Litecoin is the fork of the Bitcoin Blockchain which improved upon
Litecoin is the fork of the Bitcoin Blockchain which improved upon many basic problems within the Bitcoin network like scalability issues and transaction time. Over the years Litecoin has proved its potential to become an attractive form of investment as well.
Are you looking to make an investment in Litecoin using your debit card? Well, you have arrived at the right place, as this article would serve as a guide on how and where to buy Litecoin using your debit card.
Litecoin was founded in 2011 and it reached a peak price of $38 and plunged back to $3 in 2013, the prices remained in the single digit bracket for over three years. The 2017 price rise also elevated Litecoin to new heights.
The December 2017 surge saw Litecoin prices breach the new mark of $300 before resting at a price of $250 mark. The market cap of Litecoin is still considerably lower than that of Bitcoin, but it still is a better product with faster transaction speed and almost negligible charges.
Let us dive deep and see how you can make an investment into the Litecoin using only your debit card.
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Exchanges That Support Debit Card Purchases of Litecoin
Coinbase: One of the most popular and best exchanges of the world with its branches spread in over 32 countries, the Coinbase exchange is safe and secure for making an investment. However, if you are willing to buy Litecoin using a Debit card, then it cannot be done anonymously as you need to submit a government verified id proof before you can start trading.
BitStamp: Another reputed exchange which provides the option to make purchases using your debit card. The exchange is in business since 2011 and has quite a reputation, however, you need to submit a government id proof in order to make debit card transactions.
BitPanda: Established in 2014, and with over a million customers, Bitpanda has the reputation of a good service providing Exchange. You can make purchases of Litecoin using your debit card but like any other above-mentioned exchange, it requires you to upload a government id for verification.
You May Also Read: How To Buy Bitcoin Using Coinbase?
How To Use the Services of Exchanges to Buy Litecoin?
Before you can make a purchase of Litecoin either using your Debit card or cash or whatever mean fits your need, you need to register on any of the exchanges which provide the trading option for Litecoin and also has the payment option of your choice.
Step 1: Signup with an exchange of your choice, or the one which provides the Debit card option for Litecoin trading.
Step 2: Once you have registered with the exchange, you need to go through a KYC verification process to activate your account.
Step 3: The verification process might take a couple of days for the verification of your debit card and other credentials.
Step 4: Once your account has been verified, you can start purchasing the Bitcoin or Litecoin in this case. Simple go to the purchase tab, select the altcoin and enter the amount of our choice. Confirm the transaction and you have made your first purchase using the Debit card.
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Use a Litecoin Wallet to Safeguard Your Crypto Riches
Exchanges do provide the option to store your cryptocurrency, but it’s highly recommendable to use a personal hardware wallet or mobile wallet for security. Exchanges are prone to attacks from hackers and there have been several cases where cryptos worth millions without any trace.
Some of the wallets which you can make use to store your Litecoin safely has been listed below, you can choose any of them according to your comfort.
- Ledger Nano S (hardware wallet)
- Litecoin core
- Electrum
- Jaxx
- Exodus
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