Why limit yourself with a digital wallet that can only hold bitcoin? Why should you have a separate litecoin wallet or ethereum wallet? In 2018, there are a variety of altcoins in the crypto space with faster transactions, lower fees, and easier adoption for merchants around the world.
Litecoin is one such crypto that many are looking to buy and store in a user-friendly digital wallet that doesn’t require too much tech knowledge to get started.
What Is Litecoin?
More than any other cryptocurrency, litecoin has aspired to become a practical means for value transfer in the 21st century. Lіtесоіn (LTC) is a рееr-tо-рееr сrурtосurrеnсу аnd open ѕоurсе software project founded by entrepreneur Charlie Lee while he was working as a software engineer at Google.
Often referred to as the ‘silver’ to bitcoin’s ‘gold’, litecoin was conceptualized to facilitate financial transactions for everyday use. Like all cryptocurrencies, litecoin is created using a cryptographic algorithm.
How does Litecoin Work?
Litecoin is based on the Scrypt algorithm, which uses computations that are less complex than Bitcoin’s SHA-256 algorithm.
The Scrypt algorithm makes it possible for almost anyone to mine litecoin if they have a quality PC equipped with a powerful graphics card. This makes litecoin mining more accessible when compared to bitcoin, which demands expensive, specialized mining rigs.
Litecoin vs Bitcoin: A Quick Overview
Ready to get started? Here’s a step-by-step guide to setting up litecoin on your digital wallet!
How to Set Up A Litecoin Wallet on Uphold
1. Sign up for an Uphold Account
Signing up for an Uphold account is free and will give you a secure, trustworthy digital wallet that allows you to buy, sell and hold litecoin and other cryptocurrencies with ease.
When signing up to your Uphold account you will need the following information:
- An email address
- A mobile phone number
- Your Date of birth
- A valid, government-issued ID
In order to ensure our member’s accounts and the value stored remain secure, we require all members to use the Authy app. Authy is a free two-factor authentication app that provides our members with an extra layer of security. Authy will send you a secure code that you will then enter on the sign up page to complete registration.
2. Get Verified
After you register, be sure to get verified. Account verification is simple and gives you FULL access to all the features and benefits available to Uphold members and can be completed in minutes.
- A current address
- A valid government-issued ID such as a driver’s license or a passport
- A “selfie” or photo of yourself from your device
Congratulations! You’re ready to use your digital wallet which will enable you to add a range of digital cards linked to different currencies.
3. Add Litecoin To Your Dashboard
Once you become a member, you have access to over 30+ currencies on Uphold. Your cards on your dashboard are visual representations of your holdings in different forms of currency and commodities (BTC, USD, GBP, etc.). To add LTC to your dashboard, simply follow these steps from your dashboard:
- Click “Add Card/Currency”
- Select “Litecoin” from the drop-down menu
- Lastly, select “Create”.
Each time you add a card, you can find it on the dashboard to add funds later according to your investment strategy. You can customize, favorite, and add new cards whenever you like.
4. Add Funds to Your Litecoin Card
Now that you have LTC added to your dashboard, you can quickly and easily add funds to your account. Adding funds to your Litecoin card is simple. From your LTC card, simply:
- Select “Add Funds”.
- Select your preferred method of payment. You can add funds from a bank account, transfer from a fiat card, another cryptocurrency card, and more.
When you add funds to your Litecoin Card, you are purchasing litecoin that you can then sell, send, exchange, or make purchases. Your Litecoin Card also enables you to send or receive money to or from anyone anywhere in the world, check on your holdings, and track your recent activity. There’s a reason why so many of our members love Uphold!.
This article should not be used as or considered investment advice. If you have questions regarding cryptocurrencies, tokens or any financial investments please consult your financial advisor.