Thanks to the growing popularity of LTC coins, more and more users are considering buying this crypto. To learn more about its price, read our article “LTC to USD chart”.
Now we will explain how you can exchange Litecoin to WMZ, what are the pros and cons of this method, and why use WebMoney.
Let’s first discuss what WMZ stands for and where it is used.
WMZ is a title unit of the WebMoney payment system. It equals 1 US dollar.
WebMoney has been operating since 1998 and by now, the number of its users has reached 45 million.
This payment system has a rich function kit. In addition to storing cash equivalents, users can exchange assets, use them for payments, cash them out, and so on. Apart from WMZ, WebMoney has title units that represent gold (WMG), the euro (WME) and other fiat currencies. With Bitcoin and altcoins coming to the market, WebMoney has launched title units for leading cryptocurrencies such as Litecoin (WML), Bitcoin (WMX), and Bitcoin Cash (WMH). Unlike fiat money equivalents, a title unit for cryptocurrencies on WebMoney equals 0.001 coins. That is, WME is equal to 1 euro while WML, WMX or WMH is equal to 0.001 coins. At the moment of writing, the average exchange rate of 1,000 WML (1 LTC) to WMZ was 112.4.
All title units are stored in the platform wallets that have the same name as the stored title unit. One wallet can be used for one asset only.
To create a wallet, you need to register in the system via WebMoney official website.
Wallets can be removed or added later on
Each wallet has a unique number consisting of 12 digits and the last letter of the title unit. For example, in the case of WML, the name of the wallet could be L123456789123.
Keep in mind that different WM wallets offer different services. When registering in the system, a user gets a certificate which determines the functionality of a wallet. These certificates can be of 12 types, with each type having different requirements for registration and the data provided. The more information you provide about yourself, the more functionality you get. For example, an alias passport allows users to deal only with USD, gold, and the currency of the country of residence. This certificate has the most limited functionality. The most advanced certificate one can get is the registrar’s passport. WebMoney charges a transaction fee of at least 0.8% of the transferred amount. The only exception is made for transactions between several wallets belonging to one user. If you have at least an initial passport, this type of transaction will be free for you. Intermediaries, such as banks and exchangers, also charge commissions.
Now let's discover how to buy Litecoin for the US dollar title. There are three ways to do this.
The first method suggests getting a crypto asset via WebMoney by using an internal exchanger.
If you are not registered with the system, you should do this on the official website using the WM Keeper browser application.
After that, pick the WMZ as a wallet type and launch the creating process. Once the storage is ready, deposit it by means of a bank card, for instance. The next step is to create a WML wallet. On the main page of WebMoney Keeper, click the Add button and pick the storage for Litecoin in the drop-down list. Once it is ready, you can exchange your WMZ for WML, that is Litecoin. Remember that 1 WML equals 0.001 LTC.
Online exchangers is the second way to buy Litecoin for WMZ. You can select the most suitable one using the BestChange service.
The MegaStock WM service also offers some variants of online exchangers.
To make a transaction, open the website of the selected exchanger and log in. Then, specify the exchange direction and the sum, and make an application.
Next, add the wallet address and confirm the operation.
The third method is to buy Litecoin for USD at the exchange. At the WM Exchanger, there are several variants to do so.
It is possible to make an operation according to the existing exchange rate or users can specify their own price and wait until the system finds the most suitable contractor.
Once a user confirms the exchange, WML will appear in the storage.
It is possible to keep altcoins in the WebMoney system or transfer them to a digital wallet.
Each way of buying WML for WMZ has its advantages and disadvantages.
A conversion via the internal WM exchanger takes little time and effort. Everything can be done on one website without resorting to additional services.
What is more, Keeper allows users to transfer assets between storages without commissions.
However, the exchange rate cannot always be attractive. If you want to get the biggest possible profit, it is better to choose another option of buying MWL.
Meanwhile, at the exchanges, exchange rates are more attractive. Even the 0.8% commission does not prevent users from making the most profitable transactions. If users want to purchase WML at their own price, they will have to spend time waiting for it. Both the internal exchanger and the exchange are considered safe ways to buy WML. The legality and transparency of all transactions are guaranteed by the payment system. In third-party online exchangers, commissions are usually embedded in the asset price. That is why it can be higher than at MW or an exchange. At the same time, this method of purchase is considered the fastest and easiest. Security is the weak point of exchangers. It is better to avoid little-known services.
You should buy WML to see them in your wallet. We have already mentioned the ways to purchase the asset.
Notably, first of all, a user should buy title units of fiat currencies such as the US dollar and the euro. Then, it will be possible to exchange them for WML.
There are several ways to top up the WME or WMZ wallet. One can use bank cards, terminals, exchangers, etc.
If you have already topped up your L wallet, you may either keep WML in this wallet or transfer them into your crypto wallet. In the second case, you need to use the WMTransfer service, specify the sum and address of your Litecoin storage.
Once the operation is finished, it will be displayed in the history.
When withdrawing Litecoins, users should have at least 1 WML in their wallets. It is impossible to transfer a smaller sum.
For each operation, users will have to pay a 0.8% commission. The biggest possible withdrawal is 150 WML.
By the moment, cryptocurrencies have become popular among those who just several years ago, were far from this world. The fact is that crypto assets is the only way to keep savings amid financial instability.
What is more, it is also possible to make a profit
Litecoin is one of altcoins immune to inflation.
In the last five years, the price of LTC has increased to $112 from $3.8, which is about 2.846%. An investment of $1,000 in 2017 could have turned into $29,500 by the moment. Notably, investments could have surged even more thanks to sharp changes in the quote. Thus, in May 2021, LTC cost more than $410. The market cap of Litecoin is also impressive. During the last 5 years, it has soared by 42 times to almost $7.9 billion. Even sceptics see a rosy future of Litecoin. Although they doubt that the asset will reach a new all-time high in the short term, they predict only positive dynamic. Stability in LTC is also confirmed by a rapid development of the cryptocurrency sphere. Digital money has already occupied the better part of the financial system. It is not a hobby any more.
In the article, we focused on various methods and tools of buying Litecoin. It means that there are also a lot of variants of getting income from investments in Litecoin.
It is quite possible that some people prefer to buy the asset for fiat money. Since WebMoney is a popular and easy-to-use service, it is worth testing its title units to invest in LTC.
Also read: “Everything about Litecoin wallet” “How to exchange Litecoin for fiat money” “How to check Litecoin transactions” “Today’s outlook for Litecoin” “Miner for Litecoin