Selling Litecoin with ease on Coinhouse
Coinhouse’s secure platform lets you sell Litecoin quickly
What is Litecoin?
Litecoin is a copy of Bitcoin with some modifications. It uses a different mining protocol, its transaction fees are lower and block generation is faster with an average block time of 2.5 minutes against Bitcoin’s 10 minutes. It uses Scrypt algorithms for mining because at the time the algorithm was resistant to being mined by specialised computers (ASICs) – this would ensure mining remained decentralised and not concentrated among a small number of mining farms. However, the first Scrypt ASICs began appearing in 2014.
How to sell Litecoin?
Often seen as a slimmed-down Bitcoin because it processes transactions faster, Litecoin is an interesting alternative to Bitcoin, especially due to its financial accessibility (one LTC costs far less than its BTC equivalent). But when you buy Litecoin, at one time or another a question will arise: how can I sell my Litecoin? What is the fastest and safest way to sell litecoins online?
Finding an intermediary to sell your Litecoin
Exchanging litecoins directly on the cryptocurrency markets can be complicated, so the best solution is to go through an online intermediary. In this situation, a Litecoin holder wondering how they can sell their litecoins has two options:
Cryptocurrency exchange platforms are online brokers who deal with the buying and selling of digital assets. If you want to sell Litecoin, you probably bought the coins on such a platform. This option is the safest route because brokers are registered with the French Financial Markets Regulator as digital asset service providers, with Coinhouse being the first among them. These platforms offer a multitude of possible exchange pairs: you can convert Litecoin into euros or swap LTC for other cryptocurrencies.
Peer-to-peer exchanges allow individuals to swap cryptocurrencies among one another. These platforms help buyers and sellers find one another but do not have any role in the transactions themselves. They do not hold digital assets on behalf of the traders. The disadvantage here is the lack of security – there is no prior identity check and these platforms are not responsible for any problems that may arise.
How to sell Litecoin quickly and securely
The issue of knowing how to sell your Litecoin is not as trivial as it may seem. After all, everyone wants to sell their assets under the best conditions possible in terms of security (ensuring the transaction takes place as expected) and speed (making sure the sell order is executed as quickly as possible). The online broker should react immediately to your order to sell your Litecoin since the price of LTC (or any other cryptocurrency) can go up or down from one second to the next.
A swift, simple process is obviously the way to go. And that is what Coinhouse provides with its quick sale by bank transfer solution. Once you have opened an account and linked your bank account to the Coinhouse account, the transaction can be completed in a few minutes. This is the ideal solution to fully take advantage of a decision to sell Litecoin because you have seen a favourable change in its price.
However, this option only works for converting Litecoin into euros since it is fiat money that is paid into your bank account.
Is converting Litecoin into euros the only option?
As a crypto holder, your first instinct when selling will probably be to convert your litecoins into euros. But remember, you do not have to sell a whole coin. Just like fiat money, a cryptocurrency is divisible into smaller units. The smallest unit of LTC is a Litoshi and there are 100 million Litoshis in one Litecoin. You can track the Litecoin/euro exchange rate and choose to sell a fraction of LTC rather than a whole coin whenever you wanted.
But do you absolutely have to opt for a Litecoin/euro exchange? Not at all. You can swap your LTC for other cryptocurrencies (Bitcoin, Bitcoin Cash, Ether, etc.), according to changes in prices.
The benefit on these transactions is that they are not taxed. On the other hand, whenever you sell Litecoin for euros, any gains over €305 you make in a year are liable to tax. Moreover, individuals who regularly buy and sell digital currencies may be considered professionals and their transactions are taxed as industrial and commercial profits.
When and why sell Litecoin?
Several reasons can push you to sell Litecoin or even dispose of all or part of your crypto portfolio. But you also have to know when you should sell your coins and tokens.
Why choose to sell your Litecoin?
It all boils down to your own situation and what you want to do with your cryptocurrencies. You could choose to…
- fund a project with the profits made over time (and, for this, convert your Litecoin into euros);
- sell your LTC due to a downward trend in the price before this drop has a negative impact on your investment (in this case, you could make a Litecoin/euro exchange or trade your LTC for other cryptocurrencies);
- sell your assets because you have reached a price point that you had set before and achieved your goals (you will make a capital gain in this case).
Basically, the ideal time to sell your Litecoin will depend on the reason that pushes you to dispose of your assets.
When to sell Litecoin
Deciding on the right time to sell your Litecoin requires that you keep a close eye on how the price of LTC is doing and you bear in mind the goals you have set for yourself. If you are thinking about setting out on some project, there is no right moment to sell: you are going to sell to have the cash you need, the price of the crypto is secondary.
On the other hand, if other factors are pushing you to sell your Litecoin, you should be constantly watching how the price changes and try to anticipate the incipient trends. A temporary fall in the price will have little negative effect on your investment. But then, how do you know whether this drop is a short blip before a new rally or the beginning of a long-running price decline.
Few things are ever certain and given the high volatility in crypto, a good idea is to look for advice from your broker and have recourse to a quick sale process like the bank transfer solution offered by Coinhouse.
How to sell Litecoin with Coinhouse
- Open an account: you can open an account on our platform in seconds.
- Identity check: we verify your identity as a safeguard against possible scams and phishing.
- Sell Litecoin: you can sell your litecoins and the sale price in euros will be in your bank account shortly afterwards.
Why buy Litecoin with Coinhouse?
Reliable and European
Coinhouse was the first platform to be registered with the French Financial Markets Regulator as a Digital Assets Service Provider. Our team is on hand to talk to you and advise you on a strategy that is adapted to your needs.
Quick and easy
Sell your cryptocurrencies in less than 10 minutes on Coinhouse. We guide you through each step of the registration process. When you buy or sell, you will have all the information on a single transaction note.
Store your cryptocurrencies securely in a wallet integrated into our platform. You can also send your cryptocurrencies directly to your personal wallet at no extra cost.
Several payment methods available
We accept the following payment methods: credit card and bank transfer. With a card, you can buy instantly at the moment you feel is right.