Litecoin shares several similarities with Bitcoin since it was developed as a fork of BTC. Thanks to its unique characteristics such as shorter block-time, one can be assured of faster transaction clearance. Litecoin commands a robust market cap and lower exchange fees.
While selling Litcoin for cash such as US Dollars, Euros, or British pounds, one has to search for an exchanger that is not only reliable but also offers the highest exchange rates. Crypto Exchanges facilitate assured method of exchanging Litecoin for fiat currencies as well as other Cryptocurrencies for a specified commission.
The specified exchanges provide their services by automatic exchange of Litecoin with GBP, USD, or any other fiat currency. Popular exchanges to convert Litecoin are Kraken, Bitstamp, Binance, Bitfinex, CoinsBank, and Bit-Z among others.
Afte the regular and mandatory process of account creation with the desired exchange, you will be asked to link your account with a bank account or a credit card or a debit card. Now all you need to do is to complete the process of depositing the amount of Litecoin that is required to be exchanged. After selecting the type of local currency you will press exchange button.
The entire process of receiving the desired cash into your account is completed within few days according to the efficiency of exchange, or the selected country. The fees for Litecoin transactions are much lower as compared to Bitcoin and the exchange time is also faster owing to a shorter period to for generation of blocks.
The main demerit of converting to cash is the delay in accessing the exchanged funds. Moreover, holidays can also cause further delay since banking operations come to a standstill during weekends or holidays.
Another way to convert Litcoin or any other altcoin to local currency is to leverage services of P2P platform such as local bitcoins.com. This is an ideal place to buy or sell digital currencies from other individuals who are looking forward to meet like-minded people to carry out such transactions.
These platforms leverage escrow services and provide excellent transparency in terms of fees that are charged to carry out exchanges. Since the platform is designed to facilitate an intermediary service to help seller and buyer complete the exchange, there is certain amount of fee to be paid depending on the transacted amount.
Independent research is required to be carried out before choosing the right method to convert Litecoin into cash.
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