Today I bought my very first Litecoins.
I knew it was a coin buying day because on my way home from work, a friend of mine whatsapped to laugh that I should close up my blog. I knew he was referring to the day’s softness in the cryptomarket.
China had announced that it was cracking down on ICOs and this had caused a sea of red amongst all coins. Look at this from coinmarketcap.com today (4th September):
I wasn’t too fussed by my friend’s glee. Instead, I welcomed this.
I don’t hold leverage (I’ve learned the hard way that this is dangerous).
And I’m ‘buy and hold’. 10% down, 20% down and I’m not too fussed.
This is just noise that is actually a buying opportunity.
Why buy Litecoin?
It fulfils the criteria I laid out in my previous post on what I look out for in buying cryptocurrencies.
In particular and in addition:
Litecoin is a top 5 coin that I was always going to buy for my portfolio.
It’s seen some serious upward movement in the last six months, indicating that there’s some strong weight of money coming into the coin. Look at the below:
Today was an opportunity to buy it on a pullback. Look at the chart above.
The price of LTC hit USD 90 on 2nd September and dipped to USD 62 today on the 4th September.
This would be termed blood on the floor in traditional markets but in crypto, this sort of volatility is to be expected.
So I’m looking at a quality coin on an upward trajectory, which had a pullback today.
It was time to buy in.
Buying Litecoin (LTC) through Exodus wallet and Shapeshift
Exodus wallet has Shapeshift built in. So I compared the exchange rate with Changelly and the Bitcoin to Litecoin rate were pretty similar.
On Changelly it was: 1 BTC = 61.99956402 LTC
First, I opened up my Exodus wallet and went to the ‘exchange’ function. You get a screen like:
Then you switch the desired number of Bitcoins that you want to exchange (can’t be more than you have in your wallet) and if you’re happy with the rate, you click exchange.
This will automatically send the Litecoins that you’ve received in exchange for Bitcoin to your Exodus Litecoin wallet. Easy.
The whole process took less than an hour to complete. Mostly just waiting for the coins to exchange.
Buying Litecoin (LTC) through Changelly
I didn’t have enough Bitcoins in my Exodus to get all the Litecoins I wanted, so I went to Changelly to get some more.
As with the Monero (XMR) trades I did, I moved some Bitcoins to Changelly and swapped these, this time for Litecoins.
Again, super easy now.
And then I transferred these to my wallet.
Let me know if you’ve invested in Litecoin (LTC) and whether you took advantage of the pullback today in the comments below!