Paying with Crypto: An Introduction To Litecoin

What are cryptocurrencies?

Cryptocurrencies are virtual currencies based on the blockchain technology.

While current banking systems are centralized (such as banks or PayPal), cryptocurrencies are decentralized and rely on a secured peer-to-peer network that keeps a permanent record of all transaction that have taken place.

Bitcoin is the first cryptocurrency and was founded in 2009. Almost ten years later, cryptocurrencies are being used by millions of people, businesses and states to transfer value, goods and services. For more information on how cryptocurrencies can be used and how they will change our society, watch this inspiring TED talk that explains the blockchain.

Why paying with crypto?

Paying with cryptocurrencies is a simple and affordable alternative to fiat money. More and more businesses are opting for cryptocurrencies in order to be more flexible, faster and independent.

Using cryptocurrencies has several benefits, such as…

While there are several cryptocurrencies and exchange platforms, the simplest way is to use the cryptocurrency Litecoin and the exchange platform Coinbase.

You can then use this procedure to send money to friends or receive your own payments. The procedure can be used for any type of cryptocurrency offered on Coinbase.

How to pay with Litecoin via Coinbase

Step 1: Create your Coinbase account

Go to www.coinbase.com and sign up for an account.

Step 2: Buy Litecoin

First, you will need to buy Litecoin before you will send it to an account.

Step 3: Send Litecoin

Now that you own Litecoin, you will be able to send it to an account.

You’re all set – you just finished your first cryptocurrency payment!

How to receive Litecoins via Coinbase

Step 1: Share your wallet address

The sender will then have to follow the steps above and send you Litecoin to this address.

Step 2: Exchange your Litecoin to Euro

One you received the Litecoin amount, you can keep it as Litecoins or convert it to euros.

Now, you will own euros in your Euro wallet under “Accounts”.

Step 3: Transfer your euros to your bank

If you want to withdraw your euros from Coinbase and transfer them to your bank account, simply follow the following steps. The transaction time is ~24h.