Bitpinas. Older than ETH (30 July 2015) but younger than BTC (3 January 2009), Litecoin is silver if Bitcoin is gold. Learn about it here, plus tips on how to buy Litecoin in the Philippines.
This article had a minor update on February 13, 2019 to include correct Abra link.
What is Litecoin?
Here’s a quick intro about Litecoin. Litecoin or LTC was first introduced on October 7, 2011 by Charlie Lee, a former Google employee. The coin went live on October 13, 2011 and used almost similar to BTC. It is four times faster than BTC when it comes to facilitating payments because of its decreased *block generation time of 2.5 minutes. Against BTC, it can also handle higher transaction volume.
- Blocks are files where data pertaining to the Bitcoin network is permanently recorded. A block records some or all of the most recent Bitcoin transactions that have not yet entered any prior blocks. Thus a block is like a page of a ledger or record book. – Investopedia
How to buy Litecoin in the Philippines
Although LTC and BTC are pretty similar when it comes to usage, you can not just go to a Cliqq Kiosk in 7/11 to get one. This is because the leading cryptocurrency sites in PH right now do not support it. You will need another wallet aside from your current BTC wallet and an account in a crypto exchange site to purchase litecoins.
Update: Mar. 28, 2018: Buy Litecoin from Abra:
Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for Litecoin within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.
- Download Abra here! (It will ask for your mobile number, start with the PH area code 63.)
- Buy cryptocurrency on Abra through credit card!
Buy Litecoin from Cryptocurrency Exchanges
Many exchanges globally trade litecoin. We will use Binance as an example.
Steps in Buying Litecoin in Binance
- Sign up and have your account ready.
- Have your Bitcoins ready in your Coins.ph.
- Send BTC from Coins.ph to your Binance BTC wallet.
- Buy Litecoin using your Bitcoin in Binance.
- After you’ve purchased a comfortable amount of LTC, transfer your Litecoins to your litevault.net wallet.
Steps in Buying Litecoin in Quoinex
- Register at Quoinex.
- You will need to do KYC to get verified. Send them the required documents such as a photo of your government ID.
- After completing their verification, you can now fund your account.
- Use Quionex quick exchange that you will see at the top of the homepage.
- After linking your Philippine Bank account, use it to buy BTC.
- Use your BTC in Quionex to buy LTC.
- Click on exchange.
Other ways to Buy Litecoin
- Join Facebook groups about Litecoin and subsequently trade LTC.
- In your litevault wallet, you have an option to buy/sell Litecoins with your credit card.
Keep your Litecoin in your wallet, not in exchanges
Crypto exchange sites have your private key, just in case their sites suddenly went down, got hacked, etc, you will lose your coins. Only keep the coins you need to exchange and transfer them back to your wallet after.
Cryptocompare lists down the following cryptocurrency wallets that support Litecoin:
- Read more about the best cryptocurrency wallets in the Philippines here.
Can you keep your Litecoin in Coins.ph or Bitbit?
No, currently Coins.ph and Bitbit only support Bitcoin.
Can I trade Litecoin in person?
Yes, you can join Litecoin meetups in the Philippines. You can get in touch with them through the most popular networking site in the country, Facebook. You have to be wary and cautious though. Think of it as having a stash of cold hard cash.
Getting Litecoin or LTC in the Philippines is not as easy as getting BTC. Still, litecoin adoption is growing because of its ability to facilitate transactions faster. Only time will tell if it will reach the same recognition as bitcoin. For now, if you want to purchase litecoin, the article above detailed the steps to do it safely.