When I published this article in February 2020, Litecoin was trading around $77 was almost 100% higher than its late 2019 price. I was expecting it to trade higher but then the Covid-19 pandemic shook the entire world.
We observed extreme market volatility during 2020 so Litecoin also revisited the $30 range but then made an extreme move to $400, more than 10 times return in about twelve months. Currently, litecoin is trading in the $170 range and I believe that in the long run, its price going to be way higher.
The uncertainty in the economy fueled by the Covid-19 pandemic has caused the historical price movements in the cryptocurrency sector. According to experts, this tendency is going to continue in 2021 and onwards. So, investing in cryptocurrencies and the resource sector particularly Silver and gold is going to make people financially more stable than they are now. However, the key is to buy securities that are cooled off from their recent highs because from my experience buying early and at a low price pays off well and reduces the risk.
What is Litecoin?
Cryptocurrencies have been a thought-provoking topic for quite some time now. After Bitcoin and its massive success, other cryptocurrencies came into existence and tried to reach the same level of popularity.
One of those cryptocurrencies is Litecoin which was launched via an open-source client on GitHub as a fork of Bitcoin way back in October 2011 by an ex-Google employee Charles Lee, making it the oldest altcoin in the top 10 market cap rankings. For those who are only getting started with Litecoin now, the creator’s idea was based on the fact that Bitcoin has a limited number of coins in the world and that the demand for new cryptocurrencies will be high once Bitcoin dries up. In fact, this might happen soon as the price of cryptocurrencies is increasing by the day.
Litecoin is a decentralized cryptocurrency with an engaged community, fairly widespread adoption, and the fourth-highest network security, according to 51crypto. Litecoin allows users to send money digitally through the use of blockchain technology, without the need for intermediaries. It can also be used to pay for certain things such as travel and property. Litecoin is one of the most popular digital assets as it offers cheaper transactions than Bitcoin, making it useful for everyday purposes.
Why You Should Invest in Litecoin?
Often termed as the silver to Bitcoin’s gold, Litecoin offers an improved, if not more efficient, performance compared to BTC. Here are a few reasons why you should invest in Litecoin:
- The speed of Litecoin is kind of like the speed of light itself. Promising a short confirmation time in transactions and, compared to Bitcoin’s 10-minute processing time, LTC can carry out transactions at a fraction of the time.
- The security of Litecoin functions in the same system as Bitcoin (that being the blockchain). This means that LTC can process transactions, payments, and users like you can remain anonymous. The only information people will see on the public ledger is your wallet ID.
- Using Litecoin will require lower fees compared to Bitcoin.
Other reasons for investing in cryptocurrency & Litecoin include:
- Disruptive technology: At a fundamental level, Bitcoin and other leading cryptocurrencies have the potential to disrupt the existing financial system across the world. This is the reason for the comments and concerns raised by governments, central banks, the International Monetary Fund, and more recently, US Secretary of Treasury Steven Mnuchin.
- Potential for and history of high payoff: This disruptive quality of Bitcoin (and cryptocurrencies) presents a unique investment opportunity in the future of the global economy, meriting consideration.
- A small investment can mean outsized gains: Because of crypto’s historically high payoff, even a 1% allocation would have almost doubled returns of a portfolio invested in the S&P 500 in 2017, from 22% to 42%. On the other hand, if the value of crypto were to go to 0, or face a down year such as 2018, the maximum loss would only be 1%.
How to buy Litecoin in Canada and Elsewhere?
There are several ways to easily buy Litecoin in Canada for newcomers to the cryptocurrency space. Cryptocurrencies are completely legal in Canada, meaning users can mine, hold, and trade Litecoin and similar digital assets.
Buying Litecoin on an exchange
Residents of Canada can use a plethora of exchanges to buy Litecoin. Here we will go through some of the top exchanges you can use whether you are a beginner or an experienced trader in Canada.
Coinberry Cryptocurrency Exchange
Coinberry is a Canadian-founded Toronto-based cryptocurrency exchange that provides a quick and easy way for Canadians to buy and sell bitcoin along with six other popular cryptocurrencies using convenient Interac e-transfer.
