What is Litecoin (LTC)?
Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011. In technical details, Litecoin is nearly identical to Bitcoin. LTC is the native token of Litecoin. Litecoin's network offers instant, near-zero cost payments that can be conducted by individuals or institutions across the globe. It uses the proof-of-work (PoW) algorithm in order to secure their networks.You can buy and sell LTC for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade LTC for BTC the same way you trade CAD for USD. You can also trade LTC to CAD based on the LTC price. To learn how to buy Litecoin / LTC, scroll down to see how to buy Litecoin.
How to buy Litecoin (LTC)?
Here's how to buy Litecoin on Coinsquare
To buy Litecoin, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying LTC. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select LTC from the list on the trade section
Coinsquare lets you trade LTC without leaving the app. You can also check the Litecoin price and convert LTC to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the LTC price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy Litecoin (LTC)
Congratulations! You’re now the proud owner of LTC. You can either HODL or use it to exchange LTC to CAD or any other cryptocurrency listed on Coinsquare.
Where do I keep my Litecoin (LTC)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. Client assets are securely stored 1 to 1 in cold storage with approved custodians, kept separate from operational funds, and never utilized for lending purposes.
All client assets are held in trust with external, licensed custodians with a combined $680M USD in insurance. Additionally, CCML maintains Vault Risk insurance beyond those of its custodians that cover risks related to the cold storage of its clients’ crypto assets. And the cash held in your account is insured against insolvency by the Canadian Investment Protection Fund (CIPF). This means that in the unlikely event that Coinsquare (CCML) becomes insolvent, CIPF will cover any shortfall of cash held in client accounts up to $1 million CAD per account.
Ready to add Litecoin (LTC) to your portfolio?
Create your account, fund it with spare change and get a little bit of LTC.
