Litentry LIT coin buying and selling tutorial

To acquire LIT tokens, create an account on a supported exchange like Binance, fund it, and follow the steps to purchase LIT using the LIT/USDT trading pair.

Dec 30, 2024 at 03:31 am

Key Points:

• Understanding Litentry and LIT Token
• Creating Accounts on Supported Exchanges
• Funding Binance Account
• Purchasing LIT on Binance
• Additional Exchanges and Brokers for LIT Trading
• Storing LIT Safely
• FAQs on Litentry and LIT

Understanding Litentry and LIT Token

Litentry is a decentralized identity aggregation and management platform built on the Polkadot blockchain. It allows users to create portable cross-chain decentralized identities (DIDs) that aggregate their identities, credentials, and reputation data. The LIT token is the native utility token of the Litentry ecosystem. It is used for network governance, staking, identity registration and verification, and transaction fees.

Creating Accounts on Supported Exchanges

The most straightforward way to purchase LIT tokens is through cryptocurrency exchanges. Here are the steps to create accounts on supported exchanges:

• Binance: Visit the Binance website, click on "Register", and follow the instructions to create an account.
• MEXC: Go to the MEXC website, click on "Sign Up," and fill out the registration form.
• KuCoin: On the KuCoin website, click on "Sign Up," enter your email address and create a password.

Funding Binance Account

Once an account is created on Binance, it needs to be funded to purchase LIT tokens.

• Bank Transfer: Users can link their bank account to Binance and deposit funds directly via wire transfer or ACH.
• Credit/Debit Card: Visa and Mastercard are supported for direct purchases of cryptocurrencies on Binance.
• Cryptocurrency Deposit: If users already own other cryptocurrencies, they can transfer them to their Binance wallet and exchange them for LIT tokens.

Purchasing LIT on Binance

After funding the Binance account, follow these steps to purchase LIT tokens:

• Go to the Binance website and log in.
• Navigate to the "Buy Crypto" tab.
• Select "Advanced Exchange" under the "Buy Cryptos" section.
• Under the "Spot" market, search for the LIT/USDT trading pair.
• Enter the desired amount of LIT tokens to purchase.
• Review the order details and click on "Buy LIT."

Additional Exchanges and Brokers for LIT Trading

In addition to Binance, other exchanges offer LIT trading:

• MEXC: MEXC is a specialized exchange for spot and futures trading, with a wide selection of cryptocurrencies, including LIT.
• KuCoin: KuCoin is a popular altcoin exchange that supports LIT trading against various pairs.
• Bittrex: Bittrex is a veteran exchange known for its security and support for a diverse range of cryptocurrencies, including LIT.

Storing LIT Safely

For long-term storage of LIT tokens, a hardware wallet or software wallet that supports Polkadot is recommended:

• Hardware Wallet: Ledger and Trezor offer hardware wallets that securely store private keys offline, providing enhanced security against hacks and thefts.
• Software Wallet: Metamask and Polkadot.js are popular software wallets that support the storage of DOT and LIT tokens.

FAQs on Litentry and LIT

What is Litentry's goal?

Litentry aims to become a universal identity aggregation and management system, enabling users to control and manage their digital identities across multiple blockchains and applications.

What are the benefits of using Litentry?

Litentry offers privacy protection, cross-chain identity verification, reputation systems, and identity aggregation, empowering users with greater control and ownership over their online identities.

Why is LIT token valuable?

LIT token is central to the Litentry ecosystem. It is used for network governance, staking, transaction fees, and identity registration and verification, making it a valuable asset for those participating in the Litentry network.

How many LIT tokens are in circulation?

As of August 2023, the circulating supply of LIT tokens is approximately 650 million, with a total supply of 1 billion tokens.

Where can I find more information about Litentry?

The official Litentry website (https://litentry.com/) provides detailed information about the project, the LIT token, and its ecosystem.