How to Make Litecoin Payments

Litecoin is one of the cryptocurrencies that you can use today. While all cryptocurrencies have similar advantages, there are some significant differences between them. Litecoin is suitable for peer-to-peer transactions, payments, investments, and other actions. Find out the detailed info on that by reading this review.

What Is Litecoin Payment?

Litecoin is a cryptocurrency that can be used for making payments. Merchants can launch this payment option on their websites to attract more customers. It is one of the earliest cryptocurrencies in the market. It is based on Blockchain technology, which allows making transactions very cheaply. It is an open-source cryptocurrency that is not regulated by any authority. It is a good choice for making payments anonymously. Also, it may be a good option for investment, and you can store it in a wallet without any problems.

Is It Legit to Use Litecoin in Canada?

If you live in Canada, you can use this payment option without any problems. You can mine this cryptocurrency if you have enough resources for that. Also, it can be a good option for investment. A range of online and land-based merchants operating in Canada allows using this option for payments absolutely legally.

How to Make a Purchase with Litecoin

Before you can make purchases on the Internet on land-based stores with this cryptocurrency, you will need to undergo a few simple steps. Read the step-by-step instructions on that below:

Get a Litecoin wallet

There are different types of wallets that you can set up to store and use your Litecoins. They include hardware, mobile, web, and others. Check the differences between them to pick the best option.

Find an Exchange that Sells Litecoin

Once you have a wallet, you need to add some Litecoins to it. You can use the services of online exchanges in this case. Compare their conditions before choosing the best one.

Deposit Money and Make the Trade

You will need to add some funds to the exchange. Check out the rate to ensure that you will be able to get enough Litecoins. Now you can complete the transaction.

Withdraw the Litecoins to Your Wallet

Litecoins that you obtain after that can be withdrawn to your account. You will need to specify the address of your wallet to get the payment.

Find a Business That Accepts LTC

You will be able to find a range of online and land-based businesses allowing making payments using Litecoins. Those include clothing, gold, electronics, and more.

Withdraw the Litecoins from Your Wallet to the Address They Provide

Now you need to find the address of the wallet of the merchant that you want to purchase from. Send the money to this address.

What's the Litecoin Hardware Wallets

Various types of wallets can be used for storing Litecoins. One of them is hardware. It means that you will be storing your private keys in a secure hardware device. There is a range of advantages and disadvantages that you should consider before using this type of wallet.

While such wallets are not stored on the Internet, there are certain risks associated with using them. For instance, it can be lost or stolen. Also, your data can be stolen if the thief has your passphrase. Remember that you will need to use your PC to get access to your wallet, which may not be convenient.

The same as with other types of wallets, such wallets are divided into hot and cold. A hot one connects to the Internet. It is very easy to set up. Also, it allows accessing your balance quickly. This type of hardware wallet is very convenient for both traders and users.

As for cold wallets, you do not need any internet connection to use them. They are used for storing keys offline. Such wallets are more resistant to cracking than the hot ones. If you want to store your Litecoins, for instance, for investment purposes, then choosing the cold one would be a good option.

Best Litecoin Wallet Options

The choice of wallets that you can use for storing your Litecoins is pretty large, and it may be challenging to choose one. Check out the best options that you should consider:

Jaxx Liberty Blockchain Wallet

It is a popular wallet suitable for different cryptocurrencies, and Litecoin is among them. You will be provided with a 12-word backup key feature.

CoinPayments Wallet

You can enjoy access to plenty of currencies in a single app. The main features include the quick conversion of different currencies. If you need to buy a crypto, you can use your credit card.

Coinbase Wallet

Coinbase was founded in 2012. Today, it is used in more than 100 countries by 35 million people. It is convenient for conducting the buying and selling transactions with cryptocurrencies.

BitGo Cryptocurrency Wallet

The main advantages of this wallet are the great security features, interactive design, and a nice interface that you will find very easy to use.

Guarda Wallet

This wallet is suitable for storing different cryptocurrencies. All of them can be purchased right in the wallet using a bank card.

LiteWallet

Litewallet was created by the Litecoin Foundation. It is the first standalone wallet designed for Android devices. You can download it from the Google Play Store.

Electrum-LTC

This one is a rather simple yet powerful wallet. It is well protected with a unique secret phrase. You will never have to worry about losing your Litecoins due to thieves or problems with hardware.

