Before we delve into how you can sell Litecoin at the best rates, let’s get into what Litecoin is and why it came into the picture.
Litecoin’s creator Charlie Lee is an ex-Google employee and he wanted to create a lighter version of Bitcoin. Litecoin is viewed as a coin to be used for everyday transactions while Bitcoin is regarded as stocks.
Litecoin went live on October 13, 2011 and is essentially a fork of the Bitcoin Core client.
There are some fundamental differences between Litecoin and Bitcoin despite Litecoin being a copy of Bitcoin. These include how Litecoin is mined and consequently the faster transaction speed.
Now that you know this, let’s jump into how to sell Litecoin –
- Sell it on a cryptocurrency exchange: You can find a good reliable and secure exchange where you can sell Litecoin for fiat currencies. Note that this will require you to set up an account, verify your identity and link it your bank account which can take several days to verify.
- Convert it to a crypto coin: Instead of waiting several days, you can also trade cryptocurrencies and convert your Litecoin to some other valuable coin. Make sure to have a wallet that supports that coin ready as you will need the wallet address to send your newly converted coins.
- Peer-to-peer exchange: Instead of an exchange, you can also find people at meetups or online who are willing to purchase you Litecoin. There are websites where the money is placed in an escrow account and is only released when both parties reach an agreement. If you do decide to plan a face to face meet up, make sure you do it in a public place and you have access to a secure network for the transaction
How do you get the best rate when selling Litecoin?
Use CoinSwitch. CoinSwitch is the world’s largest cryptocurrency exchange aggregator. This means it tracks all the exchange data and offers you the very best rates. You can also avail of the minimal trading and withdrawal fees on CoinSwitch making every transaction truly worth it.
If you use a peer-to-peer option, post a request or look for a request with the rate that you are willing to sell your Litecoins for. Since there are a considerable number of people who want to buy Litecoin, you should be able to get the best price for it.
You can also study the market to see when is the right time to sell your Litecoin holdings. Create Google Alerts, read all the latest news and predictions to get the best rate.