Buy Litecoin in Australia – A how to guide
If you are looking to buy Litecoin in Australia; we have you covered. Litecoin is a popular cryptocurrency in Australia and a top 10 coin around the world. Read on to learn how to buy LTC with your Australian Dollar.
Our article will cover the following for you:
1. A rapid how to guide on how to buy Litecoin in Australia with Easy Crypto
2. What is Litecoin?
3. Which wallet is recommended to store my Litecoin?
4. What makes Litecoin different to Bitcoin?
5. Other consideration when buying Litecoin in Australia
6. Quick Litecoin FAQ
1. How to buy Litecoin with Easy Crypto Australia
The following animated pictures will show you how easy it is to buy Litecoin in Australia with Easy Crypto.
From here you log in to your bank via POLiPay (or alternatively use a standard bank transfer, using the button below) pay for the transaction and you should have your Litecoin in minutes!
2. What is Litecoin?
Litecoin was created in October 2011 by well-known crypto personality and former Google employee Charlie Lee. Charlie wanted to create a digital currency that complemented Bitcoin by being faster to transact and resistant to Bitcoin mining techniques, allowing smaller players to enter the Bitcoin mining market. It is a peer to peer cryptocurrency which is currently the 5th most popular cryptocurrency in Australia (and the world).
The project is open source and is maintained by the Litecoin foundation. Due to its popularity Litecoin is continually updated and considered an excellent alternative to Bitcoin as a crypto that is fast and easy to send wallet to wallet. Some say Litecoin is the silver to Bitcoin’s Gold.
3. Which wallets should I use to safely store Litecoin?
There are a myriad of wallet options for Litecoin users in Australia to store LTC.
Wallets for Litecoin can come in many forms, mainly Desktop, Mobile and Hardware options.
Litecoin is a fast and popular crypto, which makes it perfect to team up with the Exodus Wallet. Exodus is easy to use with a stylish and clever user interface. Australian’s have been using Exodus since its first iteration, and it has gained even more popularity since a mobile version was launched.
Exodus is great for beginners to jump into as well as more experienced users; who are able to link their software wallet with a hardware wallet such as a Trezor Model T. Some of the main features include: sending and receiving of Litecoin, creation of Litecoin wallet addresses and the ability to backup your wallet as required. In addition to storing Litecoin, Exodus supports an array of other popular cryptocurrencies such as Bitcoin, Ethereum and XRP.
Litecoin Core Wallet (official)
The Litecoin Core Wallet is the official wallet from the Litecoin team. This can be considered the safest option for storing your Litecoin but comes at the expense of time and ease of use. To use the official wallet you will need to download the entire blockchain and have it periodically synced. Aside from this, you will find that the Litecoin Core Wallet is a great choice in Australia if you have safety concerns. The Litecoin wallet is open source, allows encrypted passwords for security and is from a trusted source. It also will allow you to have the full LTC experience, which is great for understanding Litecoin better.
The Jaxx Liberty wallet is a 3rd party Litecoin wallet with a slick user interface, customer support and an easy learning curve. Jaxx supports more than just Litecoin, with the ability to store Bitcoin, Ethereum and more. Like Exodus, Jaxx is popular amongst Australians looking for a good hybrid between security and usability. Some of its features include: password protection, storage of private keys locally, backup ability and a block explorer for tracking your Litecoin movements. Worldwide it has amassed over a million downloads and counting.
If you’re looking to store crypto on your Australian Mobile, you can look no further than using the Binance owned Trust Wallet. The Trust Wallet is a fast, reliable and easy to use mobile crypto wallet, perfect for storing your Litecoin on the go. Like most other modern wallets, the Trust wallet is compatible with most of the popular cryptocurrencies. It’s available on both Android and Apple App Store. Some of its features include: Local private key storage, anonymity, dAPP integration and more.
4. Other considerations when buying Litecoin in Australia
Prior to buying Litecoin in Australia, ensure that you understand the volatile nature of digital currencies and how they are taxed by the Australian Tax Office. Consult a tax professional, in particular one that understands cryptocurrency, such as Darcy Financial. In general cryptocurrencies are subject to capital gains tax. Tax events occur when buying or selling from AUD to LTC, LTC to AUD or LTC to any other crypto.
When investing in Litecoin we like to stress to you the importance of digital security. Due to cryptocurrency being a decentralised asset, it is completely up to you to ensure the safety of your funds. If someone steals your password, they can send your Litecoin elsewhere and you will struggle to recover it. If you are unfamiliar with crypto wallets, ensure you start with a small amount of LTC and work your way up when you are comfortable. Practice sending transactions to a friend and receiving it back. Practice creating new wallets. Most importantly ensure your passphrase is extremely strong.
Learn to secure your crypto assets: Password Security
Litecoin has a non-profit foundation which states its mission is to advance the Litecoin cause for the good of society. To achieve this the organization promotes and sponsors work on Litecoin and on blockchain technologies in general. For investors and enthusiasts, this is a positive position for the supporters of Litecoin to assist in moving the cause forward. You can find more out about the foundation here.
5. Quick Litecoin FAQ
Q. What year was Litecoin launched?
A. October 2011.
Q. Did Litecoin hold an ICO (Initial Coin Offering)?
A. Litecoin has never held an ICO. As with Bitcoin, Litecoin is created through the process of mining. Its value has grown due to its popularity and use case.
Q. What are the differences between Bitcoin and Litecoin?
A. Litecoin has a number of differences to Bitcoin. It has quicker transaction confirmation times (2.5 minutes per block), a higher total supply (84 Million) and different method of mining (Scrypt).
Q. What is the difference between Litecoin and Ethereum?
A. Litecoin was created as a cashless p2p digital currency system. Ethereum launched with an ICO to raise money with a larger use case. This includes the ability to create other ‘tokens’, dAPPs and using an internal currency (Ether).
Looking to buy XRP? Check out our guide here.