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Buy Litecoin in the UK

Litecoin

LTC
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Figures shown refer to the past. Past performance is not a reliable indicator of future results. Pricing data is sourced from CoinJar's proprietary price index, which considers prices on CoinJar Exchange and third parties including Coinbase, Kraken, Gemini, Bitstamp, CoinMarketCap and CoinGecko.
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Overview

#20Popularity
CurrencyAsset type
2011Active since

What is Litecoin?

Why investors buy Litecoin: What is Litecoin and how do I buy it? We break it down for you.

What Is Litecoin (LTC)?

Litecoin (LTC) is often referred to as the “silver to Bitcoin’s gold.” It is a well-established cryptocurrency. Created by former Google and Coinbase engineer Charlie Lee in 2011, Litecoin was one of the earliest altcoins (a term used for cryptocurrencies other than Bitcoin).

Litecoin’s Origins and Purpose

Lee designed Litecoin to address some of Bitcoin’s limitations. Bitcoin’s slow transaction processing speed at the time (around five transactions per second) frustrated merchants who wanted to accept it as payment.

Litecoin had a transaction speed of 54 transactions per second and generated new blocks approximately every 2.5 minutes. This improvement was appealing for merchants seeking quicker settlements.

However, in 2018, the Lightning Network was developed and went live in 2018. This was a solution that made Bitcoin transactions much, much more effective.

Despite this, Litecoin has stayed popular, especially with crypto OGs. At the time of writing, it remains in the top 20 most popular cryptocurrencies by market capitalisation.

Considering there are now over 20,000 cryptocurrencies in the world, that’s pretty good going.

The Role of the Litecoin Foundation

The Litecoin Foundation actively contributes to the development and adoption of Litecoin. It forms partnerships, explores funding opportunities, and engages in initiatives that promote Litecoin’s growth.

Litecoin as a Market Indicator

Litecoin often serves as a leading indicator for the broader cryptocurrency market. The general vibe that gets thrown about is that “Litecoin lights the path that leads the way to alt season.”

Traders closely monitor LTC’s price, even if they don’t directly trade it. When Litecoin gains momentum, risk appetite spreads, and smaller markets prepare for potential explosive gains.

Technical details

The computer code underlying Litecoin closely resembles that of Bitcoin. Like Bitcoin, Litecoin operates with a fixed supply and undergoes halving events. Over time, mining rewards decrease, maintaining scarcity.

Litecoin relies on a proof-of-work consensus mechanism, like Bitcoin. But Litecoin has four times the supply of Bitcoin, with a maximum of 84 million LTC.

Litecoin offers cost-effective transactions relative to other cryptocurrencies.

Litecoin’s resilience

Despite the challenges faced by the broader crypto market in 2023, Litecoin has demonstrated resilience multiple times.

Unlike Bitcoin, which historically tends to surge in demand after halving events due to reduced supply, Litecoin has struggled to increase in price after events which typically work for Bitcoin’s price.

Litecoin was launched in 2011, with a price of US$4.31. From there it was a bit of a rollercoaster ride. An all-time low of US$1.24 was hit in January 2015, and the all-time high was US$388.80 in 2021. So it has been a magical mystery tour of peaks and troughs.

Despite growing network usage and increasing Litecoin payments, significant price surges since 2021 have been elusive.

At the time of writing (April 11, 2024), LTC is US$97.09. While the price is down currently from its former highs, the thing to keep in mind is that Litecoin historically, has bounced back from dips in its price.

The performance of most cryptocurrency can be highly volatile, with their value dropping as quickly as it can rise. Past performance is not an indication of future results. You should be prepared to lose all the money you invest in cryptoassets.

Fundamental strengths

There are some points of difference that keep Litecoin in the game. The number of Litecoin users continues to expand, evident in the growth of new wallets.

This sustained interest reflects confidence in Litecoin’s longevity and utility.

Litecoin’s competitive transaction fees position it as a potential token creation platform.

As decentralised finance (DeFi) and non-fungible tokens (NFTs) become more widely adopted, Litecoin’s scalability and cost-effectiveness could become valuable assets.

While still popular, Litecoin doesn’t always grab headlines like Bitcoin. Some investors prioritise other cryptocurrencies with more “buzz”.

And keep in mind that Litecoin faces competition from newer altcoins and projects.

However, as an early crypto, Litecoin remains in the top coins by market capitalisation.

