Litecoin (LTC) serves as a decentralized cryptocurrency running on open-source blockchain technology to enable peer-to-peer financial transactions. Its token, LTC, features speedier transaction confirmations than Bitcoin courtesy of quicker block generation times.
For Nigerians who invest in Litecoin or receive it as payment, converting it to Naira provides liquidity to cover personal expenses or grow wealth. However, choosing the best site to sell Litecoin is key to securely cashing your Litecoin conveniently. This article covers everything you need to know about selling Litecoin in Nigeria with FlipEx.
Things You Should Know About Litecoin
Before trading your Litecoin for Naira or deciding on the best site to sell Litecoin, knowing a few things helps minimize risks while maximizing outcomes.
● LTC trades against Bitcoin – Litecoin prices often follow Bitcoin price movements. Also, most digital asset exchanges only support LTC trading using Bitcoin instead of fiat pairs. Thus, BTC’s performance ties closely to that of Litecoin.
● Low circulation relative to Bitcoin – Only 84 million LTC tokens exist in total compared to 21 million BTC. This leaner circulation can amplify LTC price changes.
● Cheaper cryptocurrency for payments – Litecoin transaction fees tend to stay under $1 even during volatile high-traffic periods. This consistency positions LTC better suited for everyday payments.
● Established blockchain ecosystem – As an early altcoin, Litecoin boasts a mature blockchain network benefitting from decade-long continual upgrades and robust security.
What Can You Do with Litecoin?
Litecoin grants users’ access to a dynamic financial system enabling the following opportunities:
● Store of Value – Similar to physical gold, Litecoin holds intrinsic value making it effective for preserving purchasing power in the long term against inflation.
● P2P Payments – LTC powers direct exchanges between peers without third-party intermediaries and costly fees. This facilitates bank-free transactions.
● Cross-Border Transfers – Send/receive money abroad from your friends and family without lengthy processing wait times or heavy charges. LTC transfers internationally within minutes.
Can Litecoin (LTC) Be Cashed Out?
Yes! The process entails converting or selling your Litecoin either directly for Naira (fiat) or into another digital coin. From there, reputable exchanges like FlipEx will let you withdraw in Naira.
Generally, cashing out involves:
● Choosing a suitable exchange like FlipEx: FlipEx is surely the best site to sell Litecoin. The crypto trading platform allows you to swap Litecoin to Naira.
● Sending LTC funds from your wallet into your exchange account to begin the selling process.
● Placing a sell order that converts your Litecoin to Naira at competitive rates.
● Withdrawing the Naira balance from your FlipEx wallet into your Nigerian bank account.
When to Sell Litecoin
Market timing is crucial when converting crypto holdings to realize optimal Naira value. While no one truly predicts future pricing accurately, applying sound principles helps guide decisions.
Basing trades on fear or greed often proves costly long-term. Instead, analyze historical charts to identify peaks and drops. The cool part is, when you decide to sell, FlipEx offers you the best rates for your Litecoin so you don’t lose out
Mastering this strategic timing through dollar-cost averaging, position scaling, and taking partial profits reduces risk while improving odds for success.
How to Sell Litecoin with FlipEx
FlipEx operates as Nigeria's premier platform to sell Litecoin and cash out directly into Naira securely. Here's a simple walkthrough:
Step 1). For new customers, register an account at flipexapp.com or simply download the FlipEx App from Google PlayStore or Apple App Store, provide valid details and verify your email.
Step 2). Access the LTC/NGN trading pair by tapping the “Sell crypto” and preview current rates for selling quantities.
Step 3). Initiate transfer by sending Litecoin (LTC) from your external wallet into your FlipEx account wallet using the unique LTC address.
Step 4). Once the LTC/NGN order completes, you can withdraw your Naira directly into your Nigerian bank account.
Why Choose FlipEx to Sell Your Litecoin?
With the crypto adoption in Nigeria surging faster than any country globally, a few viable and secure options exist nowadays to convert Litecoin safely. Trusted since 2016, FlipEx leads Nigeria converting Litecoin to Naira daily through a simplified, transparent process:
● LTC to NGN Direct Trading – Swap Litecoin to Naira without needing Bitcoin as an intermediary pair.
● Quick Account Sign Up and Verification – Quick signup lets users access basic crypto selling features if they desire.
● Best Rates Available – Robust trade volumes deliver best LTC/NGN rates while guaranteeing rapid order fulfillment. On FlipEx, we offer customers best rates and you can check out daily rates using the rate calculator.
● Security – FlipEx incorporates latest security measures plus cold storage technology protecting customers details, digital assets and Naira balances.
● Dedicated Customer Support – Get prompt guidance from our customer assistance team. FlipEx provides 24/7 customer support to help you have a smooth trading experience.
Litecoin Frequently Asked Questions (FAQs)
Confused about a few aspects of handling Litecoin transactions? These common queries provide helpful clarification:
1. Does Litecoin have faster confirmations than Bitcoin?
Yes, Litecoin produces blocks averaging every 2.5 minutes, four times quicker than Bitcoin's 10-minute block creation rate. This enables faster transaction finality.
2. Can I store Litecoin safely using a crypto wallet?
Indeed, software and hardware wallets provide reliable LTC storage while giving owners full custody over crypto assets and private keys compared to keeping funds on an exchange.
3. What are Litecoin transaction fees?
Super low! Even during peak mempool backlogs, sending LTC only incurs network charges around $0.02 on average, substantially cheaper than Bitcoin fees reaching sometimes over $5.
4. How high can Litecoin realistically reach against the dollar?
Conservatively, LTC hitting $500 seems reasonable long term if crypto adoption accelerates. However, crypto prices historically experience volatility making exact forecasting impossible. Upside remains limitless.
To Wrap it Up on Selling Your Litecoin (LTC)
In summary, Litecoin stands positioned through speed, liquidity, tiny fees, and network maturity to supplement Bitcoin's role facilitating digital payments using blockchain technology. For Nigerians already owning LTC, FlipEx now delivers the most trusted local gateway to convert Litecoin into Naira conveniently to spend or grow locally based on needs. Sign up and verify your account on FlipeEx to get started.