Why Would You Want to Buy Litecoin?
There are many reasons to get into Litecoin investment, including:
- Its relatively low price compared to other cryptocurrencies. At the time of writing, one Litecoin was only valued at £77.07, compared to £5,066.26 for each Bitcoin. As such, the barrier of entry to Litecoin investment is much more affordable. Many consider Litecoin to be the “next big thing,” and while this is an opinion, the number of experts who feel this way indicate Litecoin is worth considering.
- Some consider Litecoin to be a smart investment among crypto trading strategies because of its ASIC resistance, which makes it possible for GPU and CPU miners to mine the cryptocurrency. On a related note, Litecoin has a simpler algorithm than Bitcoin, scrypt-hashing as opposed to SHA-256 hashing, which makes it easier to mine. These mining-related shortcomings of Bitcoin make some people hesitant to begin using it. Additionally, Litecoin is part of numerous cryptocurrency exchanges, making it relatively straightforward to purchase this cryptocurrency if you wish to do so.
- Additionally, in a comparison with Bitcoin, many consider Litecoin to be an improved version. The team behind Litecoin took the existing Bitcoin blockchain technology and enhanced it, which may lead to a broader appeal and more reasons to purchase the cryptocurrency. One example of an improvement between Bitcoin and Litecoin would be transaction speed. You must wait around 10 minutes to confirm Bitcoin transactions, but Litecoin transactions take just 2.5 minutes.
Get a Wallet to Store Litecoin Before Buying
Before you purchase Litecoin, you will need to have somewhere secure to store it. In the case of cryptocurrency, this means a digital wallet. While there are not as many Litecoin wallets as you will find for other cryptocurrencies, there are still many options.
You can opt for the original one,
- Litecoin Core. This is free for desktop installation but will download the full blockchain. As such, the download can take a while and requires plenty of storage space.
- Loafwallet is another choice, and it was actually developed by the creator of Litecoin, Charlie Lee. This is a mobile storage solution for Litecoin, with options for both Android and iOS devices. The wallet is completely free to download, although donations are encouraged. Loafwallet includes such features as app sandboxing and AES hardware encryption for security. It also has an open code, so you can review it yourself.
There are also numerous wallets that will hold Litecoin in addition to other cryptocurrencies you might already own, such as Bitcoin. These include desktop wallets, such as:
- Exodus and Jaxx. Or you can opt for a hardware wallet, like:
- Ledger Nano or Trezor, which support multiple cryptocurrencies.
Those in search of added security might also want to consider a paper wallet for their Litecoin. Just a handful of other Litecoin wallets worth looking into include Coinbase, Altcoin.io, CoolWallet S, and KeepKey. Before choosing a Litecoin wallet, always read information related to security as well as reviews, just like you would in any crypto broker comparison.
Choose Your Payment Method for Litecoin
There are numerous methods available for those living in the United Kingdom to buy Litecoin, as is the case with most other major cryptocurrencies. If you already have other cryptocurrencies, such as Bitcoin or Ether, you will be able to purchase Litecoin on nearly any crypto exchange. This is because while many allow for purchases using fiat currency, such as GBP, there is a plethora of exchanges that let you trade one cryptocurrency for another.
If you wish to hold onto your current cryptocurrency assets or do not have any, there are still dozens of exchanges to choose from. You can narrow down your options by choosing your ideal payment method. Common options include credit cards and bank transfers, although the availability of each varies based on the exchange you select. You may also be able to learn how to buy Litecoin in UK using another payment method, such as PayPal, depending on the exchange.
Some Litecoin investors prefer the privacy that comes along with purchasing Litecoin using cash, which is also a possibility. Several cryptocurrency exchanges allow you to pay for Litecoin in cash using a money transfer service, although be prepared for a slightly longer processing time if you opt for this method. There are also websites that arrange cash payments between others in your particular area, such as Litecoinlocal.net. Once you select your ideal payment method for buying Litecoin, you can begin considering exchanges.
Pay Cash for Litecoin with Litecoinlocal.net
Those who prefer to complete a cash transaction with someone near them will want to turn to Litecoinlocal.net. This platform is similar to LocalBitcoins, in that the platform connects buyers and sellers and acts as an escrow service to provide security. Begin by entering your location at the top of the website, which will then update to display current offers near you.
Using Litecoinlocal.net, you can choose to purchase Litecoin in person using cash or online via an agreed-upon payment method. In either case, the platform facilitates a peer-to-peer exchange and always acts as the escrow. A nice feature of this platform is its buyer’s guide, which includes information on basic use of the platform. As with other exchanges, you must first make an account on Litecoinlocal.net, after which you can look for sellers.
Select a seller to work with, paying attention to their chosen payment method and begin arranging the details. The seller will send the Litecoin to an escrow account. You then pay in the agreed-upon method and mark the payment as complete. Once the seller confirms you paid, your Litecoin is released. There are options to cancel the trade as well as open a dispute. In addition to cash, you may find payment options that include SWIFT bank wires, PayPal, cash deposits, specific banks, and “other.” You can specify how you want to pay during your search to filter out results.