How to Deposit and Withdraw

Every Litecoin wallet comes with its own interface, but there should be the Send or Withdraw buttons. Click on the relevant button to make a deposit. You should be able to choose from a range of payment options, such as a bank card, cryptocurrency, bank transfer, and others.

If you want to withdraw your money, you need to click on the Withdraw button and choose where you want your Litecoins to be transferred to. It is also possible to use the services of exchanges. If you want to make a deposit to your account, you can send some money to an exchange and then convert it to Litecoins. Those coins can then be sent to your wallet using its address. Before you pick a wallet that you want to use for Litecoin, you should read a review on it and find out how you can make a deposit or withdrawal with it.

In the same way, you can withdraw your money using a payment option that you prefer. Find an exchange and send some money from your wallet. Those coins can then be converted to fiat currencies or a different cryptocurrency and can be withdrawn using a preferred payment method.

You can create accounts on third-party websites, such as online casinos. In this case, you will also need to make deposits or withdraw your funds. If Litecoin is offered for payments, then you need to navigate to the payment page of the service provider. This is where you will need to choose Litecoin as a banking method. Then you will need to enter the amount of money that you wish to deposit or withdraw and enter the address of your wallet. Such transactions should be completed shortly.

Minimum Amount of Litecoin That Can Be Sent

There are fees that you may need to pay for your transactions made in Litecoins. The very minimum amount of this cryptocurrency that can be transferred is e. 0.00000001LTC.

Litecoin Transaction Time

Usually, you will not need to wait for a long time for a deposit or withdrawal transaction to be processed. You can expect the payment to be completed in less than three minutes.

Litecoin Transaction Fees and Charges

The transaction fees for Litecoin change from time to time. Have a look at the chart showing those changes. Fees for using Litecoin can be less than 1 cent depending on how many deposits and withdrawals you have.

Where Can I Spend Litecoins

Lots of people are asking "Where can I spend Litecoin." It is possible to use Litecoins for various purposes:

• Paying in an online shop. There is a large range of merchants operating on the Internet and offering to use Litecoins for payments, for instance, pet shops;
• Online payments for services. You can use Litecoins to pay for different services online, such as VPN;
• Buying physical coins. It is possible to purchase physical coins on the Internet for digital Litecoins;
• Buying gift cards with Litecoins. There is a range of websites on the Internet that allow purchasing gifts with Litecoins. You will enjoy quick transactions and no fees.

Canadian Companies that Accept Litecoin

If you are looking for a merchant who accepts Litecoin, you are not expected to have any problems with that. As long as you have some Litecoins in your wallet, you can use them for making purchases on the Internet and land-based stores. Some of the categories where Litecoins can be used include jewelry, hosting, gold, and more.

Clothing/Jewelry

Find out where you can purchase clothes and jewelry with Litecoins:

• W Hamond;
• JewelryAffairs;
• D¢ENT Co.;
• Cryptoholic Shop;
• Allthingsluxury.

Domains/Hosting/and Other Digital Services

You can use Litecoins to pay for different hosting, domain, and various digital services:

• DoHost;
• COIN.HOST;
• MrChrissy Hosting;
• AbacoHosting.

Gold and Silver

If you want to purchase gold or silver using Litecoin, you will be able to do that in a range of places:

• Suisse Gold;
• Veldt Gold;
• BullionStar;
• Goldprice.org.

Other Electronics

It is also possible to purchase electronics:

• Bitroadmarket.com;

• Cryptoemporium.eu;

  • Entso-E Event.

Alternative Payment Methods

There is a range of alternatives to Litecoins. You should read about them to find out which payment option you should choose, depending on what you need.

Litecoin vs BitcoinCash

BitcoinCash is a cryptocurrency that was created in 2017. It is a fork of bitcoin that now functions independently. This peer-to-peer electronic cash system aims at becoming a significant global payment option.

Litecoin vs Bitcoin

Bitcoin is the first cryptocurrency, which remains the most popular one. It is accepted virtually everywhere where cryptocurrencies can be used.

Litecoin vs Ripple

Ripple (XRP) is a digital asset that can be used for payments. It allows making transactions within 3-5 seconds.

Litecoin vs BitConnect

Bitconnect was shut down in 2018, after its prices decreased by 92%. However, even after that, users could buy BCCX coins with BCC coins.

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