Digitization has transformed many industries, and the banking sector is one of them. With the advent of digital currencies, there has been a paradigm shift in how people perceive money. Cryptocurrencies are slowly but surely making their way into the mainstream. Litecoin is the second-most popular cryptocurrency after Bitcoin.

Since investing in cryptocurrencies is a big undertaking, you must have your basics clear before you do so.

This blog post will introduce you to Litecoin. We will also guide you on how to purchase Litecoin from Litecoin ATMs – the new and convenient way of buying Litecoin.

What is Litecoin?

Litecoin is known as the “silver” to Bitcoin’s gold. It is a decentralized, open-source cryptocurrency that uses blockchain technology. It was created in 2011 by former Google engineer Charlie Lee. You can use Litecoin for anything you can use the money for. For instance, you can buy goods and services or trade for other cryptocurrencies.

Litecoin shares the same codebase as Bitcoin but with some technical differences. We will discuss them later in the blog post. First, let’s focus on how to buy Litecoin from Litecoin ATMs.

Which CryptoBase ATMs Can I Buy Litecoin on?

Since Litecoin has managed to stay on the top ten list for 409 weeks (which is splendid), CryptoBase ensures that all its ATMs dispatch Litecoin instantly. However, a few other factors contribute to this as well.

Abundance: The LTC circulation is higher than BTC, ETH, and other tokens. CryptoBase ATMs support all Bitcoin forks, including Litecoin Cash and Dogecoin.

Reliability: Litecoin is one of the oldest and most reliable cryptocurrencies. It has a strong community backing it and a dedicated team of developers.

Fees: Litecoin transactions have very low fees compared to other digital currencies. As of now, the average transaction fee for each LTC transaction is $0.05

Speed: Litecoin has a faster block generation rate which means that transactions are confirmed faster on the Litecoin network.

How to Purchase Litecoin from a Litecoin ATM?

Purchasing Litecoin from a Litecoin ATM is a straightforward process. Just follow these steps:

Find a Litecoin ATM: Use CryptoBase’s ATM locator to find Litecoin ATMs near you.

Insert Cash into the ATM: Once you have located a Litecoin ATM, insert the cash you want to use to purchase Litecoin.

Choose Litecoin: The ATM will allow you to choose Litecoin or other digital currencies. Choose Litecoin.

Enter Your Wallet Address: The ATM will ask you to enter your Litecoin wallet address. Enter the address carefully.

Confirm the Transaction: The ATM will show you the transaction details. Check if everything is correct and confirm the transaction.

Collect Your Litecoin: Once the transaction is confirmed, the Litecoin ATM will dispense your Litecoin. Collect your Litecoin and store it in a safe wallet.

Can I Use a Bitcoin Wallet for Litecoin?

No, you cannot use a Bitcoin wallet for Litecoin. It is because while Bitcoin and Litecoin are cryptocurrencies, they differ in many ways. For example, they use different algorithms, have different supply limits, and are meant for different purposes.

Thus, you need a specific Litecoin wallet to store your Litecoins. Do not worry. There are many Litecoin wallets available. Some of the most popular ones are LoafWallet, Exodus, and Jaxx. You can also use a hardware wallet like Ledger Nano S to store your Litecoins.

Can I Access Litecoin on my Computer or Phone?

Yes, you can access Litecoin on your computer or phone. All you need is a Litecoin wallet that supports the Litecoin network. Then, using a “hot” software wallet, you can connect your laptop or phone to the Litecoin network and make transactions.

How is Litecoin Different from Bitcoin?

All Charlie Lee wanted when he invented LTC was to improve Bitcoin. He aimed to do so by increasing the generation of new blocks from 10 to 2.5 minutes and using a different hash function – Scrypt. These two tweaks speed up transaction times and make mining more accessible to a wider range of people, respectively.

So, there are some key differences between Litecoin and Bitcoin that we need to take into account:

Block Generation Time:

As we mentioned, one block in the Litecoin network is generated every 2.5 minutes, while one block in the Bitcoin network is generated every 10 minutes. It means that Litecoin transactions are confirmed faster than Bitcoin transactions. Therefore, it is beneficial for merchants as they can receive payments quickly.

Mining Algorithm:

Bitcoin uses the SHA-256 mining algorithm, while Litecoin employs Scrypt. The main difference between these two algorithms is that SHA-256 is more complex and requires more processing power. On the other hand, Scrypt is easier to mine on CPUs.

Supply:

The total supply of Litecoin is 84 million LTC, while the total supply of Bitcoin is 21 million BTC. It means there will be four times more Litecoins in circulation than Bitcoins. That’s good news for Litecoin investors, as the increased supply will lead to more demand and, consequently, higher prices.

Transaction Fees:

Bitcoin transaction fees are higher than Litecoin. The average Litecoin transaction fee is only $0.06, while the average Bitcoin transaction fee is $0.957.

Market Cap:

Bitcoin’s market cap is $132 billion, while Litecoin’s market cap is only $6.8 billion. It means that Bitcoin is still 20 times more valuable than Litecoin.

Why Should I Use CryptoBase ATM to Buy or Sell Litecoin?

Crypto ATMs offer a simple and convenient way to buy or sell Litecoin. Here are some reasons why you should use CryptoBase ATM to buy or sell Litecoin:

• CryptoBase ATMs are easy to use and available 24/7.
• You can buy or sell Litecoin without going through a cryptocurrency exchange.
• CryptoBase ATMs have high limits, which means you can buy or sell large amounts of Litecoin in one transaction.
• CryptoBase ATMs offer the best rates.
• CryptoBase ATMs are located in major cities around the world.

Conclusion:

Purchasing or selling LTC using Litecoin ATMs is a simple and convenient way to get involved in the Litecoin market. Be sure to do your research before using an ATM, though, as not all machines are created equal – some have higher limits, offer better rates, or are located in more convenient locations than others. Also, if you prioritize security, always use CryptoBase ATMs to buy Litecoin.

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