GUIDE: How To Buy Litecoin Locally
A former Google employee named Charles Lee created Litecoin with a faster Block time of 2.5 minutes compared to 10 minutes of Bitcoin. The aggregate number of these coins stand at 84 million compared to Bitcoin’s 21 million. Regarding algorithms, the LTC makes use of the so-called SCRYPT for hashing referring to a more memory-intensive system than the BTC SHA-256 algorithm. Mining the two coins turns out more costly and complicated.
You can always buy Litecoin (Bitcoin’s younger brother) privately and quickly use cash. The process usually takes a few hours. Almost all digital exchanges do not require any verification of your identity or releasing confidential personal information. However, you need any crypto wallet that comes from a reputable facility. Go through the following steps on how to buy Litecoin locally through direct cash trade or cash deposits:
- Look for trustworthy merchants within your area willing to accept cash.
- Specify the number of coins in your order.
- Get the vendor’s bank account number so you can deposit the money appropriately.
- Upload the receipt as proof of your transaction.
- You can now get the coins through your wallet.
Keep in mind that you cannot reverse any cryptocurrency transactions which mean you cannot expect any refund. Recovering your money remains almost impossible. Some digital services like Coinbase provide price alerts, so you will know if rates drop or go up considering the volatility of the Litecoin’s market price.
Try to understand the process carefully before you decide on how to buy Litecoin locally. Only a few people know how to purchase and sell coins correctly. You must distinguish the current exchange rates along with the complicated process of opening a crypto wallet, understanding the private key or number, and LTC addresses. However, access to this digital tender improved since 2012 with multiple options for consumers which include secret cash purchases in coffee shops and direct transfers from your savings accounts.
You can also buy Litecoin locally anonymously. However, expect to pay a higher price for the crypto coin. Majority of the electronic sites charge premiums of 20% up to 40% for customers who prefer to remain unidentified. Procedures vary with each exchange imposing different policies and conditions. Some providers require buyers without any Identification to meet with them. Other companies need a waiting period of three weeks before you get the virtual coins from escrow directly to your hardware or software wallet.
Not all the methods have become strenuous so you can buy Litecoin locally anonymously without getting stressed. According to some reports, Litecoin exceeded Bitcoin with regards to implementation of confidentiality measures because of the currency’s smaller value. Besides, its network possesses the capability to employ protocols with more ease compared to the BTC and other digital tokens.
No ID and Verification
Initially, merchants required potential buyers of crypto coins to present several ID documents to the trading website. Some of these official records include a copy of your current passport, personal photograph holding the custom message, and utility bills (electricity, phone, and others). The law compels cryptocurrency exchanges to implement the Know your Customer (KYC) policy with the goal of preventing fraud, money laundering and cyber breaches.
However, you still have the option to buy Litecoin locally no ID. Try to ask relatives or friends who have experience in trading these virtual assets. At the same time, look for sites published on the worldwide web where you can buy Litecoin locally no verification. Go for a facility that complies with the KYC rule but takes the necessary precautionary measures as protection against identity theft and foul practices by unscrupulous exchange managers or owners.
Many users would instead adhere to standard verification so make sure you want to buy Litecoin locally no ID. Before you proceed with Litecoin trading, find the exchange that engages in Bitcoins alone. In this case, you can purchase the BTC first and exchange these coins for Litecoins on platforms such as ShapeShift and Poloniex. You may buy Litecoin locally no verification worth $500 using a credit card. However, the facility will ask for your identity if you want to purchase more than this amount.
If you choose to buy Litecoin locally no ID, other alternatives include Coinbase which maintains operations in 33 countries worldwide at relatively low rates of exchange. Or, Bitpanda which allows credit cards, Single Euro Payments Area (SEPA), and Skrill, an e-commerce site that permits payments as well as money transfers through the Internet.
You can also buy Litecoin locally instantly at some exchanges such as the ExchangeMyCoins.com described as one of the easiest, quickest, and safe digital facilities. You need not sign up or create an account before making a purchase. Fast means you do not have to include extra time for waiting. The acquisition takes place once the network verifies the transaction or almost instantly.
Consumers can also choose the all-in-one web LTC wallet called Cryptonator allowing secure storage, secure receiving, and prompt sending. You may exchange Litecoins into multiple digital tokens in a single account. Cryptonator provides free Litecoin accounts accessible 24/7 from any part of the world on desktop computers, laptops, and mobile phones.
Last but not least you may choose to buy Litecoin locally instantly through Coinbase provided you own a bank account in the United States. In the past, clients had to wait for a few days before receiving your virtual money. Now, customers have the chance to purchase a maximum of $25, 000 and obtain access to the cryptocurrency instantly. With a variety of options at your hands, buying and owning Litecoins become easier.