How To Buy LiteCoin & Exchange Reviews – LiteCoin For Beginners – Part 2

hello and welcome to light coin for beginners part 2 in the previous video we explored a brief overview of what light coin is and how it can be used we also set up our computers a mind like coin for us using our graphics GPU in this video we're going to look at the safest ways we can buy light coin and what that process entails and this is going to pertain to people living in the United States as well as the European Union and the rest of the world at the same time I'm also going to point out some dangerous or risky ways to buy light coin that you might stumble across on the internet while researching into this topic so by pointing those out to you hopefully you stay away from them and or can make some good decisions so why do we want to buy light coin to begin with other than the reason of just simply having it for posterity well some of us may want to purchase light coin as an investment with the hopes of the investment increasing over time just like you would invest in the stock market for example light coin is a widely accepted form of money second to number one which is Bitcoin so possibly you would like to convert some money that can be used in almost any country without paying any bank fees let's say you're traveling let's say you can save thousands of dollars by paying someone in cryptocurrency instead of your local country's currency whatever the reason may be let's take a look at how we will do this there is more than one way to do this and it might seem a little complicated and foreign to you at first but hear me out and allow me to explain the things that I'm about to tell you a quick overview the easiest way to buy light coin right now is to buy Bitcoin and exchange it into light coin the second easiest way to buy light coin is to use a third party service like okay pay or perfect money to basically wire transfer money from our bank into our okay pay or perfect money account so that we can then funnel the money into an exchange to buy light coin I'm going to assume that you do not have these accounts already but I will get into what they are and what that process entails so there are two methods like I said let's get into method number one method number one we need to buy Bitcoin so that we can exchange it into light coin and it is much easier to buy Bitcoin than it is to buy light coin there are three main ways to buy Bitcoin right now we're going to use coin base if we live in the United States to buy Bitcoin we're going to use bitstamp if we live in the European Union to buy Bitcoin we're going to use Mount GOx if we live in any other part of the world to buy Bitcoin I'll provide these links and all of the links that I'll be talking about in the video description like always so you'll find everything down there sign up at the exchange that's right for your country and complete their verification process typically the verification process only requires you to scan and submit proof of residency and country identification it's really not that much information and I've already gone to their websites and compiled the basic information that they need for you to become verified so that you can send your money to them to ultimately buy Bitcoin coinbase requires email verification phone verification bank account verification bitstamp requires a valid government-issued ID like a driver's license or a passport and then they also need proof of residency like a utility bill or bank statement Mount Gaucho requires a valid copy of a government-issued ID like a driver's license and proof of residency the exact same things that bitstamp requires you'll find information on how to send that stuff in how to become verified it's not that bad you'll most likely need to wire transfer money from your bank to the exchanges bank ok and you'll find all of that information on each of those websites and don't let a bank wire transfer scare you it's easy coin base allows you to withdraw money directly from your bank account through their website but bid stamp amount GOx requires you to wire transfer money and wait a day or two you will find their bank wire transfer information on their website go to their website go to your bank and transfer the money from your bank to their bank follow their instructions make copies of your receipt for all exchanges it takes a few days for the money to reach your account so if I were to bank wire transfer money to my bed stamp account it's going to take about 2 to 6 days mount GOx the same two to six days or so but they have all that information on their website this is the stage that I'm currently at with coinbase basically I've already done the verification process with coinbase I have an open channel that currency can be flowing through so once you get to that stage which you know you need to be a little patient but you'll get there we can buy Bitcoin with the money in our exchange account this process may take a few days as well to actually receive the Bitcoin once the Bitcoin arrives once we get the Bitcoin we're going to transfer it into a light coin exchange and for light coin we're going to use the BTC EECOM exchange they are the most trusted light coin exchange at the moment there's the most information on the internet about them there are way more people that have used them successfully and have shared that experience with us and the community so that's why I have chosen to go with btc-e comm after we transfer the Bitcoin to our wallet in btc-e we can then purchase the light coin I'm going to do that right now to show you how this process works so here is Bitcoin wisdom we can just quickly see what the price of litecoin is it's 20 to 24 and here is my btc-e account this is the light coin exchange that we'll be using and so I'm going to transfer money from my Bitcoin exchange coin base to btc-e so you'll need to create accounts at your Bitcoin exchange and then of course at your light coin exchange which is BTC e-comm the very