How to Buy Litecoin on CoinJar

Here’s how you can purchase Litecoin using CoinJar.

Create an Account: If you don’t have a CoinJar account, sign up on their platform.

Sign up on CoinJar or any other exchange of your choice. Verify your identity as required.

As per local legislation, UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy and they must wait for a 24-hour “cooling off” period, before their account is active.

Deposit Sterling (GBP) into your exchange account using methods such as a bank transfer or debit card. Fee details are here.

Navigate to LTC: Once your account is funded, go to the trading section and select Litecoin (LTC).

Place an Order: Choose the amount of Litecoin you want to buy and place an order.

After you purchase Litecoin, it will appear in your CoinJar wallet. From there you can keep it in the CoinJar wallet or move it to another wallet.

Remember that cryptocurrency investments carry risks, so only invest what you can afford to lose.

Remember: Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Why investors buy Litecoin: Conclusion

Litecoin (LTC), created by Charlie Lee, is a popular cryptocurrency known for its effective transaction processing and competitive fees. It serves as a digital silver to Bitcoin’s gold, offering a reliable alternative for everyday transactions.

While one of the oldest cryptocurrencies, Litecoin remains a valuable cryptocurrency with practical use cases.

To buy Litecoin, you can use various methods such as a card, Google Pay, or bank transfer.

First, create an account on a reputable cryptocurrency exchange that supports LTC, like CoinJar. Once you are verified, have completed the assessment and finished your 24 hour cooling off period, you can deposit funds from your bank account and exchange them for Litecoin.

Keep in mind that LTC’s trading volume can be volatile, so it’s essential to understand the risks before making a purchase.

Consider protecting your LTC in a personal wallet / cold wallet to protect against exchange-related risks.

The performance of most cryptocurrency can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.

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Cash, credit or crypto?

Buy Litecoin using Visa or Mastercard. Get cash in your account with Faster Payments Service (FPS). Convert crypto-to-crypto with a single click.

How to buy Litecoin with CoinJar

Start your cryptocurrency portfolio with CoinJar by following these steps.
Step oneDownload the appGet the CoinJar app on iOS or Android.
Step twoCreate an accountCreate an account with CoinJar and verify your ID.
Step threeMake a purchaseBuy more than 60 cryptos using Faster Payments, SEPA, bank transfer, or a debit card.
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Past performance is not a reliable indicator of future results. Figures shown are for illustrative purposes only and are not actual market data.

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Frequently asked questions

What is a Litecoin wallet?

Litecoin offers an official Litecoin wallet. Click here for more details. But you don’t need it to buy Litecoin, you can keep it in your CoinJar wallet.

Where is the best place to buy Litecoin?

The best place to buy Litecoin depends on your preferences. CoinJar has been in operation since 2013 and has positive objective reviews on Trustpilot.

How is the price of Litecoin determined?

The price of Litecoin is influenced by market demand and supply. Factors such as trading volume, investor sentiment, and overall market conditions play a role in determining its value.

How much does Litecoin cost to buy?

The cost of buying Litecoin varies based on the current market price. You can check real-time prices on the top of this page. At the time of writing, (April 8, 2024) Litecoin price is US$101.31.

Crypto is generally very volatile, with the risk of abrupt market changes, corporate collapse, inadequate client fund segregation, and cyberattacks. Don’t invest anything you aren’t prepared to lose.

You should not expect to be protected if something goes wrong as you would have no recourse to the Financial Ombudsman scheme or the Financial services compensation scheme.

Is it safe to buy Litecoin?

In the UK, it’s legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments. You should not expect to be protected if something goes wrong.

So, if you make any crypto-related investments, you’re unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the  Financial Ombudsman Service (FOS) if something goes wrong.

Can you convert Litecoin to cash?

Yes, you can convert Litecoin to cash by selling it on an exchange and withdrawing the funds to your bank account.

Investing in crypto carries risks. Consider your financial goals, risk tolerance, and research before making any investment decisions.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies. The article is provi

Standard Risk Warning  In the UK, it’s legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular

Standard Credit Card warning  If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to i

UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour “cooling off” period, befo

Important Note for UK Residents: If you come across this article, remember that cryptocurrency investment is high-risk. Be prepared to lose your entire investment. No protection is guaranteed if things go wrong.  Remember, this article does not constitute

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Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).

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