How to Buy & Store Litecoin

What is Litecoin?

Litecoin is a peer to peer cryptocurrency and open source software project released under the MIT/X11 license. It is an open source cryptographic protocol and is not managed by any central authority. It allows instant, near zero cost payments to anyone in the world. It ensures faster transaction confirmation times and improved storage efficiency than the leading math-based currency.

How to Buy Litecoin?

First of all, you need to decide where you are going to keep your Litecoin. There are three options.

1) Keep it on Coinbase

This is the easiest option for storing your Litecoins, and pretty safe. People simply prefer having their coins under their control.

2) A desktop/web wallet

There are many wallets available for desktop and mobile.It is safe storing your coins in a wallet on your computer and if you lose or forget your password you can lock your coins away forever, or if your computer is hacked and security compromised you can be vulnerable to having your coins stolen. You can choose this option if you are confident enough.

3) A hardware wallet

Computers and Phones are being hacked. Websites are working illicit code to steal passwords. People can steal information from their computers by clicking various links. It is necessary to keep our coins safe from all these things. We have to take another line of defense to keep our coins from being siphoned out of our wallets. Hardware wallet will help you in solving all these problems.

Hardware wallets plug into your computer like a USB stick, and they have one job to be a firewall between your coins and the outside world. For doing this, they encrypt the private keys to your cryptocurrency wallets so that nobody can access the information. The person who has physical access to your hardware wallet as well as know its password can access and move your coins.

Where do I get a hardware wallet?

You can buy this from the specialist company Ledger by visiting their official website.

Their basic model named Nao S is compact and discreet and makes it easy to manage your coins as it has a small LCD screen and two buttons.

Their cutting-edge Ledger Blue looks more impressive than Nano S. It facilitates you to manage your coins with a pad-like interface, and it is popular as the most advanced product on the market.

Once you decided to use a desktop or hardware wallet, then you need to know how to send your Litecoin to it. Once you are set up, your chosen software will give you a Litecoin deposit address. In coin base, click ‘send/Request.’ In the send option box, insert your unique Litecoin deposit address. In amount column, write how much Litecoin you want to send. After that, click ‘send.’

Then you will be asked to confirm the send with your password/phone. Follow the instructions until it confirms the Litecoin are sent. It takes time usually will take between 5 and 30 minutes to appear in your wallet. Now you can sell your Litecoin for your preferred currency. Litecoin price, how to mine Litecoin, Litecoin to usd, Litecoin exchange, Litecoin price chart, bitcoin paper wallet, Litecoin exchange rate, Litecoin price today, Litecoin price drop, Litecoin price usd, Litecoin mining software

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