first thing that we need to do is click on finances top right hand corner and that'll kind of kick us into this window where we can see all of the different currencies we can transfer into our btc-e account and we can transfer Bitcoin directly into our btc-e account that's what I'm going to do now we could also transfer euros Russian roubles and US dollars these are all crypto currencies but we can transfer these currency these fiat currencies into our btc-e account let's just say we wanted to transfer euros instead of Bitcoin like I'm going to show you we click on deposit and they give us a payment method and the payment methods are okay pay perfect money and these two and Seba which you could you could try as well okay pay is definitely going to be I think the best alternative to get euros Russian roubles or US dollars into your btc-e account but the process is going to be essentially the same as if you were to sign up for a Bitcoin exchange like coinbase bitstamp mount GOx the process is going to be essentially the same to create an okay pay account because you'll need to sign up with ok pay you'll need to verify yourself in some regard and you'll need to then bank wire transfer money to okay pay I'd rather Bank wire transfer money to a Bitcoin exchange that way I can buy Bitcoin and I can buy litecoin and I could also if I wanted to trance for those currencies to my okay pay account so it just seems like there's more value in creating an account with a Bitcoin exchange than there is with in okay pay ah service but to get past all that if you wanted to you could just go through okay pay and then get the money from okay pay into your btc-e account so I'm doing Bitcoin we're going to click on deposit it's going to generate an address for me to deposit the Bitcoin I'll just simply copy that I'll head over to my Bitcoin exchange which is coinbase for me and I'll click on send request I will send money I'll just paste that address or I'm sorry I need to buy the Bitcoin first I will buy the Bitcoin and let's go ahead and buy five litecoins litecoin is currently at twenty two to five litecoins is a hundred and twenty dollars or so so let's just type in one hundred and twenty dollars worth of Bitcoin that we're going to buy which is probably point one three four four two six maybe one four six there we go close enough so let's buy a hundred and twenty dollars worth of Bitcoin buy Bitcoin okay I have a fifty Bitcoin daily limit but that's irrelevant we're only buying 0.1 for six bitcoins which is worth one hundred and twenty dollars because we're going to be buying roughly five light coins so I bought the Bitcoin so I instantly have that Bitcoin so I can now send that Bitcoin send money okay I'm going to paste my btc-e address that I just got then I'm going to deposit the amount of Bitcoin that I just bought which was point one four six five I'm sure there was a fee message I'm just going to put in a little message to myself transfer to btc-e throw the date in there even though it's all logged anyways and I'll just send the money to btc-e send money verification code required please enter two-factor token from your phone it's going to email me or I'm sorry I text me okay I got the phone call it gave me an automated message with the code I've punched the code in this is for my two-factor token and going to send that money to btc-e it just sent status is pending let's head over to btc-e and here is my btc-e balance which is zero says that there's no fee to send btc-e to btc-e btc-e comm excuse me minimal amount is about 20 cents after three confirmations it should arrive in my account here three confirmations I mean they say it could take from one hour to three days okay so the money has finally arrived in my btc-e account it took approximately one hour in 36 minutes to transfer I just did a little timer so that we would know exactly how long it took and you can see now that I have 0.45 Bitcoin in my btc-e account we'll go back to the main page make sure we have LTC BTC clicked on and we're going to put in 5 light coins 0.14 by litecoin create a buy order for this price total 1.36 Bitcoin thank you close I have point zero zero eight seven Bitcoin left and I have to wait until that light coin comes through I'll click on finances oh I'm sorry I have the light coin right now so I have the light coin immediately let's go ahead and withdraw the light coin – a light coin wallet let's just pretend I don't want to keep it on btc-e let's withdraw it I need an address I can just pull up my light coin wallet click on receive I'll create a new address for this transaction btc-e okay copy that address minimize paste and the amount to withdrawal I'm going to withdraw all of it $4.99 4.99 you'll receive fart out nine eight and I can just withdraw sorry new users should wait three days after registration to process but withdraw so there's a limitation I have to wait three days it's been one day so big deal I have to wait two more days I'll wait two more days and I will transfer that money to my litecoin wallet so that's method one that is definitely the easiest way that I have found to buy litecoin and I couldn't find an easier way to do it than that arm the second method I want to show you is essentially the same thing so method number two basically if I could just summarize what we would be doing in the second method instead of wire transferring the money to the Bitcoin exchange we'd be wire transferring the money to okay pay which is a third party payment system so we would wire transfer the money to okay pay which would then be wire transferred to btc-e to purchase the light coin and we would do that by transferring money from our okay pay account which would be in our local currency of US dollars euros or Russian roubles so you're limited you're limited to these currencies if you're using this method number two using okay pay which is right here here is okay pays website you would need to create an account here at okay pay so that's it I mean those are