Litecoin (LTC), often referred to as the silver to Bitcoin’s gold, is a well-established and popular cryptocurrency project. This article answers two frequently asked questions: What is Litecoin (LTC), and how to buy Litecoin (LTC) with TRY.
What is Litecoin (LTC)?
Created in 2011 by former Google engineer Charlie Lee, Litecoin is a cryptocurrency project operating on a decentralized network similar to Bitcoin. It was designed to address concerns about centralization and provide a faster and more efficient alternative for daily transactions. With a maximum supply of 84 million and a faster block creation time compared to Bitcoin, Litecoin aims to be a tool for everyday transactions.
Using blockchain technology, Litecoin operates through a Proof of Work (PoW) consensus mechanism similar to Bitcoin. Transactions on the Litecoin network are recorded and verified by nodes through mining, where miners use computational power to solve complex mathematical problems. The first miner to solve the problem adds a new block to the blockchain and receives newly minted LTC as a reward.
One of Litecoin’s most important features is its faster transaction speed, with a block produced every 2.5 minutes compared to Bitcoin’s 10 minutes. Litecoin also uses the Scrypt hashing algorithm for mining, making it harder for large-scale mining operations to dominate the network. Additionally, it has a maximum supply of 84 million, four times higher than Bitcoin’s 21 million.
Litecoin primarily serves as a cryptocurrency for instant peer-to-peer (P2P) transactions at affordable prices. It is often used as a faster and more efficient alternative to Bitcoin for daily transactions. Some view Litecoin as a real-world test network for Bitcoin, allowing experiments to understand the impact of certain actions on a live network. Furthermore, Litecoin is highly valuable for micro-payments and has integrated features like smart contracts and the MimbleWimble (MWEB) update to enhance its usability and privacy.
The MWEB update, launched in May 2022, is a privacy and scalability enhancement applied to the Litecoin network. MWEB hides the sender and receiver addresses and transaction amounts to provide more transaction privacy.
How to Buy Litecoin (LTC) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Litecoin (LTC). Over 100 cryptocurrencies, including LTC, can be bought and sold on Binance TR, where accounts can be created quickly. Follow these steps to buy Litecoin (LTC) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Go to trbinance.com and continue from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identification number.
After entering the requested information completely and accurately, an email/SMS verification will be conducted to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through the official Binance TR website. Note that you will need your phone even if you choose to verify through the website.
On the Binance TR website, hover over the “Profile” option at the top right, click “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” You will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap the “Identity” option to continue.
Then a screen like the one below will open. To continue the verification process, first select the document type that suits you.
After selecting the document type, tap “Upload front side” to continue. After taking a photo of the front side of the document according to the selected document type, tap “Upload back side” and take a photo of the back side of the document. Ensure that the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then tap the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Ensure that your face fills the camera area as much as possible once the camera opens.
After completing all these steps accurately and completely, your identity verification will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits up to 50,000 TL can be made 24/7 with FAST from other banks. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option in the upper left corner of the homepage, and click the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information displayed on the bank’s page to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will be automatically reflected in your Binance TR account wallet.
How to Buy LTC Coin with TL on Binance TR?
After depositing money, you can proceed to the TL to LTC coin purchase step by clicking the “Buy-Sell” option in the upper left menu on the Binance TR website.
After clicking this option, the page below will open. You can go to the TL to LTC purchase page by typing “LTC” in the search section on the right side of this page and clicking the LTC/TRY option from the results.
Now the LTC purchase page below will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy LTC in the first box and the number of LTC you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy LTC” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users supported by Binance’s core functionalities can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
