Litecoin is a decentralized cryptocurrency or an open-source payment network that allows you to receive, send and store the money to other people. Litecoin is one of the three largest cryptocurrencies together with Bitcoin and Ethereum. It was developed to improve on many of the perceived failings of Bitcoin as well as to be the silver to Bitcoin’s gold.
To this end, Litecoin has a market capitalization of 84 million tokens in comparison to the 21 million capitalizations used by Bitcoin. Also, it has a block generation time of 2.5 minutes compared to Bitcoin’s 10. The objective behind was to make Litecoin easier to obtain as well as the trade than Bitcoin.
Also, Litecoin was created with the aim of reducing the centralization of mining. The digital currency was designed to use a code called Scrypt. It was designed to be more CPU friendly for encouraging more and more users to mine and prevent ASIC miners dominating the overall network. The hope is that Scrypt can make mining even more dynamic and prevent wealthy miners from controlling the direction of the currency.
Buying Litecoins Using PayPal Is Easy
Also known as Bitcoin’s younger brother, Litecoin has recently taken off new heights. Since Litecoin reached its highest on December 13, 2013, at $38, it plunged and kept a steady exchange rate of nearly $3 for the last three and a half years. Recently, Litecoin happened to be booming again. Presently, Litecoin is trading over $40 on most major exchanges in the market.
Buying Litecoins has become very easy now. You can buy them even by using your Credit Card, your PayPal account or Bank Transfer. You just need to be extra mindful that using the first two methods may cost you much as compared to the third method.
Before you buy your Litecoins, you should take of these three things –
1. You have a Litecoin wallet
2. You have a Litecoin exchange
3. And, buy Litecoins and withdraw them into your wallet
Here Comes The Buying Thing
If you are searching for the ways to buy Litecoins using PayPal account, then there’s no direct option. You simply need to buy Bitcoins using PayPal through VirWox (Virtual World Exchange) or any other option and then exchange them to Litecoins, on an exchange like Changelly.
Let’s consider using VirWox
The very first thing that you will need to do is to visit VirWox and open a new account. Then, simply fill your credentials.
At one point, it will be asking your fill out your avatar name. Just leave it at “no avatar”, and click register. Once done, you will receive an email with your password. That password will be temporary, you can create your permanent password after that.
Log into VirWox using that password!
Time To Fund Your Account Using PayPal
Go to DEPOSIT section and select PayPal express method. Then, enter the amount of USD you are willing to deposit and click the PayPal check button.
Once your account is funded with PayPal, you can buy some SLL (Second Life Lindens) and exchange them into Bitcoins.
If you can see the SLL in your account, then you will need to exchange them into Bitcoins. Simply go to the SLL/BTC exchange section and exchange your Lindens to Bitcoins.
Withdraw Your Bitcoin
When done with all of that, go to VirWox and transfer your funds into the Bitcoin address. There you have your Litecoins in.