In this guide you’ll get information about where to buy Litentry, if you are planning to buy LIT token – You’re in the right place!
Litentry is a protocol built for aggregating and managing decentralized identifiers (DIDs) on numerous different blockchains as an input into current and new features. Particularly, it attempts to allow the DIDs to be used securely and efficiently by users. Litentry is built on Substrate an underlying framework to build decentralized blockchain, making it natively compatible with Polkadot. For that reason, it can be launched as a parachain on the Polkadot Network.
The team of Litentry, which is led by Hanwen Cheng believes that cross-chain identity is highly required for Web 3.0. Therefore, they work on this innovative project. By using Litentry, users are able to aggregate identities from other chains and get access to Identity Matching and Staking.
- Official Site : https://www.litentry.com/
- Bitcointalk : https://bitcointalk.org/index.php?topic=5318952.0
- Twitter : https://twitter.com/litentry
- Reddit : https://www.reddit.com/r/Litentry/
- Telegram : https://t.me/litentry
- White Paper : https://docs.litentry.com/
Table of Contents
Litentry (LIT) Features
- Community Governed. The LIT stakeholders govern identity registrars, the data origin, and the credit computation algorithms. Besides, the relationship of community and its members are recorded on the chain, generating community credit. Eventually, all the governance credit contributes to voting power.
- Fully Decentralized. All of the process of verifying and aggregating DIDs is implemented in a fully decentralized and transparent way. Therefore, the result is trustable.
- Blockchain Powered. Built on Substrate, Litentry inherits the best technology along with the greatest features in the Blockchain industry. Powered by Blockchain, Litentry aims to be the first Parachain of Polkadot Network that takes advantages from the emerging cross-chain ecosystem and shared security.
- Privacy Focused. Privacy preservation is essential in the Litentry Network. Litentry makes an incognito on-chain data processing possible to protect the users’ privacy. As a result, the pseudo-anonymity of blockchain network cannot be breached.
- A Governance app. The app supports the governance process by reducing the participation friction. Users can also benefit from the app in terms of clear UI, remote Push Notification, and incentive mechanism.
Where to Buy, Sell and Trade Litentry aka LIT
You can basically use debit card, credit card, or even PayPal to buy the Litentry (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Litentry as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin or Tether first. After you get the ETH or BTC or USDT, you can convert it to Litentry. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.
In general, the process would be:
- You go to the online exchange and buy the Ethereum (ETH), Bitcoin (BTC), or Tether (USDT)
- Find a crypto exchange that supports Litentry currency and exchange your Ethereum / Bitcoin / Tether with the Litentry
- Store your Litentry to a secured wallet
That’s the first step in buying Litentry, once you get your Bitcoin or Ethereum or Tether, you can continue to the next step.
Choosing the Best Cryptocurrency Exchange for Your Investments
After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH or USDT from your Coinbase wallet.
With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.
These are the best exchanges we can recommend for you to exchange BTC or ETH or USDT with Litentry:
Binance is the top-ranked cryptocurrency exchange in the market, and it’s the place to go to trade large volumes of digital assets. They established their operations back in 2017 in Malta, one of the few countries to openly embrace cryptocurrencies as a financial instrument. They currently average up to 1.2 billion dollars in trade right now. Binance.com is unable to provide services to U.S. citizens or residents.
- Deposit Methods: Bank transfer (ACH), Bank transfer, Cryptocurrency, Debit card, Wire transfer
- Fiat Currencies: USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 5+ more
- Supported Cryptocurrencies: BTC, EOS, BCH, ETH, FET, XVG, TRX, NEBL, XRP, NEO & 345+ more
- Trading Pairs: 1189+
Bybit is a leading cryptocurrency exchange offering a secure and efficient trading platform for digital asset enthusiasts. Founded in 2018, it specializes in derivatives trading, including perpetual and futures contracts, with high leverage options. Known for its user-friendly interface, Bybit caters to both novice and professional traders. The platform provides advanced tools, including charting and risk management features, ensuring a seamless trading experience. Bybit also supports spot trading, staking, and passive income opportunities. With 24/7 customer support, robust security measures, and a reputation for reliability, Bybit has become a popular choice for crypto traders seeking innovation and transparency.
- Deposit Methods: Cryptocurrency, Credit/Debit card, Third-party payment services, Peer-to-Peer (P2P) trading
- Fiat Currencies: USD, EUR, GBP, JPY, and 60+ more
- Supported Cryptocurrencies: BTC, ETH, XRP, LTC, DOGE, and 300+ more
- Trading Pairs: 500+
MEXC is a global cryptocurrency exchange platform known for its user-friendly interface, extensive range of listed cryptocurrencies, and innovative features. Established in 2018, MEXC provides trading services such as spot, futures, and margin trading, catering to both beginners and advanced traders. The platform supports a wide variety of altcoins, often listing new and promising projects. MEXC is popular for its high liquidity, competitive trading fees, and robust security measures, including two-factor authentication and fund protection protocols. It also offers staking and earning opportunities through its launchpad and DeFi integration, making it a versatile choice for crypto enthusiasts worldwide.
- Deposit Methods: Bank transfer (ACH), Cryptocurrency, Debit card, Wire transfer
- Fiat Currencies: USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & more
- Supported Cryptocurrencies: BTC, EOS, BCH, ETH, FET, XVG, TRX, NEBL, XRP, NEO & over 2,700 others
- Trading Pairs: Over 3,000
IMPORTANT! Once you are registered to any of the above, find the LIT/BTC or LIT/ETH or LIT/USDT trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum/Tether
Step 3: Managing Your Crypto Assets in a Secure Wallet
As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.
You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.
There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.
For Securing your Litentry (LIT) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.
- Secure
- Mobile Friendly
- Easy to Manage
- Supported Coins: 1200+
TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.
- Invented for your digital independence
- keeps your keys safe
- Easily back up your entire wallet
- Supported Coins: 1093+
Frequently Asked Questions (Faqs)
Can I Buy Litentry (LIT) with PayPal?
You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Litentry. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Litentry (LIT) with Cash?
You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:
- Make sure you have a BTC / ETH wallet before you buy from seller
- Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.
Can I Buy Litentry (LIT) with Skrill?
You can’t buy LIT directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Litentry. You can buy BTC/ETH with skrill by using these exchanges::
- LocalBitcoins
- Paxful
- Virwox
- SpectroCoin
- Lykke
- Exmo
- Coingate
Can I Buy Litentry (LIT) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair LIT/BTC and begin the transactions.
Can I Buy Litentry (LIT) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support LIT/ETH trading pair.
What Is the Best Payment Method to Buy Litentry (LIT)?
The cheapest way is to use bank account to buy Bitcoins first or to buy the Litentry right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Litentry (LIT)?
Once you have purchased the Litentry, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Litentry (LIT)?
Find a crypto exchange which allow pairing LIT with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine Litentry (LIT) and Not Buying It?
You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Litentry is to buy it from a reliable exchange.
Conclusion
It is easy to see the bright future of a cross-chain identity and Litentry is on the way to be the platform where DIDs can be used in a totally secure and efficient way. Being a pioneer in the market of decentralized identifiers, Litentry will surely attract more users, creating a less saturated ecosystem with a well-supported token. This promising project will eventually rise the value of Litentry (LIT), making it one of the worth-considering small-cap altcoin gems out there.
