Are you determined to buy Litecoin or learn more about its prospects in 2023? You are in the right place. Discover a detailed guide to buying LTC on eToro, as well as clues about the potential this cryptocurrency has in 2023.
On which platform to buy Litecoin?
For buy litecoin, the choice of trading platform is crucial. You must take into account various criteria such as the costs of purchasing and withdrawing LTC, the additional services offered, security or even ergonomics.
Depending on your level of investment experience, it may be a good idea to select an easy-to-use platform so you can buy Litecoin crypto with ease.
For beginners, eToro is an ideal option to buy Litecoin, thanks to its ease of use. You can become the owner of LTC tokens with just a few clicks.
The table below presents the most important criteria of three platforms to help you decide which one you will use to buy Litecoin.
Buying Litecoin crypto on eToro is quick and easy. Also note that the eToro platform is registered as PSAN with the Autorité des marchés financiers (AMF), offering a status of trust for French investors.
To get started, create an eToro account by clicking on the following button (affiliate link) and then click on ” start investing » :
After creating your account, you must answer questions to assess your investment knowledge and then have your account verified using an ID and phone number. These are mandatory steps to be able to buy Litecoin on eToro.
Your account is now ready, you can now fund your eToro wallet with euros. To do this, click on ” Make a deposit » in the middle of the dashboard:
You can deposit your euros by credit card or bank transfer. The deposit fees are the same for both options (1%). Here is how to proceed with a bank card:
- Enter the desired amount;
- Fill in the required information;
- Click on ” Deposit “.
Wait a few moments for your euros to be deposited in your eToro wallet. All you have to do is search for ” Litecoin ” Or ” LTC » at the top of the page, and click on « Invest » :
Then fill in the amount you want to invest in Litecoin, 100 dollars here, then click on the ” Invest “.
Congratulation ! You are now the owner of LTC tokens ! You can do whatever you want with them, like sending them to an external wallet.
👉 Need more detailed explanations? Here is our opinion and complete tutorial on eToro
Other platforms to buy Litecoin
Litecoin is a popular and popular crypto in the market. It is available on trading platforms like Binance and Bitpanda.
Each platform has its own advantages and disadvantages, as well as a different interface. Some also offer additional services such as stakingoffering investors the opportunity to generate passive returns with Litecoin.
Note that even if you bought LTC on eToro, you can stake them on another platform by transferring them.
What is Litecoin?
Litecoin is one of the oldest cryptocurrencies in the industry. It is simply of a Bitcoin fork which has its own blockchain.
Litecoin (LTC) logo, stylized by Cryptoast
An oft-discussed comparison between Bitcoin and Litecoin refers to bitcoin as digital gold and litecoin as digital cashalthough this is less and less the case today.
This comparison is mainly due to the maximum supply in LTC (84 million), exactly 4 times greater than the maximum supply in BTC (21 million), and the price of Litecoin which followed the price of Bitcoin relatively well in its infancy. , which has been less true in recent years.
Although very similar, there are still some technical differences between Bitcoin and Litecoin, with the latter offering much lower transaction fees and higher transaction speed. In addition, Litecoin detaches from Bitcoin by its less conservative evolution.
The MimbleWimble Update on the Litecoin network is a perfect example of this since it has given Litecoin better confidentiality of transactions. The Bitcoin network has never incorporated such an update.
👉 To find out more, find our detailed analysis on Litecoin
Is it worth buying Litecoin in 2023? Some tracks
For almost 10 years, from 2012 to 2021, Litecoin was a staple of the top 10 cryptocurrencies the most capitalized on the market.
Considered an industry pioneer cryptocurrency, however, Litecoin has lost ground to newer, more popular projects over the years. At the end of April 2021, Litecoin leaves the top 10 and has struggled to stay in the top 20 ever since.
Despite this context, it should be noted that Litecoin remains a very reliable cryptocurrency: even after 12 years of existence, the price of Litecoin stands at around 100 dollars in February 2023, ranking it in the 16th position of the most popular cryptocurrencies. capitalized.
Other than Bitcoin and Ripple, no other cryptocurrency has such a track record and stability in industry.
This is certainly a point that gives Litecoin some credibility with investorssince it is one of the rare cryptocurrencies to have survived rather well all the bear markets that the sector has known.
However, the price of Litecoin reached its all-time high in May 2021, amounting to about 400 dollars. This level was already almost reached during the peak of the bubble in 2017. It is then natural to wonder whether Litecoin has the capacity to break this record or come close to it again.
An interesting track is located at the level of the MimbleWimble update of May 19, 2022. Since that date, Litecoin has been used to carry out transactions completely anonymously.
This update sends a very strong message, going against the direction taken by the sector as a whole towards greater transparency, at a time when authorities around the world are trying to apply a legal framework specific to cryptocurrencies. This decision could significantly influence the future of Litecoin.
For example, the 5 major exchanges in South Korea have delisted Litecoin following this update in agreement with the country’s financial authorities. In the future, it is possible to imagine that Litecoin will gradually disappear from trading platforms for these reasons, like the anonymous cryptocurrency Monero (XMR).
Conversely, this new feature of Litecoin could be an asset in the eyes of users and investors who prefer anonymity.
Finally, it should be noted that the next Litecoin halving is very close, planned for the August 3, 2023. Occurring every 4 years, this new halving will halve the block rewards received by miners, as with the Bitcoin halving. This is a major event for the network which will significantly reduce the issuance of new CTL.
Either way, we advise you to conduct your own research and analysis on Litecoin to determine whether it is worth buying LTC in 2023.
FAQ: frequently asked questions about Litecoin
When was the genesis of Litecoin?
Litecoin was born in October 2011 under the direction of Charlie Lee, a major figure in the sector. It is the oldest surviving cryptocurrency behind Bitcoin.
What are the use cases of the LTC token?
Litecoin is a very classic blockchain by its architecture, allowing only to make transactions. It is therefore a cryptocurrency used as a means of payment. Since May 2022, it is possible to carry out LTC transactions completely anonymously.
How to follow the course and the price of Litecoin?
You want to follow the evolution of the Litecoin price in euros or dollars? Our LTC price tracker page is designed to meet this demand. Here you will find all the key information about LTC in real time, such as its price chart and its total capitalization.
Protecting your LTC: what is the procedure to follow?
Once in possession of your LTC, you surely want to put them in a safe place. The easiest way to do this is to use a digital wallet that supports the Litecoin network like Litewallet, Atomic Wallet or Exodus. For an even higher level of security, you can opt for a physical wallet such as those offered by Ledger to keep your LTC.
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