Use a Credit Card or Bank Account on Coinbase
There are multiple payment methods for Coinbase, which is among the best-respected cryptocurrency exchanges in the world. Keep in mind that if you discover how to buy Litecoin in UK with Coinbase, you will have to pay a 3.99 percent fee, but the process will be simple. Coinbase is offered in the UK as well as other parts of Europe, Canada, the United States, Australia, and Singapore. As a bonus, Coinbase also has a Litecoin wallet, so you do not need to set up a separate one ahead of time.
Coinbase is available via the website or mobile app, which includes versions on Google Play and the Apple App Store, so everyone should find a format that works for them. In terms of payment options, Coinbase has multiple choices, including the ability to pay with a debit or credit card. This ability makes it highly convenient for those in the UK who want to buy Litecoin just once. Alternatively, you can link your bank account to your Coinbase account for a simpler purchasing in the future.
If you plan to make additional purchases in the future, you can also choose to deposit then store funds in your Coinbase account to make instant transactions in the future. Bank accounts tend to take one to three business days to process. Paying with a Coinbase balance or debit/credit card is instant. However, using a card does lower the purchase limit somewhat.
Use a Credit Card on Coinmama
Another cryptocurrency exchange that supports buying Litecoin in the UK and around the world is Coinmama. This exchange works in 188 countries and has been around since 2013. You can buy Litecoin using either USD or EUR, not GBP. This means that you will likely also have to pay a small fee for a fiat currency conversion, either with the platform or your credit card company.
Using Coinmama is relatively straightforward, and there is a dedicated page for buying Litecoin. From there, you can choose one of the platform’s packages where you spend set amounts of fiat currency (such as $100 USD or €85 EUR). Below these offers, you will find the ability to choose a different amount to spend in EUR or USD or to select how much LTC you want to buy.
Among the various methods to buy Litecoin in the UK, Coinmama is the platform only accepts payments via credit and debit cards. It accepts VISA and MasterCard but not American Express or Discover. You must also verify your account in order to buy Litecoin via this platform, which requires a government-issued ID and a selfie of you with the ID. To increase your limits, you can add a secondary ID plus a utility bill.
Use a Bank Transfer to Buy Litecoin on Kraken
If you want to purchase Litecoin on Kraken, you can do so in Euro, USD, or Bitcoin. You cannot use a debit or credit card to buy Litecoin using this platform, but you can complete a bank deposit. To use Kraken, you first deposit your funds, then complete a trade for Litecoin, and finally, withdraw any remaining funds or transfer your Litecoin to your Litecoin wallet.
While it remains part of the EEA, the funding options include a free SEPA deposit in Euro. You can also opt for a bank wire deposit in Euro for a fee of €10 or a bank wire deposit in USD for a fee of $10 USD. Withdrawal options are the same, although the fees vary.
One of the nice things about Kraken is that in addition to how to buy Litecoin in UK, you can also use this platform to buy a long list of other cryptocurrencies. There were 17 total cryptocurrencies on offer as of the time of writing.
Kraken is particularly worthy of consideration for more experienced cryptocurrency traders due to the range of options available. Most other exchanges simply offer a market rate or the option to buy and sell with peers. However, Kraken allows for market and limit orders, stop losses, take profits, settle positions, and combined order types.
Other Ways to Get Litecoin in the UK
Those in the UK who wish to buy Litecoin can also choose to do so by trading it for other cryptocurrencies, such as Bitcoin. There are dozens of crypto-to-crypto currency exchanges available online for you to choose from. Alternatively, you can buy your Litecoin in fiat currency from an exchange not mentioned in more detail, such as Cryptex24 and 247exchange. You also have the option of buying Bitcoin with your pounds via CEX.io, a highly rated and UK-based exchange and a best crypto broker. Then, use that Bitcoin to buy Litecoin on another exchange. Buying Litecoin using Bitcoin is incredibly simple since nearly all crypto-to-crypto exchanges have the LTC/BTC pair. Options include Binance and Changelly. You can also find some exchanges that let you purchase Litecoin in exchange for Ethereum, although these are harder to find than those that support purchases with BTC.
As mentioned, it is also possible to mine Litecoin, although you are unlikely to make a reasonable profit unless you invest in special equipment first. Another option is to sell an item online or provide a service and request Litecoin as payment instead of fiat currency. There are actually some websites specifically geared toward finding jobs that pay in cryptocurrency, most of which are done remotely.
Several Ways to Buy Litecoin in the UK
If you are interested in learning how to buy Litecoin in UK, you will have multiple choices available, some of which are simpler than others. The most common decision is to buy from a cryptocurrency exchange, some of which will accept GBP while others only accept USD or EUR. There are exchanges that accept your payment method of choice, whether it is a debit or credit card or a bank transfer. Those who wish to pay in cash also have options available, such as peer-to-peer exchanges. If you want to pay using another method, you can always purchase Bitcoin and then use a crypto-to-crypto exchange to buy Litecoin in the UK. Regardless of your preferred payment method, you can buy Litecoin from anywhere in the United Kingdom, store it in your Litecoin wallet, and start taking advantage of this popular cryptocurrency.