Buy Litecoin (LTC) with a Credit & Debit Card in New Zealand

Litecoin (LTC) was possibly the first alternative to Bitcoin — popularly known as altcoin — that was launched back in October 2011. Its primary objective was to become “the silver to the Bitcoin’s gold.” 

As the first successful altcoin, LTC undoubtedly inspired the rise of other altcoins. They were mainly created by changing Bitcoin’s code and implementing it to launch new types of networks. Though LTC wasn’t the first crypto token to copy BTC code and alter its features, it’s certainly among the most important, as it has set a strong market over time.

What is Litecoin?

Charlie Lee, an MIT graduate and former engineer at Google, became interested in the BIđitcoin ecosystem in 2011, only to develop a new currency the very same year. The main idea was to offer users a faster way of transferring money on the web. However, the aim wasn’t to replace the most famous cryptocurrency but to complement it. 

Litecoin is thought to be among the most successful altcoins. Developed as a fork off of Bitcoin’s blockchain, LTC is pretty similar to BTC in the way it works. Still, LTC developers included a few different features in order to make sure that the network would work faster. 

These features involve changing how long it takes to process a transaction, the maximum total supply, lower fees, and a different hashing algorithm. LTC has a supply of 84 million maximum compared to the BTC’s supply of 21 million. Furthermore, Litecoin can process a transaction in 2.5 minutes only, whereas a Bitcoin transaction takes 10 minutes on average. Lastly, it implements a Scrypt hashing algorithm compared to Bitcoin's SHA-256.

How does Litecoin work?

Since it’s a modification of the Bitcoin code, Litecoin operates in a similar way. It employs cryptography to allow ownership and token exchange. It also implements a proof of work (PoW) mining protocol to let anyone owning computer hardware add new blocks to the blockchain network and, thus, earn the reward in the form of a new LTC. 

The two striking discrepancies are that Litecoin strives to finish transactions faster. That’s why it employs a different mining algorithm. On the Litecoin blockchain, new blocks are added to the network approximately every 2.5 minutes.  

Originally, Litecoin’s objective was to lower the need for specialized mining equipment. Even though this proved unsuccessful over time, it is still possible to mine LTC with not-so-powerful, hobbyist equipment. Yet, its market is undoubtedly regulated by large-scale miners.

In 2017, Litecoin adopted a technology named Segregated Witness which enables cryptocurrencies to add more transactions per block. Later on, the very first transaction was carried out on the network. This development demonstrated that it could implement a layered network design. 

What is Litecoin used for?

Litecoin is a peer-to-peer (P2P) payment system that offers both a means of exchange and a store of value. Owing to fast transaction times and a safe network, it is frequently preferred when making time-sensitive transactions, such as orders at a cafe or restaurant. Merchants, retailers, and service providers across the globe are using LTC. With greater adoption, LTC is expected to continue to grow. 

Where can you buy Litecoin in New Zealand?

Whichever cryptocurrency you want to buy, it is of utmost importance to find a trustworthy crypto exchange. CEX.IO is a platform you can trust, which is confirmed by multiple accolades it has earned from various companies, portals, and websites. 

To start trading crypto with CEX.IO, you need to register first. The registration process is fast and straightforward, taking just a few minutes. Regarding the required documentation, you only need to provide your full name, a valid email address, and a copy of an ID or passport to prove your identity.

Once your account is verified, you’re all set to buy LTC and other cryptocurrencies.

What are the best ways to buy LTC?

With CEX.IO, you have various options to buy Litecoin in New Zealand. All of them are convenient for both newbies and veterans. 

The fastest way to buy LTC is via Instant Buy. To take advantage of this feature, a customer should add a credit or debit card (VISA or Mastercard) to their CEX.IO account.

Another great feature that somewhat experienced customers may benefit from is trade orders, as it offers potentially more control over your crypto transactions. Furthermore, users may opt for the Convert feature to exchange LTC for other crypto or fiat currencies. 

Regarding payment methods, CEX.IO accepts a range of them (the availability depends on your country of residence):

• Credit and debit cards (VISA and Mastercard);
• Wire transfers;
• E-wallets (Skrill, Neteller);
• Apple Pay and Google Pay
• PayPay.

How to buy Litecoin with a credit and debit card in New Zealand

Are you looking forward to learning how to buy Litecoin in NZ? Wander no more, as we will guide you through the purchasing process step-by-step.

Those willing to save time and purchase LTC in the fastest and most convenient way may opt for the Instant Buy feature and buy tokens with VISA or Mastercard. To do so, follow these steps:

• Find the Instant Buy product on the main page;
• Select LTC from the drop-down menu;
• Choose a pre-calculated amount or enter your own;
• Click on the Buy button; 
•  Verify the details and confirm the transaction.

Please keep in mind that, to make use of this service, you should link your credit or debit card. In case you haven’t done so, CEX.IO will ask you to add your card to finish the transaction.

The Buy/Sell feature in the CEX.IO mobile app works in the same way. To buy LTC with it, you should:

• Open the app and find LTC in the list of supported assets;
• Choose the pre-calculated pack or add your own amount of LTC you’d like to buy;
• Tap the Buy button to finalize the transaction.

Buy LTC with trade orders

If you want more control over your trading, you may opt for the trade orders feature — market and limit orders.

Placing a market order enables you to buy LTC instantly: simply enter the desired amount and click on the Place Buy Order button. 

However, if you’d like to purchase LTC at your preferred price, you can make use of a limit order. This option lets you set your own price, and then wait for the crypto to attain it. As soon as your price is reached, your order will be executed. 

If you’re a serious crypto trader and prefer your traders to be executed even if you’re not online, CEX.IO API trading might be a convenient instrument to consider. 

What can you do with your LTC?

Once you have LTC in your balance, you can exchange it for another crypto or fiat currency. Alternatively, you can choose to hold it in your account for a while. 

If you opt for the latter, you should be concerned about the security of your coins. The CEX.IO Wallet allows you to store your coins, as well as to monitor and manage your portfolio on the go. It offers custodial crypto storage with cold wallets that are used to protect customer funds from potential online hacks.

Can you earn crypto rewards on CEX.IO?

In addition to crypto trading and buying, there are some ways to earn rewards on CEX.IO — crypto staking and savings accounts.

With CEX.IO, you can stake 14 cryptocurrencies and potentially receive up to 13% annual rewards. The process is fairly simple — just choose one or more staking coins, and hold them in your balance. The number of coins you stake and the period you hold them influences the actual reward you receive.

Crypto Savings is quite similar to staking. Buy or deposit crypto, put it in your savings account, and start earning rewards.

Please note that Staking and Savings products are available in a limited list of countries.