets available- hardware wallet and software wallet.
Hardware wallets are considerably safer as compared to a software wallet. There are a number of hardware wallet choices like Trezor and Ledger available on the market. Alternatively, you can also store your litecoin on a software wallet, however, your coins remain vulnerable in this instance. A number of options for software wallets are available on the official website of Litecoin.
Buying Litecoin through Crypto Exchange
One of the most common and safe options available for buying litecoin in UK is through a cryptocurrency exchange. Some of the exchanges that currently offer this in UK include coinmama, coinbase, and Bitfinex.
Coinmama is one of the options for buying litecoin in UK. It is relatively easy and simple, especially for beginners. Moreover, the verification process is completed fast, and thus its users don’t have to wait for days, in order to start buying.
You can buy litecoins instantly with your GBP through credit or debit card. Importantly, you will need to have a litecoin cryptocurrency wallet, before you can start buying or selling on coinmama.
One of the most well-established cryptocurrency exchanges since 2012, Coinbase is the popular choice of traders in UK. You can buy litecoin from this platform using your debit card or bank account.
Once, you have brought your litecoin, you can further multiply it via a trading platform such as Monfex, which allows you to leverage as high as 50 times.
Buy Litecoin with GBP
If you do not want to go through one of the exchange methods, you can also opt to buy litecoin with GBP from service such as cryptomate. All you need is access to online banking in a UK bank account.
- Go over to cryptomate and select litecoin
- On a simple form, you need to enter your litecoin wallet address and email address
- Further, you need to specify the order amount of litecoin on the same form
- Verify the details and hit enter.
- The coins will be delivered within an hour of placing the order.
Buy Litecoin with Paypal
Although there are a ton of cryptocurrency exchanges in UK, offering litecoin, only a handful of them accepts PayPal as the payment method. Most of these exchanges offer bank transfers or credit and debit cards as payment methods. Even the popular crypto exchange like Binance does not have a PayPal option.
To buy litecoin with PayPal, you would first need to buy bitcoin with your (PayPal) account. After that, you will need to exchange bitcoin with litecoin on a cryptocurrency exchange or trading platform. However, it is a little tricky process as you have to perform a number of transactions, thus adding the transfer fees.
One of the cryptocurrency exchanges where you can buy litecoin with PayPal is Virwox
Now that cryptocurrencies are gaining popularity, new models of engaging in crypto have emerged. Trading platforms have arisen which offer to trade cryptocurrencies, including litecoin with leverage.
Trading with a CFD broker in cryptocurrency is attractive because you can enjoy the price changes of the underlying crypto without owning the actual amount.
Let’s take a quick look at one such platform and see how it works.
Create an account on Monfex - it is simple and your account is verified within hours.
- Deposit BTC into your wallet account on Monfex.
- Once you have BTC in your wallet, you can trade your BTC with LTC using
- LTC/ BTC-meaning that you are trading for LTC using your BTC
- You can choose the leverage, up to 50 times the amount of litecoin that you put in.
Monfex, in UK, allows you to trade such 12 different cryptocurrencies.
The protocols behind litecoin are strong and further, the cryptocurrency has all the signs for mass adoption. It already was one of the top crypto assets this year. Research analysts believe that litecoin price is predicted to reach new heights in 2020. With all the factors, investing in litecoin seems to be a good adoption.
If you are interested in how to buy litecoin in UK, there are a number of good options available. The common and simple one is to buy cryptocurrency from an exchange. The dynamic one is to trade it through a CBD broker. Now, you even have the choice to buy it through PayPal or UK online banking account.
Furthermore, you can always exercise your options by buying BTC and then later converting it to litecoin through a crypto exchange in the UK. Regardless of your preferred method, it has become fairly easy to buy and trade litecoin in the UK.