Decoding the process to invest in Litecoin in a safe manner.
Opening remarks
Investment is highly risky in general because when it comes to cryptocurrencies, it is an icing on the cake, as no other financial market has proven to be as volatile as the cryptocurrencies. Therefore one must be very precocious while investing in cryptocurrency. It is an obligation on each and every individual to do an intense recharge and background check on any of the cryptocurrency coins that they are looking out to invest in. Investment is a skill which the users gain over time, therefore one must be ready for initial losses after stepping into the domain. Should you invest in litecoin? Let’s see:
Should I invest in Litecoin?
To be very precise Litecoin is another cryptocurrency which aims for instant and 0 transaction fees for all its payments through the world. Basically, the Bitcoin hard fork is high risk in nature but also has great amounts of potential within the cryptocurrency domain. At some point in time, it was estimated that Litecoin, was the third most popular cryptocurrency but was overtaken by Ripple. If anyone is looking out to invest in Litecoin then you need to stay tuned, to this “how to invest in litecoin? Guide”
Invest in litecoin through the Crypto exchanges
One must clearly understand that Litecoin is not similar to the traditional shares on the stock market, but it is a cryptocurrency, which one needs to buy by trading it with other cryptocurrencies. The users need to invest in Litecoin, not through any stockbroker, but we would require a digital wallet in order to undertake all the exchanges between the cryptocurrencies. To start off with, Coinbase offers attractive incentives and it’s easy to use interface has rendered it to become the best cryptocurrency exchange.
Trying to invest in Litecoin ETFs?! They still aren’t available
If the users do not use this method to invest in Litecoin, there is sadly no Litecoin ETFs currently available therefore the users might need to wait for it for some years from now, which would keep track of the cryptocurrency. For informational purposes, Bitcoin ETFs are already available as it is the most dominant cryptocurrency in the market.
Let’s try to understand how to invest in Litecoin by buying it through Coinbase.
1. Firstly, in order to invest in litecoin, the users need to create an account by visiting the coinbase website.
2. the users then need to provide the full name and email id and create a very strong password which is a combination of both upper case and lower case Alphabets, digits and symbols.
3. Once, a was very strong password is created, the users are redirected to another window which would ask the mobile number, to which, a One Time Password would be sent, which the user needs to verify, after which the process of registering with Coinbase is certainly complete.
4. Then once the account is created the users are automatically logged in. Then in order to invest in Litecoin, the users need to click on Buy/Sell. Then the users need to choose a reliable payment method which includes Credit card, Debit card PayPal, etc but using the Debit card is the easiest methods to deposit Fiat.
5. Followed by which, as security concerns are the topmost priority of the exchange, the users need to verify their identity, by uploading one of the three ID proofs. The three ID proof include driver’s license, passport, or any government issued ID card.
6. Once the upload is done, in order to invest in Litecoin, the users need to verify their debit card credentials.
7. The process is done and the users can again click on Buy/Sell. Then they need to click on Litecoin and enter the amount of Litecoin that they would like to invest in.
Although, Coinbase is a centralized form of exchange, all the debit card credentials are encrypted in nature and hence cannot be accessed by coinbase itself.
Closing thoughts
In a nutshell, if the user invests in litecoin then it is one of the great options as many other cryptocurrencies have proven to be giving much higher returns when compared to Bitcoin self. Investment is completely one’s decision and they must not jump into the cryptocurrency bandwagon until and unless they do an effective background check and understand the whole functioning methodology of Blockchain Technology and cryptocurrencies.
