If you’re reading this, you’re probably curious about cryptocurrency and acquiring your very first Litecoin!
There are plenty of ways you can go about it, but this guide is going to focus on one of the easiest ways to buy, via a US-based company named Coinbase. As long as you’re also in the United States, Coinbase has the cleanest and easiest interface available right now and makes buying Litecoin simple, through either a credit card, debit card, or bank transfer.
- Create An Account
As long as you’re 18 or older, have a valid email address, and live in the United States, you’ve got what you need to create a free account and set up an online wallet to hold your Litecoin. Creating an account is free
and comes with a free online wallet to store your first Litecoin.
- Add A Payment Method
Now that you’ve got an account, you need to decide how you plan on paying for your first Litecoin. Coinbase accepts two main payment options: Either a credit/debit card or direct withdrawal from a bank account. If you pay using a credit card, your buy limit will be lower and the fees that Coinbase charges will be higher, but the Litecoin you buy will appear in your wallet instantly. If you pay with a bank transfer you’ll have a much higher weekly buy limit, but it will also take at least 4-5 days for the coins you buy to be deposited in to your wallet. If you’re willing to eat the fees and want your Litecoin right away, use a credit card, otherwise the wait for a bank transfer is usually worth the lower fees.
- Buy Your First Litecoin
Now that you’ve got an account and have set up and verified a payment method, you’re ready to buy your first Litecoin. If you haven’t already, log in to your Coinbase account, click the “Buy/Sell” link at the top of the page, choose Litecoin as the currency you’d like to buy, choose your desired payment method, enter how much you’d like to buy in either USD or Litecoins (Coinbase will automatically convert to the other for you), then click the big blue button that says “Buy Litecoin”.
That’s it! Simple, right? Your Litecoin will appear in your wallet anywhere from instantly to up to a week or so, depending on how you paid, and you have now entered the world of cryptocurrency. Once it’s in your Coinbase online wallet, you can keep it more secure by transferring it to a hardware wallet, paper wallet, or mobile wallet, but that’s a guide for a different day.
LCA Director of Web Development
Technology consultant, futurist, cryptocurrency enthusiast, and president of Grayshark LLC.