At Unbanked, we believe financial access and control is a fundamental human right. For years, we’ve empowered crypto users in over 220 countries and territories around the world with the power to buy, sell, and send digital currencies–all without being subject to the transaction, exchange, or deposit fees imposed by those “other guys”.
While we’ve long supported native buys of BTC, and most recently ETH, it’s always been our intention to expand our buy and sell capabilities beyond these two legacy tokens. That’s why we are so excited to formally announce that Unbanked now enables the purchase of Litecoin (LTC).
As a long-time white-label partner of the Litecoin Foundation, previously helping them release their own crypto-friendly debit card product, LTC was a natural choice for our next supported currency.
Created by former Google engineer, Charlie Lee, in 2011, Litecoin has gone on to have one of the highest market caps of the “alt-coins”. With a resume that also included Coinbase, it’s no wonder Lee’s project is one of the oldest in the space–a true testament to its utility and longevity.
What Makes Litecoin So Special?
The rate of transaction confirmation: While Bitcoin’s algorithm adds transactions to the blockchain every ten minutes, Litecoin is able to achieve this in about two and a half minutes.
The number of coins in circulation: At its inception, Bitcoin was programmed to function as a “hedge” against the inflation FIAT is prone to. For this reason, there will only ever be 21 million bitcoins ever produced. Not only is each Bitcoin introduced at the aforementioned rate of one block every ten minutes, but the number of these coins is also reduced by 50% every four years. Litecoin’s algorithm allows for a total of 84 million LTC to be created, a max capacity four items greater than BTC.
Algorithmic differences While both Bitcoin and Litecoin use a “proof-of-work” algorithm, they deviate particularly on which hashing algorithm each utilizes: Bitcoin uses SHA256 and Litecoin uses scrypt. In simple terms? It means Litecoin transactions are far more CPU-intensive on machines designed to mine Bitcoin.
Buying LTC with Unbanked
All this sounds great, but how do I get started buying LTC with my Unbanked account, you might be wondering. The good part is that it’s incredibly easy, whether you’re a crypto veteran or someone who is new to crypto and is a little overwhelmed by all the ins and outs that typically accompany trying to purchase digital currency.
Get Started in Four Easy Steps
Get Unbanked Open your bank account with us. It only takes minutes and is available in 200+ countries and territories.
Make a Deposit Fund Your Account with ACH or Wire. Plaid is offered for US residents to help speed up the transfer process
Choose Your Adventure Select a currency, amount you want to purchase and enter the destination wallet.
Transfer Complete We’ll find the best rate and send it directly to your personal, self-custodial wallet
Unbanked makes it easy to settle crypto purchases to your self-custodial wallet. We’ll even aggregate buy of BTC, ETH, LTC, and TERN across multiple platforms to ensure you’re getting the best rate available. You don’t have to do a thing except make the purchase. We’ll handle the rest.