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How to buy Litecoin (LTC) in Canada
A guide on where to buy, sell and trade Litecoin in Canada.
Litecoin (LTC) has been around for almost a decade and started as a fork on the bitcoin network. It’s very similar to bitcoin except it’s designed to be quicker and cheaper to transfer. These similarities have it regarded as a close relative of bitcoin, and its prices have historically risen and fallen with bitcoin prices.
Where to buy, sell and trade Litecoin in Canada
A step-by-step guide to buying Litecoin
Want to buy Litecoin? Follow these simple steps:
Step 1. Create an account on a cryptocurrency exchange that allows you to trade LTC
Compare exchanges that support LTC, then determine if the exchange you choose supports buying LTC with Canadian dollars (CAD), Bitcoin (BTC) or Ethereum (ETH). You’ll need to provide your email address and create a password to register for an account.
- Note: It’s also recommended that you set up two-factor authentication to provide an extra level of security.
Step 2. Deposit funds into your account
Many cryptocurrency exchanges only allow trading between cryptocurrencies and don’t allow the direct deposit of fiat currency, such as CAD, so you’ll usually need to own or buy BTC or ETH first.
- Note:The exact process for depositing funds into your account varies depending on the exchange you choose.
Step 3. Buying LTC
The final step is to trade your chosen currency for LTC on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.
Litecoin can be held in a cryptocurrency wallet just like any other altcoin. There’s a wide range of options, but not quite as many as you’ll find with bitcoin. All of the following hardware wallets support Litecoin:
Litecoin (LTC) vs bitcoin (BTC)
Litecoin has a range of small but significant technical differences. You might think of it as the quarter to bitcoin’s dollar.
- A supply limit of 84 million LTC vs 21 million BTC
The supply limit is the maximum number of coins that will be created. This finite limit is necessary for an altcoin to have value. The LTC supply limit is 84 million compared to bitcoin’s 21 million, so it’s up to 4 times more common. In November 2017, there were about 54 million Litecoin tokens in circulation and about 30 million left to mine.
- 2.5-minute vs 10-minute block generation time
Litecoin blocks are generated four times faster than bitcoin blocks. The completion of each block confirms the transactions recorded in that block. Generally, this means Litecoin transfers can be done about four times faster than bitcoin transfers.
Litecoin price predictions: Things to consider
Some proponents of LTC believe it will continue to increase in value. They point out that it’s like a “quarter sized” version of bitcoin that’s arguably more functional, but that its price is much less than a quarter of bitcoin’s. The assumption among some buyers is that even if Litecoin prices peak at a quarter of bitcoin’s, it can still be very worthwhile.
Toward the end of 2017, about two thirds of all the Litecoin that will ever exist were already in circulation, and it can be assumed that mining will get increasingly difficult as it approaches the supply limit. This makes it more likely that the popularity of Litecoin will result in increased demand, and if demand exceeds supply in the future, that could naturally drive the prices up.
It’s also worth noting that Litecoin has tended to be ahead of its time. It was the first top 5 cryptocurrency by market cap altcoin to adopt the features of Segregated Witness (SegWit), which has since become standard among bitcoin and others.
This ongoing development might bode well for its future popularity, as it could prevent other altcoins from overtaking it later. However, like all cryptocurrencies, nothing about Litecoin can be taken for granted.
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