While major cryptocurrencies like Bitcoin have held the throne of the crypto markets for a long time, altcoins such as Litecoin have also gained significant traction in the overall crypto markets. Despite following the same principles and functionality as Bitcoin, Litecoin has become a hot coin for many crypto traders and investors.
Recently, Litecoin has been making headlines due to a significant event known as “Litecoin Halving,” which occurred on August 2nd and is considered crucial from the perspective of crypto traders and investors. Many intellectuals are anticipating a price surge in Litecoin in 2023, citing the previous Litecoin halving event when its price increased after halving.
If you’re looking to capitalize on this opportunity, you may be wondering How To Buy Litecoin. You can buy Litecoin on both centralized and decentralized exchanges by following proper guidelines. In this article, we will share simple steps on How To Buy Litecoin from any centralized and decentralized exchanges.
Buying Litecoin on Centralized Exchange
Here’s How To Buy Litecoin on centralized exchanges such as Coinbase, Binance, and others.
1. Create An Account
Sign up on a reputable centralized exchange platform by providing your email address, creating a secure password, and completing the necessary verification process.
2. Deposit Funds
Once your account is set up, deposit funds into your exchange wallet. Most centralized exchanges support deposits through bank transfers, credit/debit cards, or other cryptocurrencies.
3. Find Litecoin
Search for Litecoin (LTC) on the exchange’s trading platform. It is usually listed under the “LTC” trading pair, like “LTC/USD” or “LTC/BTC.”
4. Place an Order
Decide the amount of Litecoin you want to purchase and place a market order (at the current market price) or a limit order (at a specific price). Market orders execute instantly, while limit orders wait for the price to match your desired rate.
5. Withdraw Litecoin
Once your order is completed, withdraw your Litecoin to a secure wallet to increase security.
Buying Litecoin on Decentralized Exchange
Here’s How To Buy Litecoin on decentralized exchanges in simple steps.
1. Create a Wallet
To connect with a decentralized exchange, the first thing you will require is a crypto wallet. There are different types of crypto wallets like hardware, software, and paper wallets.
Choose a reliable wallet that supports Litecoin and provides access to decentralized exchanges. MetaMask and Trust Wallet are popular choices.
2. Add Funds to a Wallet
As a crypto wallet requires cryptocurrency to transact, you will have to fill the wallet with your cryptocurrency.
To add funds to your wallet, you’ll need to purchase the desired cryptocurrency from a reliable exchange or platform that supports your country and payment method. There are many cryptocurrency exchanges available where you can buy cryptocurrencies using fiat money or other cryptocurrencies.
3. Connect With DEX
Choose the best decentralized exchange for you by conducting proper research around it. There are numerous DEX exists across the various blockchain network. Some prominent DEXs are Uniswap, Pancakeswap, Sushiswap, and others. After choosing your platform, connect your crypto wallet with it.
4. Swap Litecoin
Once you land on the DEX, it will reflect your fund and swapping option. Search for Litecoin and choose the quantity you want to buy. Pay gas fees and confirm the transaction.
5. Order Confirmation
Once you place the order, it will take some time to get confirmation as it requires validation from miners or validators. It could vary from few seconds to few minutes depending on the network congestion.
When your order will get confirmation, Litecoins will automatically reflect into your wallet.
Also Read: Top 7 Decentralized Exchanges for 2023
Conclusion:
The Litecoin halving event is not only significant for the Litecoin ecosystem but could also impact the overall crypto market positively. If you want to capitalize on this rare opportunity, now you know How To Buy Litecoin by following either one of the above-mentioned options. This information could prove essential, especially with the Bitcoin halving event set to occur next year.
Cautions:
While signing transactions on any Dex or dApp, kindly verify the authenticity of relevant platform. Opportunist always trys to scam by taking advantage of hype built around particulate tokens. Be aware of phishing scams which are executed by generating fake websites.
