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Learn Where & How to Buy Litecoin With Debit Card - A Beginner's Guide

Litecoin Debit Card

Litecoin was one of the pioneering cryptocurrency projects when it was launched in October 2011. This open-source token has become hugely popular and has firmly established itself as one of the most valuable cryptocurrencies on the market. However, it has been overtaken by a few new coins in recent years, while still remaining a prominent altcoin.

There are massive similarities between Litecoin and Bitcoin, and the Litecoin project was launched with the intention of rivalling the market leader. The rapid increase in the value of Litecoin has meant that it has become a powerful investment mechanism, as well as a unit of exchange.

This increase in value has meant that many investors have been attracted to Litecoin, and this has led to a range of different purchasing methods being available. So in this article, we’re going to examine the validity of purchasing Litecoin via debit cards.

Steps to Buy Litecoin With Debit Card

While purchasing Litecoin via debit cards isn't a complicated process, there are a few important steps involved that are outlined below:

  • First things first, it's critical to identify an exchange that suits your particular needs, in particular one that is accessible in your country of residence.
  • Once you have identified the best exchange for your transaction, you should register and create a personal account that will be used for transactions.
  • It will then usually be necessary to verify your profile and identity, with both identity documents and proof of address usually required.
  • Before going any further with your transaction, you should also download a valid and verified wallet, and this should be linked to the exchange and your account.
  • Once this has been completed, you are now all set to buy, sell and exchange Litecoin tokens.
  • It is also worth knowing that most exchanges offer transaction histories so that you can track all of your purchases, and indeed sales.

Pros and Cons of Buying Litecoin With Debit Card

Pros

Debit cards are one of the most easily accessible payment methods.
Purchasing Litecoin with debit cards will never attract any fees whatsoever.
There is a very low barrier to entry with debit cards, as virtually everyone has a bank card, at least in the western world.
Debit card transactions do not require consumers to have a viable credit rating.
More consumers can access debit cards than any other payment method available on the market.
Debit cards are associated with banks, and therefore attract payment protection and other provisions.

Cons

Debit cards do not attract rewards, which is the case with credit cards.
You can potentially compromise your bank details, so users need to be aware of the identity theft issue.

What Are the Transaction Fees on Debit Card?

Quite simply, there should be no transaction fees associated with any debit card when purchasing Litecoin. Debit cards have always been intended to be a free method of conducting online purchases. However, it should be noted that you can encounter fees associated with some of the digital exchanges, although this doesn't specifically relate to debit cards.

Litecoin to Debit Card: Can I Transfer Litecoin to Debit Card?

As a general rule, it will be impossible to transfer Litecoin to debit cards. In most cases, debit cards are associated with banks, and there are few financial institutions which recognise cryptocurrencies as transferable currencies. This is therefore not an option for most Litecoin users.

Debit Card to Litecoin: Is It Possible to Convert My Debit Card Funds to Litecoin?

It is always possible to convert debit card funds to Litecoin, and this is the fundamental purpose of debit card transactions. Debit cards indeed require users to have bank balances in order to make purchases, and Litecoin can certainly be acquired via debit card funds. Indeed, there are many advantages of this payment method over some of the others that are available.

Frequently Asked Questions

  1. There are a variety of reasons why people may choose to purchase Litecoin with debit cards, even though credit cards probably remain the most popular payment method. But the fact that cryptocurrencies are only available digitally means that debit cards are often an ideal payment system. Debit cards and other forms of online payment are almost always used in order to purchase cryptocurrencies, and Litecoin is no exception to this rule. Another reason that people may choose to purchase Litecoin with debit cards is that there are no fees and transactions associated with this payment method. This differs from credit cards, which do have more of a tendency to attract fees, as well as being based on interest rates systems.

  2. Yes, there is no doubt that consumers can use debit cards regularly in order to purchase cryptocurrencies such as Litecoin. There is little official data available on how often payment methods are used in the purchase of cryptocurrency, but we can safely assume that debit cards are used regularly when purchasing Litecoin. Nonetheless, the consensus of opinion is that credit cards will be used more often than debit cards, but this is no reason not to use debit cards yourself if they are the ideal payment method for your needs.

  3. Litecoin was created by Charlie Lee; notable for being a former Google engineer and CTO of Coinbase. It was Lee who first came up with the theory behind Litecoin, and is the person that can be most associated with its ongoing success.

  4. Litecoin was launched in 2011 and was based on the cloned source code for Bitcoin. This means that Litecoin is very heavily influenced by the market-leading cryptocurrency. The aforementioned Charlie Lee was intimately involved with this initial cloning, and a new blockchain was created via his innovation. Advocates of Litecoin often assert that its blockchain is more efficient and operates in a superior fashion to the Bitcoin blockchain. Litecoin was one of the forerunners of the cryptocurrency space and was extremely prominent in the early days of the medium, and although other contenders such as Ripple and Ethereum have overtaken it, the token retains considerable popularity.

  5. This is dependent on the exchange in question, as some exchanges will make a variety of buying options available to the users. But some exchanges can be reluctant to enable customers to exchange altcoins for other cryptos, owing to the relatively small amounts of liquidity in the market. When this is permitted, it is almost always the case that Bitcoin will be the approved altcoin. What we can say confidently is that shopping around with exchanges and cryptocurrencies can yield better results. The more options that you give yourself, the more likely it is that your particular needs will be met.

  6. The value of Litecoin fluctuates on a regular basis, as is the case with all cryptocurrencies, and indeed conventional currency. But the current value of Litecoin, at the time of writing, is $45. This represents a massive increase in its price over time, considering that it launched with essentially zero value back in 2011.

  7. Litecoin blocks are added every 150 seconds. This figure does vary when miners require longer time periods to discover new blocks, though.

  8. Yes, Litecoin makes it possible to divide its tokens to numerous decimal places, meaning that fractions of a single Litecoin token are indeed available. A $1 share in Litecoin is equal to just over 0.02 tokens at the time of writing, but this figure could change in value in the future.