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How To Buy Litecoin - CoinAxis

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How to buy Litecoin

I often get this question from people interested in litecoin, but don't know exactly how to buy them.  Litecoin is faster version of bitcoin that uses a more memory intensive algorithm called Scrypt.  Litecoin has enormous potential in the crypto-currency world, and is currently sitting at a $100 million dollar market capitalization.  Being a newer crypto-coin on the market, litecoin doesn't have the available infrastructure that bitcoin has.  Things like like an online payment systems & exchanges for litecoin are still being developed, and acquiring litecoin in the future should be much easier.  I will outline two ways to purchase litecoin, one that would be geared towards users in the USA, and one that is more for users in Europe.

How to buy litecoin - Users in USA

Step-by-step

  1. Sign up for an account with BTC-E 
  2. Sign up for an account with Coinbase
  3. Link bank account to Coinbase.
  4. Buy bitcoin from Coinbase (after bank account linked)
  5. In the "Finances section" of BTC-E, generate bitcoin deposit address (Copy address)
  6. In "Send/Request Section" of Coinbase, send bitcoin to the BTC-E bitcoin address (paste address acquire from BTC-E)
  7. Wait for bitcoin deposit to show up in BTC-E.
  8. Select the LTC/BTC section, then purchase the amount of litecoin you want.

To receive USD for litecoin, reverse the buy/sell/deposit/withdrawal process. (Sell LTC for BTC > Transfer BTC to Coinbase > Sell BTC > Transfer to bank)

How to buy litecoin - Euro-zone (Method A)

Step-by-step

  1. Sign up for an account with BTC-E
  2. Wire/deposit funds to BTC-E using one of the approved deposit methods (finances section of BTC-E)
  3. Select the EUR/LTC section
  4. Purchase the desired amount of litecoin.

To receive EUR for litecoin, LTC for EUR (EUR/LTC section) > Transfer EUR to bank

How to buy litecoin - Euro-zone (Method B)

  1. Sign up for an account with BTC-E
  2. Sign up for an account with Bitstamp.
  3. Wire/deposit funds into Bitstamp account (deposit section - SEPA/International bank)
  4. Wait for deposit to show up in Bitstamp.
  5. Purchase bitcoins from Bitstamp.  (buy/sell section) 
  6. In the "Finances section" of BTC-E, generate bitcoin deposit address (Copy address)
  7. In "withdrawal section" of Bitstamp (select bitcoin on the left) copy BTC-E bitcoin address, and amount of bitcoin to transfer. (Paste)
  8. Wait for bitcoin deposit to show up in BTC-E.
  9. Select the LTC/BTC section, then purchase the amount of litecoin you want.

To receive EUR for litecoin, reverse the buy/sell/deposit/withdrawal process. (Sell LTC for BTC > Transfer BTC to Bitstamp > Sell BTC > Transfer to bank)

Once you have purchased your litecoin in BTC-E, you can then leave the balance in BTC-E, or transfer it to your litecoin wallet on your computer.  It is recommended that large quantities of litecoin/bitcoin should never be kept in an online wallet, or exchange.  Please take great care to protect your investment by using strong pass-phrases & two-factor authentication whenever possible.  

 

 

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