Litecoin is a peer-to-peer cryptocurrency and open-source software project that has proved hugely popular since it was first launched in October 2011. Technically, Litecoin is extremely similar to Bitcoin, and was one of its early rivals and offers a host of network upgrades, including the Litecoin Network for faster transactions.
The increase of value in Litecoin and the crypto market has meant that many people have been attracted towards buying this cryptocurrency. There are several methods of payment available in order to achieve this, but debit card have to be one of the most popular.
So in this article we’re going to assess the validity of purchasing Litecoin with a debit card, and compare this process to some of the other payment methods available.
Our Quick Tutorial to Buy Litecoin with Debit Card
Step 1: Sign-Up
Step 2: Make your First Deposit
Once your account is set up, you can go to "Deposit" and follow the instructions to fund your account with Debit Card . Enter the amount you want to deposit (beginners normally start with lower amounts), follow the steps and check your new account balance.
Step 3: Buy Litecoin!
Other Methods of Buying Litecoin with Debit Card
Some exchanges do not offer debit card support. If you find this is the case in your country, then using a broker that offers contracts for difference (CFDs) could be used instead. CFDs allow you to trade contracts that are based on the price movements of Litecoin, as opposed to actually buying the coins.
This can be a good way to get around debit card restrictions if you find a broker that offers CFD trading in your region.
Advantages and Disadvantages of Buying Litecoin with Debit Card
Buying Litecoin with Debit Card Fees
There is little in the way of fees associated with purchasing Litecoin with debit cards. Fixed fees can be associated with some of the digital exchanges, but there will be no fees charged for the majority of debit cards.
Is Buying Litecoin with a Debit Card the Best Method?
Choosing a method of purchase for Litecoin will always be dependent on personal circumstances. However, a debit card is an excellent way of buying Litecoin for most people, particularly as debit cards are so readily available.
There are other obvious advantages of debit cards as well, not least the lack of any fees associated with them. However, processing times can be slower than with credit cards in particular, and this can count against debit cards as a payment method for Litecoin. However, overall debit cards definitely merit consideration for most Litecoin users.
Frequently Asked Questions
There are a variety of reasons that people would choose to purchase Litecoin with debit cards, but the primary one is that cryptocurrencies are only available digitally. This means that debit cards and other forms of online payment are the ideal way to make your purchase.
Yes, although there is not really any data on precisely which payment method is the most popular, it is probable that credit cards are used more than any other method. However, there is not much doubt that debit cards are used on a regular basis.
Litecoin was theorised and created by Charlie Lee, notable for being a former Google engineer and CTO of Coinbase.
Litecoin was first launched in 2011, when the source code for Bitcoin was cloned and a new blockchain was created. Litecoin was one of the first cryptocurrencies to reach prominence, having been released only two years after Bitcoin.
As liquidity can be an issue in the cryptocurrency market, many exchanges are reluctant to enable customers to exchange altcoins for other cryptos. It is more than likely that Bitcoin will be the approved means of exchange due to its high volumes.
At the time of writing each Litecoin token is worth approximately $50. Considering that the cryptocurrency began with a value of essentially zero, its price today represents a massive increase in value during its lifecycle.
Litecoin blocks are added every 150 seconds. This means that users should receive a confirmation every 2.5 minutes. This figure can vary slightly if miners require a longer period of time to discover a block, but the difficulty of locating blocks should change proportionally due to the given hashing power on the network.
Yes, Litecoin is divisible to numerous decimal places, meaning that you can buy a fraction of a single Litecoin token if required. A $1 share in Litecoin is equal to approximately 0.02 tokens, but this price could vary in the near and long-term future.
There are no limits made on the purchase of Litecoin, but it is necessary to find an exchange that supports your country. It may also be necessary for you to present suitable identification, although there are many cryptocurrency wallets that do not require ID to sign up.
There is no doubt that you should immediately remove your litecoins from the exchange or broker where you bought and place them into a secure wallet. It is not advisable to leave your custom tokens on an exchange, so placing them in a wallet keeps them safe.