Sign-up for Coinberry using our referral link to automatically receive a $20 bonus after verifying your account and purchasing $50 worth of crypto.
- Coinberry Integrates with Canada’s most popular crypto exchanges
- Easy sign-up & Instant identity verification
- Multiple funding options in Canadian dollars
- Easy to use website and mobile app available
- Highly rated mobile apps for iOS and Android
- Ability to place limit orders for buying and selling
- Leadership has extensive business experience
- No fees for withdrawing fiat money
- Zero fees for deposits and withdrawals
- Coinberry only lets customers trade a small set of cryptocurrencies
- Coinberry buys below the market rates and sells above the market rates, unlike peer-to-peer exchanges.
- Coinberry only supports Canadian dollars because it’s made to support Canadian dollars
- Dynamic transaction fees may be low or high, depending on a number of factors.
Coinbase is available for Canadians to purchase Litecoin and other cryptocurrencies with a debit or credit card. The fees are around 4% for every purchase, and once the transaction is complete, the LTC will be delivered to your wallet instantly. LTC is also available in the United States, Europe, UK, and Singapore, most users prefer Coinbase when purchasing LTC because the platform requires far lower fees and steps.
Coinbase provides an easy way for newcomers to get their hands on Litecoin and boasts high liquidity and buying limits. However, be aware that purchases made via a bank transfer can take up to five working days to complete.
Open an account at COINBASE today, and if you buy or sell $120 or more of crypto, you’ll receive $12 worth of free Bitcoin!
This Canadian exchange has been Canada’s most trusted choice since 2013. Bitbuy allows users to seamlessly buy Litecoin and uses 2FA for added security. The exchange also boasts a 95% cold storage security policy. It provides instant verification and low fees and also has an advanced trading interface for more seasoned traders. This exchange is also ideal for beginners as it has 24/7 customer support.
Other ways to buy Litecoin
If you are not interested in signing up for an exchange, there are a multitude of other ways to get your hands on Litecoin in Canada. You can buy Litecoin with PayPal on Crptex24 or purchase Bitcoin on VirWex and then trade it for Litecoin.
Canada also allows residents to buy Litecoin with cash. Users can pay in fiat currencies on Coinmama or over the counter at a Western Union location. The local peer-to-peer platform Litecoinlocal.net also allows users to meet up and buy/sell Litecoin in person.
Buying Litecoin Outside Canada
In addition to the methods discussed above, LTC can be bought outside Canada using the following services mentioned at Bitcasino:
CoinMama is another platform you can use to purchase your LTC coins. Many countries use CoinMama because it just recently added a feature where you can directly purchase LTC from their platform.
BitPanda is an Austria-based company that allows you to purchase LTC using your credit card amongst other payment options. It mostly serves countries from the European continent.
CEX.io is considered to be one of the oldest and most established crypto exchanges in the market today. It supports LTC users from different parts of the world and accepts payments through credit cards as well as other options.
Where to Store Your LTC Coins?
There are various LTC wallets you can make use of to store your coins. You can choose from the various wallets in the market with unique and varying degrees of security and purpose. If you’re looking for a place where you can easily access your coins, here are a few styles of crypto wallets you can start to get your head around
Web wallets are connected to the blockchain site. You can access this wallet without downloading any app or software. You just have to provide a username and password to secure your account.
A desktop wallet is an application that can be directly downloaded onto your desktop. Unlike web wallets, you have full control over your account because it’s not connected to the internet or any blockchain site.
Mobile wallets are directly downloaded to your android or iOS platforms. A mobile wallet is probably the easiest place to access your coins because it’s stored on your mobile phone.
Once you have bought your Litecoin, it is important to keep it safe in a wallet and store your public and private keys in a secure place. Remember to never leave your assets on an exchange and always keep up to date with the latest security protocols.
Buying Litecoin in Canada is extremely easy and straightforward. The cryptocurrency is available on the majority of exchanges and has high liquidity due to its rising popularity.