How to buy litecoins and what risks are involved

The days when Bitcoin's value was just a few dollars are long gone. The cryptocurrency is now close to $ 20, 000 in value. It has risen more than 1, 000% so far this year, and it seems that this pace will continue throughout the coming year. So for many users it is difficult to buy this currency. Also the second most important, Ethereum, has grown. Luckily, there is a new alternative, Litecoins.

How to buy Litecoins

Litecoin has become a kind of cheap alternative to Bitcoin. Although, it is beginning to grow in a remarkable way, since in just one month its value has multiplied by four. In fact, it is getting closer to Ethereum. Many even speculate that it will surpass the value of Ethereum very soon. Since the rate with which it is growing is enormous.

Initially it was said that it would exceed $ 300 in 2018. Something that has already happened. For this reason, many comment that it will reach $ 1, 000 in value in the year that begins in a couple of weeks. A sample of the great pace that Litecoin is experiencing in these weeks. The purchase of Litecoins is very simple, although, there are more and more voices against it. For this reason, we propose some aspects that are important to consider.

Is it recommended to buy Litecoins?

The purchase of Litecoins stands out for being very simple, as it happens with other cryptocurrencies such as Bitcoin and Ethereum. The main problem that it faces, something that also happens with other virtual currencies, is that it suffers from huge fluctuations. Since we can see how now in less than a month it has multiplied its value by four. Although, it can also suffer huge drops abruptly. What makes it a risk value.

While it's true, there are also some positives about Litecoin. It should be mentioned that it has greater agility for transactions, compared to Bitcoin. So that makes it a more interesting option. In addition, so far there have been no security problems. Something that has happened in Bitcoin and especially in Ethereum.

Although, the creator of the coin himself has stated that it is a high risk value. So if you are users who are not prepared or do not want to suffer large fluctuations, then Litecoin is not the best option for you. Since the currency can rise 100% of its value in just a couple of days, and then lose a part at once. Although so far it seems to be more or less stable.

Therefore, we can summarize by saying that Litecoin is an alternative to other currencies such as Bitcoin or Ethereum. Although, it contains more or less the same risks. Especially in the sense of the sudden changes in value that they may suffer.

How and where to buy Litecoins

Once the risks and advantages offered by this cryptocurrency are known, we move on to the main topic. How and where can we buy it. The best option is to do it directly in Coinbase. We can create a user account, as many of you will already have. You simply have to create an account and verify our identity with our DNI. They will ask us to upload a photo of it, both the front and back. Once this phase has been completed we can already introduce a payment method. Among the options is Litecoins.

We can also do it with a bank account. In this case a SEPA direct debit is opened for automatic payment. So we have to wait between 2 and 4 days to start. To buy Litecoins we have to enter the details of a card, either credit or debit. It allows us to make payments instantly, although there is a limit of 750 euros per week.

In the case of SEPA direct debiting, we have a limit of $ 15, 000. In addition, each Coinbase operation carries a commission of 2.99%. It is something that we must always keep in mind when carrying out any transaction. Another important detail to take into account is the purchase value and the sale value. Since they determine the success of our operation. This makes us have to think about the percentage of commission we lose, in addition to the difference between dollars and euros.

Therefore, the purchase of Litecoins is a possible option and it is gaining popularity in the cryptocurrency market. Although, we have the same risks as if we bought any other currency. So it is important to take that into account before starting to operate with any of them. It remains to be seen how this currency evolves over time. What do you think of Litecoins? Will they follow Bitcoin's path?