Litecoin Price CAD
Litecoin is often called Bitcoin’s little brother. Litecoin was created in 2013 by Charlie Lee by forking it from Bitcoin’s original code, resulting in a competitor that was focused on handling simpler online transactions. Whereas Bitcoin is optimally used as a high-security store of value (like digital gold) and making large international transfers (such as B2B transactions), Litecoin is the cryptocurrency for the everyday consumer.
Litecoin enjoys considerably lower transaction fees and it’s better for very fast payments. This makes it more appealing to everyday retailers and ecommerce. Litecoin was designed to be used to buy clothes and other small purchases online as well as transfer money to friends.
Faster payments and lower transaction fees are achieved by tweaking the way Litecoin blocks work. Whereas Bitcoin blocks are awarded approximately every ten minutes, Litecoin blocks are awarded every 2.5 minutes. This means that Litecoin confirmations happen 4 times faster than Bitcoin. That makes it more appealing to merchants who want to see their funds immediately.
How to Buy Litecoin in Canada
Buying Litecoin in Canada as well as other digital currencies is simple and secure with Bitbuy, one of the best cryptocurrency exchanges in Canada. Here’s how it works:
Create Your Account: Sign up for Bitbuy and verify your email, phone number, and identity. You will need to take a picture of your photo ID issued by the Canadian government, take a picture of yourself holding your photo ID, and provide proof of address such as a bank statement or utility bill. Find detailed instructions in this video to find out how to upload these document.
Adds Funds and Buy: Before you can buy Litecoin in Canada, add funds to your account directly with Interac eTransfer or Bank Wire. Once you’ve sent money to your account, you can buy Litecoin instantly.
Sell Litecoin: Bitbuy also makes it easy to sell Litecoin in Canada. Exchange your Litecoin for CAD and withdraw the funds back into your bank account.
If at any point you need help signing up, verifying your account, adding funds, or buying and selling Litecoin, just get in touch with customer support for same-day assistance. Talk to a real customer service representative who can help solve any technical issues you have. You can also find resources on how the Bitbuy Canadian crypto exchange works and more information about buying and selling cryptocurrency in Canada.
Buy Litecoin with Your Debt Card or Interac eTransfer
A cryptocurrency exchange that lets you buy Litecoin with your debit card, i.e., Interac Online or Interac eTransfer, is in high demand in Canada, but there are few platforms that allow it. Bitbuy has made it our mission to make buying and selling cryptocurrency in Canada accessible and easy. Part of that mission is allowing you to fund your Bitbuy account with Interac and withdraw the proceeds of selling cryptocurrency to your bank account. With the freedom to fund your Bitbuy account with Interac, it’s never been easier to buy Litecoin in Canada.
Where Can You Store Litecoin
It’s free to withdraw cryptocurrencies from your Bitbuy account and the processing is instant after your first withdrawal. First withdrawals take up to 4 business days in order for us to verify your funding, after which you can enjoy same-day withdrawals for your cryptocurrency.
You can keep Litecoin in your Bitbuy account, use Litecoin for online purchases, or move Litecoin to a wallet. Using a hardware wallet is a great idea if you don’t want spend or transfer Litecoin, want to consolidate your cryptocurrency, and you’re worried about security. There are several types of cryptocurrency wallets you can use, including online wallets, desktop wallets, mobile wallets, and paper wallets. They store your Litecoin credentials (i.e., your private and public keys). Desktop and mobile wallets are apps that are easy to download and use. Hardware wallets allow you to take store your private keys on hardware such as a USB key, locked away and stored offline. Paper wallets are printouts or another type of physical copy of your private and public keys. They are very secure if you have a safe or a safety deposit box, but also the easiest to misplace, lose, and damage.
You can also keep Litecoin on an exchange or platform. Keeping Litecoin on Bitbuy is secure. Bitbuy uses state-of-the-art security and live customer support. We also use a 95% cold storage reserve for all digital currencies in custody, meaning our reserves are stored offline and cannot be transferred in the unlikely event of a security breach. We use daily encrypted and distributed backups for disaster recovery. It’s important that you feel your digital currencies are protected on our cryptocurrency exchange.
Should You Buy Litecoin?
Litecoin is an established cryptocurrency with mainstream acceptance and a growing number of merchants who accept it as payment. You can buy Litecoin as an investment or as a way to complete online transactions. You can pay for products from online retailers, IT services, or even vehicles. Litecoin. Litecoin looks poised to become a simple and effective digital currency thanks to a simpler algorithm, faster transaction times, and lower transactions fees. Bitbuy is the easy way to start buying Litecoin today.