What is Litecoin?


Litecoin is one of the oldest and most tested assets in the world of crypto. Litecoin was created by Charlie Lee, a former Coinbase engineer, in 2011 and has been a top 10 crypto by market cap for most of its existence. Litecoin shares similarities with bitcoin and often acts as a testnet where future upgrades to bitcoin are implemented to ensure that they function properly. Unlike Bitcoin, the Litecoin protocol has 4x shorter block times which allows the blockchain to process transactions quicker. This gives holders of litecoin the ability to quickly and cheaply transact using LTC. 

Here are the ways you can buy Litecoin:

1. Via Credit or Debit Card (Mastercard/Visa)

Various crypto exchange platforms, such as Coinbase, Coinmama, and BitPanda, offer online purchase of Litecoin via a credit or debit card. This includes payment with Mastercard or Visa. Fees are typically around 3-4%, with Coinbase fees being 3.99% for a Litecoin credit card translation. Beaxy is currently exploring direct support of Litecoin buys with credit and debit cards. We currently support direct buys of Ethereum and Bitcoin with credit and debit cards. 

2. Via Bank Account/Transfer

Beaxy offers the ability to connect your bank account and purchase Litecoin from our exchange. The process is typically instant, allowing you to immediately trade once you connect your bank, using a variety of different FIAT currencies. Currencies supported include USD, EUR, JPY, CAD, AUD,  and GBP.  You can also use Paypal to convert cash into litecoin.

3. Via crypto to crypto transaction 

The other way to purchase litecoin is by swapping from one crypto to another. On Beaxy we offer the ability to swap Bitcoin for Litecoin directly. So to access Litecoin in this scenario you would need to purchase Bitcoin first, then trade it on the market for Litecoin.