How To

How to Exchange Litecoin?

Litecoin, as we know, is the fastest growing cryptocurrency and the apple of the eye for investors. Mining Litecoin is not as difficult as mining Bitcoin. Litecoin uses Scrypt, which is a cryptographic algorithm by nature. It accepts and transfers payments faster than Bitcoin (2.5 minutes as opposed to 10 minutes).

Litecoin is the third largest cryptocurrency after Bitcoin and Ethereum. It is based on Bitcoin’s open-source database, and thus shares a few similar features as that of the Bitcoin network. Litecoin is an instant, near-zero cost payment method, which is described as a peer-to-peer digital currency. It is a global payment method that is followed throughout the world. Litecoin is a fork of Bitcoin and the two are technically identical.

There are various means by which you can exchange Litecoin.

The first method is by PayPal, as it is opted by a number of investors. It is easy to use and does not charge anything extra on exchange of any cryptocurrency. 
  1. Open PayPal
  2. Enter your Litecoin Address (33 alphanumeric characters)
  3. Enter the amount
  4. Select the payment method (PayPal GBP, PayPal EUR, PayPal USD, Perfect Money USD, Perfect Money EUR, Skrill USD, Webmoney WMZ,Webmoney WME)
  5. Enter your payment method’s address
  6. Enter your e-mail id for confirmation 
  7. Send your Litecoin to the address which is with you
  8. Now click on the ‘exchange’ tab
  9. The process will take place after a thorough verification by the Litecoin website
There are other exchange platforms that are available online, but before risking all your money, do check the website properly and always go through the reviews which will help you understand the platform better. You will also get a clear understanding as to which is the best website from where you can exchange your Litecoin.

You can also pay Litecoin tokens for goods and services. There are many companies and merchants which have started accepting Litecoin as a mode of payment, like Benz and Beamer (car), KnCMiner (hardware mining company), Ellenet (IT service provider). These are a few bigshot companies that have started relying on digital currencies.

Litecoin mining is one of the many ways to earn some extra profits. Many investors are exchanging Bitcoin, Ethereum and other altcoins for Litecoin. At the same time, Litecoin is counted as the fastest growing cryptocurrency, and given its rapid growth in the last few years, it will be the most powerful digital coin in the near future.

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