the two safest methods right now to buy light coin I'm sure you're saying to yourself well that's way too much work but it's really not that bad and once everything is set up you're good to go and you only have to do it once and you have that open channel to have those currencies be flowing so um I want to address some risky alternatives or not as safe methods to purchase litecoin and the first risky method that I'm going to show you is eBay you can go to eBay believe it or not and you can type in litecoin people are selling litecoin on eBay for extremely high prices for one light coin 56 dollars whereas a light coin I just bought five of them for twenty two dollars this guy selling point to this guy is selling one I don't even know what that is a lot of weird things on here point half a light coin for almost the price of one so you know there's a markup on eBay and you know you don't know who you're dealing with I've heard a lot of mixed reviews about whether this works and people running into problems things not going according to plan so there's going to be that just added risk here but I will say that because this is eBay which is also PayPal PayPal protects the buyer much more than the seller I think everybody kind of knows that so it's really risky to sell like coin on eBay let alone buying it on eBay so you know just want to point it out eBay litecoin try it if you want to take that risk if you do leave a comment let us know how it all works out risky method number two is using a website that claims you can buy like coin with PayPal or a credit card don't fall for it PayPal does not deal directly or indirectly with crypto currencies or exchanges or any website that deals with these types of virtual assets and currencies so I'm going to show you an example very quickly crypto trade you know we accept okay pay I just showed you that perfect money PayPal let's kind of investigate further not really you can't use PayPal to deposit know PayPal euros PayPal know it's a little misleading but that's crypto trade and that's why risky method number two using a website that is that claims you can use PayPal and is just simply a smaller exchange which is just risky method number three a smaller exchange now I just want to show you light tree it's kind of a smaller exchange its new what's up and coming I don't know much about it I haven't been able to find much information about it they do have a following that we could kind of investigate and check out not many followers we're looking at a thousand followers three thousand face book likes you know so not not very big I just personally haven't heard much about it if you know anything about it feel free to comment let us know how it is another smaller exchange that I've heard good things about is MCX now.com but right now they have disabled new signups why let's click on here well it looks like this entire exchange was built 100% by one person so you know if things were to go wrong not sure how long it's going to take for them to correct them but you need to give them some credit for closing signups because think of the flipside they could be saying yeah this exchange is built by one person and that one person will have to deal with any problems that people have but we're going to accept signups and just let people sign up and wait for problems to happen so you got to give them some credit for not being greedy and closing signups because they've seen a huge huge growth in recent months so so that's kind of you need to give him credit for that another exchange that I found is crypto trade I just showed you this one and then last but not least is Harbor Lee looks great looks clean looks like it's available for us and for the European Union however it's not live they are accepting signups for their private beta I've already signed up I'm excited to see how this website Harbor Lee turns out since we're on the topic of exchanges I wanted to point out this resource that I found which is great it's litecoin info it's kind of like a efore litecoin services and we can look at all of the exchanges if we wanted to where are they market exchanges and so here is a list of all of the known exchanges on this wiki and you can see there are a lot but you know what I'm saying is I don't recommend just blindly picking one of these and why you're transferring them money or Bitcoin or anything but like I said I'm going with btc-e so that's the exchange we'll be using or that we did use risky method number four is just simply trading with somebody you don't know or that you just met on the internet it's always best to trade with somebody you know or at least has a credible reputation like within an online community that you can verify or cross-check or has a trade history but the point is trade with somebody you know somebody you can trust so that wraps up part 2 of the litecoin for beginners video series whoops I almost forgot let's get into the three light coin giveaway contest here's how to play step 1 like the light coin for beginners facebook fanpage link is found in the video description if you're interested in Bitcoin like my Bitcoin for beginners fanpage that would be awesome step 2 tell us a joke in the comments section below the three jokes with the most likes will receive ten dollars in light coin I will send you the light coin to any address you specify in two weeks when the contest ends the contest will end on February 8 2014 so this is a way for you to get some light coin and this should be a lot of fun I'm expecting some good jokes I have no idea what's going to happen I hope somebody comments and writes a joke I hope people like other people's jokes um and as I say in all my videos you know please rate comment subscribe if you have any video suggestions for me leave those comments in video or I'm sorry leave those comments in the comment section below thanks again looking forward to some laughs and I'll see you in the next video thank you

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