Litecoin is often considered the silver to Bitcoin’s gold. Over the past few months, there has been a resurgence in interest in this coin as well as in its price. Many people find it hard to actually buy Litecoin, though.
In this article, I will show a popular method of Buy Litecoin with PayPal through VirWoX.com, a virtual currency exchange site that primarily caters to the currencies of various virtual worlds (such as Second Life and Avination). Here is how to do it:
Step 1. Open accounts on VirWoX and BTC-e.
First, you will need to set up two accounts. VirWoX.com (Click Here) is where you will be able to buy Bitcoin with PayPal. Unfortunately, though, VirWoX doesn’t allow buying and selling of Litecoin, so you will need to transfer the bitcoin to a cryptocurrency exchange, such as BTC-e.com (Click Here). There you will be able to trade your bitcoin for litecoin.
Open Account With VirWoX
Go to VirWoX (Click Here) and Open a new account by clicking on ‘Not registered yet’ option in the Customer Login box located on left sidebar.
Fill out your personal information, i.e. desired username and email address. Wherever it asks for “avatar name” just leave it at “No Avatar”, it doesn’t matter, since you are not going to play Second Life. Click on “Register”.
On successful registration, you will get a confirmation through email including your password. Log into your own VirWoX account and ignore the message saying “your avatar connection has not been validated yet”, you don’t need to verify your avatar.
Open Account With BTC-e
Go to BTC-e.com (Click Here) and click on “Sign Up” Button on top right.
Fill out your personal information, i.e. desired username and email address and click on “Register”. On successful registration, you will get a confirmation through email including your password. Log into your own BTC-e account.
Step 2. Deposit EUR, USD, or GBP into VirWoX with your PayPal account.
VirWoX has made this pretty easy to do. Simply go into the “deposit” tab on the left side of the screen.
Scroll down to the PayPal payment option, select your desired currency and amount, and click on the logo of the PayPal. You will be transferred to PayPal login page and after successful authorization funds will be transferred to your VirWoX account in no time.
Step 3. Trade from your currency into Linden Dollars.
On the VirWoX homepage, click on the link that lists your currency’s trading pair with SLL (EUR/SLL, USD/SLL, CHF/SLL. GBP/SLL). This will take you to a page that lets you trade from your currency into Linden Dollars.
You have two options on how you want to trade: Market trade and Limit trade. By trading at the “Market price” you will agree to sell your currency for Linden Dollars at the highest amount that someone else has already agreed to pay for it. If you want to specify a certain price that you are willing to pay, you will need to use a “limit trade”.
If you choose to use a “Limit trade”, you should ensure that your price is reasonable compared to the other prices in the “Offer to buy [your currency]” box at the top of the page. This will increase the chances of someone else accepting your limit trade.
4. Trade from Linden Dollars into bitcoin.
After receiving your Linden Dollars, use the same process as in step 3 using the BTC/SLL trading pair to convert it into bitcoin.
Just like previous step you can set a Market Order or Limit Order.
5. Transfer Bitcoin from VirWoX to BTC-e exchange.
Next, you need to transfer bitcoin you just bought in VirWoX to BTC-e exchange. For that you’ve to generate a Bitcoin Deposit address in BTC-e account. Simply login to BTC-e and click on “Finances” button, generate your bitcoin deposit address as shown in picture below.
At the bottom of the page you will see your Bitcoin deposit address (you can create a different address each time you do this process). Copy and save this bitcoin deposit address.
To transfer Bitcoin, login to your VirWoX exchange and click on the “Withdraw” link under “My Accounts.” You will be prompted for the address of the bitcoin wallet that you want to send your bitcoin to. Enter the bitcoin address that BTC-e provides you with as your deposit address and hit the “Request Withdrawal” button.
Note : For new VirWoX accounts, bitcoin transfer can take up to 48 hours. You’ll receive a mail shortly after your withdrawal is completed. Once you receive confirmation, you can proceed to next step.
Please be careful! if you enter an incorrect address, you will NOT be able to get your bitcoin back. Once you send the bitcoin to your BTC-e wallet, you may have to wait as long as an hour for it to arrive in your wallet.
Step 6. Trade your Bitcoin for Litecoin.
The only thing you have left is to trade your bitcoin for litecoin. Simply login to BTC-e and click on Trade, then select BTC/LTC pair and enter the number of coins you want to buy or set the price you want to pay per coin.
Step 7. Withdraw Litecoin to your Wallet.
You can transfer your LTC to your Litecoin Wallet or Paper Wallet. Click Finance, then to the right of LTC and click on Withdraw, then it will ask you to type in how much LTC you would like to withdrawal, and the address of where you want to send this money and funds should be transferred in about 30 minutes. That’s It.
There are, a few fees you need to be wary of when buying litecoin with this method. VirWoX charges a fee when buying through credit/debit cards. This fee is 0.29 + 3.5% when buying with GBP, 0.39 + 3.5% when buying with EUR, .49 + 3.5% when buying with USD.
They also, charge trading fees both when trading from local currency into SLL and trading from SLL into bitcoin of 50 SLL + 2.9% of the value the base currency in the trade (either local currency or bitcoin). VirWoX, also, charges a fixed .01 BTC withdrawal fee. Added together, this come to roughly 5.8% + .0105 BTC.
BTC-e is a little easier. They will charge you a 0.2% fee on each trade, but you won’t have to pay anything but the network transaction fee to withdraw. If you find yourself needing litecoin quickly, using this method to buy with PayPal is one of the better ways to do it. While it takes a little bit of time, it’s still one of the faster and safer ways to buy.