Can i buy litecoin with bitcoin
When your purchase is complete, you might own full Litecoins or partial coins. But with Litecoin, you have several choices. Most of the popular crypto exchanges have built-in digital wallets where you can store your Litecoin and other crypto purchases. While the major exchanges have insurance against hacking events and such, you might opt to store your Litecoin in one of these offline wallets.
Paper Wallets. For paper wallets, you use a private key to send funds. For your paper wallet, simply print your private keys and recovery passphrases on a piece of paper and then store it for safekeeping. Crypto Exchanges. Many other cryptocurrencies are working on payment methods as well, and merchants that accept Litecoin may also take cryptos such as Bitcoin. More broadly, there are thousands of cryptocurrencies, all competing for the same investor dollars.
And beyond crypto, there are many other investments such as stocks, bonds or real estate that you might want to consider. There are a growing number of options on the market. Another way to buy crypto is through crypto exchanges, which make matches between buyers and sellers. They make money largely through fees on the transactions carried out on their platforms. Many sell Litecoin either for cash or in trade for other digital assets. While there are other options, such as receiving Litecoin as payment or mining Litecoin, these are likely to require more legwork for a first-time buyer.
Paying in cash will be your only option unless you already own crypto. Major exchanges generally allow users to pay through bank transfers, such as automated clearing house transactions. Many also allow users to buy crypto with credit cards. Be aware, however, that using high-interest debt such as credit card balances to buy a risky asset like crypto could deepen your losses if your investments decline.
Exchanges vary widely in the crypto trading pairs they offer, but many do offer trades, including Litecoin and other assets. A potential complexity of trading in crypto is that these assets may change in value at different rates. The amount of Litecoin you can get in exchange for a certain amount of Bitcoin, for instance, may change from day to day. Make your purchase Exchanges have done a lot of work to make buying crypto easy. Then, once the transaction is complete, you can check to ensure it went through.
Store your Litecoin safely Most exchanges will hold your crypto for you, which can be a convenient option. But exchanges can also be targets for cybercriminals. If you want more control over your crypto assets, you can hold them yourself in what is known as a crypto wallet. These products store your private keys, similar to passwords, that allow you to spend or move your assets around.
If you only want to store Litecoin, and not multiple cryptocurrencies, a Litecoin-specific wallet could be a good fit. There are two major types of crypto wallets. A hot wallet is connected to the internet and can be accessed anywhere. This is a useful feature, but it may also mean your assets are more exposed to hackers or thieves.
A cold wallet stores crypto offline. These can be expensive and more difficult to use, and they offer fewer options for restoring your account if you lose the device on which you stored them. But they do provide another layer of security against theft. The author owned Bitcoin at the time of publication. About the author: Andy Rosen is a NerdWallet writer focused on cryptocurrency and alternative investments. He has more than 15 years of journalism experience as a reporter and editor at organizations including The Boston Globe and The Baltimore Sun.
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