How to Sell Litecoin
Cryptocurrencies are traded all over the world at the moment. There are millions of people following and investing in Bitcoin.
After Elon Musk and the Chinese Central Bank changed their ideas on introducing cryptocurrencies and the blockchain as part of their payment systems, the price of Bitcoin dropped. With it all the other currencies followed the trend, some more and some less. Litecoin has been one of them.
The third most famous crypto went from $ 376 to $ 184 in few weeks, and many people are now asking themselves how to sell Litecoin, afraid it could drop even lower.
Let’s see the different solutions available.
Sell Litecoin with Wallets
Litecoin are stored in many different ways. One of the most common is using a Cryptocurrency Wallet. This is a hardware or software where a person can save all his cryptocurrencies. It is available in different forms: hardware, paper, software and mobile.
When a user wants to buy or sell Litecoin, the first thing to do is to acquire a crypto wallet. There are many internet websites where it is possible to do it.
All different forms have one thing in common, they all work supported by blockchain technology.
The blockchain is an encrypted system which connect different computers across the world, and allows all users to exchange Litecoin. Every transaction is secure and encrypted.
When 2 users want to exchange some Litecoin, they do it by exchanging a string of code which represents their transaction on the blockchain system. This code is totally safe and encrypted. The main characteristics of cryptocurrencies is that there is no need to share any personal data when making a transaction.
Let’s see now how to sell Litecoin on any different type of wallet.
Sell Litecoin on a Hardware Wallet
With a Hardware wallet a USB stick or a small external hard disk is used to attach to a computer. There are many companies offering it: Ledger, Trezor, KeepKey to mention the main ones.
What is common between all these companies is that the wallet has the shape of a USB stick which can be stored anywhere safe and being always handy when necessary.
Every USB wallet costs from $25 to $250.
Once you buy it to store Litecoin or any other crypto, there are some things to do:
- Install the Software onto a computer
- Connect the Wallet to the computer
- Store the Litecoin
- Keep it safe
The hardware wallet doesn’t expire and can be used only when necessary, without any time or limit restriction. When you want to sell Litecoin, the wallet will give the actual price of it, and you can decide the hold it or sell it.
When you sell Litecoin, your account will be accredited with real money (Dollars, Euros, Pounds, etc.) and you can withdraw that money anytime into your traditional bank account.
How to Sell Litecoin with a Paper Wallet
A paper wallet is a secret key printed on a piece of paper, which can be used to log into a crypto wallet.
The first thing to do is to install a software on a computer where you store, buy and sell Litecoin or any other cryptocurrency.
Connected to this software there is a secret key, printed on a paper, which can be stored in a secret place and used to log into the wallet.
Secret keys are QR codes which can be generated with a free and open source software. When you need to connect to your wallet, the only thing you need to do is to scan the QR code with a smartphone or the computer camera.
The secret keys are generated by the software, they are all unique and randomly created by it.
They are very popular with crypto investors because they can be stored safely anywhere and in case of damage they can be printed as many times as necessary.
How to sell Litecoin with a Software Wallet
A software wallet is a software which can be installed onto a computer, tablet or mobile phone, and it is used to store Litecoin or any other cryptocurrency and sell it when you want.
The main differences between the 3 are:
- Software Desktop Wallet: a desktop wallet is a software installed onto your computer and used to store cryptocurrencies. What makes it extremely secure is that this wallet can be accessed only from that computer and only with a private username and password.
- Software Mobile Wallet: this is an App saved onto your smartphone. Also, in this case the App can be accessed only from that specific telephone and with a unique and secret password. The most recent mobile wallets are even more secure and accessible only with the fingerprint of the owner.
- Software Online Wallet: an online wallet is a wallet which is online. In this case the security is given by a unique username and password. When trying to log into the wallet, many of them send a notification to the wallet owner on its own email or mobile phone. The advantage of an online wallet is that it is accessible from every device.
The most used software wallets to store and sell Litecoin are Exodus and Electrum.
It is possible to store more than 20 different types of cryptocurrency on a software wallet, from Bitcoin to Ethereum and Litecoin.
When a person decides to sell Litecoin, the only thing to do is to log into the wallet, select the cryptocurrency and click on sell. The software will make the transaction at the actual price of Litecoin in that moment. The system will then accredit the account with real money which can be withdrawn into the normal bank account.
As mentioned before, a mobile wallet is an App installed on your smartphone. There are several Apps available in the App Store. All of them can be downloaded and installed into an Android or iOS system.
Today everybody has a smartphone. Being a device which can be easily stored in a pocket and brought everywhere with the owner, this makes it a very secure form of wallet.
To access a mobile wallet, the owner needs to enter a unique username and password.
The most recent forms of mobile wallet are even more secure. In fact, to enter and log into the wallet the security system requires the fingerprint of the owner, without that, the App won’t open and give access to all the cryptocurrencies and the transaction section.
Sell Litecoin on a Trading Platforms
Finally, another way to buy and sell Litecoin is through online trading.
When doing online trading, a person doesn’t own any Litecoin, but trades it through CFDs, which means “betting” on their trend, deciding if the price for the next days will go up or down.
Trading cryptocurrencies means speculating on its trend. When you buy Litecoin using CFDs, you don’t actually own any LTC, but you just try to predict its price growth or reduction.
This means that by selling Litecoin on CFDs, you predict that their price will decrease in the next future.
Almost all brokers offer cryptocurrency among their assets. When they do you can find:
On cryptocurrency trading, every cryptocurrency is traded in comparison with another cryptocurrency or normal currency:
- Litecoin/Ethereum (LTC/ETH)
- Litecoin/Bitcoin (LTC/BTC)
- Litecoin/Euro (LTC/EUR)
- Litecoin/American Dollar (LTC/USD)
- Litecoin/Pound (LTC/GBP)
When you want to sell Litecoin, you need to select the currency pair you want to trade, and by clicking on “sell” you are predicting that the price of Litecoin will decrease in comparison with the other cryptocurrency or normal currency.
To learn more about Litecoin trading, click here and you can find a full guide and explanation on how the cryptocurrency works and how you can buy and trade on different platforms.
Author of this article and founder of Tradingonlineguide.com
My aim is to help you increase your trading knowledge with helpful content. I come from an economic background and have a strong passion for forex trading. With more than 6 years in the online trading world, I want to share my financial knowledge so that anyone can develop their investment skills.
In my spare time I enjoy cooking and travelling.
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