Litecoin is the second-oldest cryptocurrency and one of the earliest forks of Bitcoin. As said in our last piece, Litecoin was developed to solve some of the problems associated with Bitcoin such as transaction speed and mining monopoly.
Although Litecoin enjoys lesser attention compared to Bitcoin, it remains an important part of the crypto ecosystem. Here’s the second part of our Litecoin beginner’s guide.
Best 3 Centralized Exchanges for LTC
You can buy Litecoin using both centralized and decentralized exchanges, ATMs and Peer-to-peer platforms. Each of these platforms have their pros and cons. But, without a doubt, centralized exchanges have more popularity and are more convenient to use.
One of the reasons for using centralized exchanges is that they support fiat currencies. So, you can buy crypto with a credit card on crypto centralized exchanges or use other fiat payment channels.
There are a couple of global and local centralized crypto exchanges. One thing to look out for is the exchange’s vast support of digital assets and its payment options. So, here are the 3 best centralized exchanges to buy LTC:
- Binance
- Oks
- Coinbase
Leading US cash exchange @Coinme just announced that Litecoin is now available to purchase instantly using cash at 10,000 additional Coinstar kiosks nationwide!
Making Coinme a leading US cash gateway to crypto! https://t.co/RmmzutWvnf #PayWithLitecoin $LTC #WednesdayMotivation pic.twitter.com/TGXgtpeoFr
— Litecoin (@litecoin) August 24, 2022
Best Wallet to Hold LTC
Choosing a Litecoin wallet that satisfies your special needs as a crypto user or investor is important if you want to invest in Litecoin. So, if you plan to buy and hold LTC as a longterm strategy, you have to consider a secure wallet like Ledger. However, no wallet is 100% secure.
The flash drive-shaped Ledger wallet is quite popular and good for use. While the price might raise some eyebrows, the experience is worth it. Ledger connect to wallets like Guarda and stores over 5000 different cryptocurrencies including Litecoin.
On the other hand, if you want to actively trade in and out of the digital currency, you should use a wallet like Exodus Wallet that has a built-in exchange and cheap trading costs. Exodus Wallet is beginner-friendly. That’s why we recommend it for newbies. Here are some advantages of using Exodus Wallet
- It has an easy-to-use dashboard
- It supports a large number of crypto tokens
- It enables users to buy, stake, swap and exchange cryptocurrencies.
- It provides easy on-ramp to DeFi.
You can buy #litecoin wallets at your local Best Buy store. #litecoin is now mainstream. pic.twitter.com/7xnelzO8AR
— Shan Belew Ⓜ️🕸 (@MASTERBTCLTC) January 22, 2023
So, if you plan to store your Litecoin offline and enjoy more security then Trezor is your best bet. Trezor’s small, portable wallets are connected to a phone or computer through USB-C. The standard version provides backup security protection via PC or mobile and can store more than 1,000 different coins. The upgraded touchscreen model can store more than 1,800 compatible coins.
Trezor only has a desktop app, but it contains built-in features like staking, buying cryptocurrency, and interfaces with other apps like Exodus. Users can also access customer service and data analysis tools online, as well as a specialized Litecoin wiki page. Interestingly, Litecoin doesn’t need to be downloaded on it because it is already linked with the Trezor wallet.
How to Use Litecoin’s Explorer
Blockchain explorers work like search engines for blockchains. So, you can find both past and current information about a blockchain. Everyone knows that blockchain is all about transparency and explorers are a proof of that. Anyone with an internet connection can use an explorer to view details of a specific blockchain.
There are Litecoin explorers with similar interfaces. Here’s how to use a Litecoin explorer.
- Go to Blockcypher. Then, select LTC from the explorer options.
2. Add the transaction ID or address and click the search button
3. You’ll see the summary of transaction on the next page. Click on the [advanced details] button if you want to check more details.
Now, that’s it for using a Litecoin explorer. And with that, we’ve come to the end of our 2-part review of Litecoin.
⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Our popular Altcoin Buzz Access group generates tons of alpha for our subscribers. And for a limited time, it’s Free. Click the link and join the conversation today.
