Charlie Lee, an ex-Google employee, was a big fan of Bitcoin. However, he thought he could make it better so he created Litecoin (LTC) as an alternative cryptocurrency (or ‘altcoin’) based on the original structure of the Bitcoin blockchain. Litecoin was designed to be quicker at processing transactions than Bitcoin. It was created for everyday use, including small transactions like buying coffee. Today LTC remains in the top 10 cryptocurrencies by market capitalization, therefore leaving many investors looking for ways to buy Litecoin in Canada.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
Things to Consider Before Investing in LTC
Launched in 2011, Litecoin was one of the first alternative currencies (altcoins) created. Litecoin basically took the infrastructure Bitcoin built and improved it by creating lightning fast transactions while simultaneously reducing transaction fees. As a result, this caught the attention of many investors worldwide. Like Bitcoin, Litecoin is decentralized – meaning it is not issued or managed by centralized authorities such as governments or banks. It is also limited in supply to 84 million Litecoins (vs. 21 million bitcoin). Scarcity plays a key role in protecting Litecoin’s value.
How Much Litecoin Can I Buy?
You don’t need to buy a lot of LTC to get started! Our minimum purchase amount is 0.08 LTC. Enabling anyone to gain exposure no matter how many dollars they have to invest.
Why Should I Buy Litecoin?
Litecoin stands as one of the earliest iterations of an alternative coin (altcoin) with a coding structure very similar to that of Bitcoin. Its creator, Charlie Lee, is the reason the project exists. The goal of Litecoin was to ultimately make transactions cheaper and faster than bitcoin. At the time it was invented, Litecoin transactions could be confirmed up to four times faster than bitcoin transactions. If you want to learn more about blockchains, bitcoin or crypto staking, follow our educational blog!
Litecoin & The Future
There is always innovation taking place within the different cryptocurrencies and Litecoin is no different. Litecoin announced they’re looking to add privacy-enhancing features to the network. This would allow them to solve the issues that have been plaguing Bitcoin (mainly around a lack of privacy). Privacy-issues are partly the reason why privacy-focused coins, like Monero, have seen much success in the last few years. Overall, Litecoin continues to compete in the crypto world and transform itself into a more valuable cryptocurrency. This has encouraged investors to put their money into Litecoin. If you’re thinking about investing in Litecoin, make sure you know the many advantages and disadvantages of short and long-term investing.
FAQs
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy LTC in Canada.