How To

How to trade Litecoin?

Litecoin is one of the fastest growing cryptocurrencies in the market, standing on the third position after Bitcoin and Ethereum. It has a total cap of 84 million which is 4 times more than that of Bitcoin. Litecoin takes 2.5 minutes to complete a transaction, which is 4x more than that of Bitcoin. Litecoin provides you with Private Keys and Public Keys, which help the user to stay secure as no third party can view their transactions. The Litecoin blockchain follows the Scrypt proof-of-work algorithm, which makes it an easy and fast network. Its decentralized and transparent nature makes the Litecoin blockchain highly secure and almost untraceable for a hacker to hack, because an encroachment in the general ledger will create a fork.

There are various websites available online that allow the users to start trading. But before getting into Litecoin trading, one should always remember to opt for the company that has a good name and reputation in the market and offers a secure exchange or wallet. Avoid Marginal Trading unless you have full idea about it, else no one can stop you from facing a loss.

We are taking example of Coinbase here because it is the most trusted website online.

1. Sign up on Coinbase.com
2. Create Litecoin Wallet
3. Connect your Bank, Credit/Debit Card detail (it is suggested that you use a bank account as the fee is comparatively lower than Debit/Credit Card)
4. Purchase Litecoin (in U.S. Dollars)
5. Sell Litecoin (in U.S. Dollars)
6. Continue doing the same

Note: Do not forget to transfer the Litecoin earnings to your wallet, else you may lose them and never get them back. It can take up to 5 days  for the transaction to get processed if you are using a Bank Account. You can add your personal details at the time of signing up, which will maximize the number of transactions you may do in a day.

You can start Litecoin mining, which is better than trading, as there are no chances of losing any amount as in trading. Mining is a little more time-consuming but it’s aftereffects are fruitful, which means you will not hold the corner and cry if you are not able to mine for a day. But in case of trading, you can reach to one again if you lose once which will be a pain for any investor.

It is always advisable to first read about the website and check the reviews, so that you do not put your money in a wrong place.

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