Litecoin is regarded as Bitcoin’s silver which makes it one of the top crypto assets to buy. There are reasons many opt for other cryptocurrencies aside from Bitcoin. This is the case with investors that considers LTC.
Cryptocurrency in general has had a fall in price recently after the crash of LUNA. Bitcoin has slumped and has affected the crypto industry. Despite these, averse-risk takers are still investing in cryptocurrency.
In this post, we’ll look at where to sell Litecoin in Nigeria. Before then, let’s learn more about Litecoin for the sake of beginners.
What is Litecoin?
Litecoin is a cryptocurrency designed with the intention to initiate easy transactions between parties. It is also created to remove the presence of ambiguities and enhance efficiencies at a lower rate.
LTC was created in 2011, two years after Bitcoin debuted. Litecoin was founded by Charlie Lee, an early cryptocurrency adopter.
LTC was created in the image of BTC but better in transaction fees and block form. Litecoin is useful in transferring coins without any central authority.
Its main benefit comes from its speed and cost-effectiveness. Litecoin transactions are typically confirmed in just minutes, and transaction fees are nearly negligible. This makes it an attractive alternative to Bitcoin in developing countries, where transaction fees may be the deciding factor on which cryptocurrency to support.
Litecoin’s Worth in the Crypto Market Today
LTC is no doubt one of the most popular and older coins in the cryptocurrency market. Since it’s creation in 2011, Litecoin has managed to stay on top. Today, LTC is ranked 18th among thousands of crypto assets.
The live price of LTC today is $48.39 USD with a 24-hour trading volume of $1,066,736,692 USD. It has a live market cap of $3,412,249,010 USD. It has a circulating supply of 70,511,444 LTC coins and a max. supply of 84,000,000 LTC coins.
LTC is available for purchase on most of crypto exchange platforms among which is Binance, Kraken, Huobi global, etc.
Why People Sell Litecoin
People may decide to sell their Litecoins due to several reasons. From time to time buyers find it advantageous to sell some or all of the LTC in their portfolio. This maybe because of these reasons stated below.
1. Sell your LTC for crypto or cash-A LTC holder may decide to sell to buy other crypto assets such as USDT, etc. A holder may also sell for cash. You can sell your LTC in a platform such as Prestmit to get Naira or the Cedis.
2. Capture gains (or avoid losses) in times of price volatility- In a time of price volatility like we have today, LTC holders may decide to sell off their coins to avoid losses.
3. Realize gains from previous LTC purchases- If a holder has purchased Litecoin at a low price, it can be sold thereafter when the price is higher to realize gains/
What You Should Know Before Investing in Litecoin
Here are important things that crypto investors both beginners and veterans should do before investing in LTC.
1. Do your own research- If you’re going to invest in cryptocurrency, it is very important to understand the industry. Do your own research on the token, exchange and keep yourself abreast with the with the happenings in the market.
2. Do not fall for the hype– You’ve to avoid falling for hype in the market. You’ll need to check if an asset is on an upswing on its own or riding a bubble. This is because coin may rise quickly and then loses its gains suddenly.
3. Volatility in price is certain– Asides stablecoins such as USDT, several others are volatile. This is very certain in the crypto market. You need to have this at the back of your mind when putting your money into crypto assets. There’s no guarantee that you’ll have return on investment always as asset will see a dip.
Where To Sell Litecoin in Nigeria in 2022
You can sell Litecoin among other cryptocurrencies in Nigeria via crypto trading platforms. Since the ban on crypto activities in financial institutions by the Central Bank, trading platforms have thrived.
One of such crypto trading platform is Prestmit. The company is one of the most trusted and reliable platforms for your crypto trading. Other top crypto assets you can sell here include Bitcoin, Dogecoin, USDT, at the market rates.
Payment option available here include Nigerian Naira, Ghanaian Cedis and USDT. Prestmit also has its tentacles spread to Ghana, West Africa.
How To Buy Litecoin on Prestmit
1. Create An Account
Register a Prestmit account to get started.
2. Generate Litecoin Wallet Address
As a Presmit user, you will have a Litecoin wallet address on which you can see the current Litecoin rates and can start the process of selling.
3. Send Litecoin
Click on “BEGIN TRADE” or “START TRADE” to sell your Litecoin. Send your Litecoin to your Prestmit Litecoin address.
4. Get Paid
The naira amount gets added to your naira wallet according to the corresponding rate once the transaction gets three (3) confirmations on the Litecoin network. Waiting for these 3 confirmations is aimed at avoiding fraud and ensuring transaction non-reputability.
Why Choose Prestmit To Sell Litecoin in Nigeria
1. It is Always Available
You can have access to gift cards 24/7 on Prestmit. It is available at any time you want to trade. This is very essential if you want to trade anytime.
2. Built with Love
This platform is designed with the users in mind. The rates here are true with the market rates. The aim is not only to make profit, but to ensure every user has an amazing experience while using the platform.
3. Use Multiple Payment Options
You can make payment on this platform using fiat currencies and digital currencies. Nigerian Naira, Ghanaian Cedis, and Tether (USDT) are payment options on Prestmit.
4. Instant Payment
Prestmit offers instant payment on trade for its users/customers on this platform. This is one of the several reasons it used by many people.
Users count Prestmit as one of the best digital exchange platforms for its speed of transaction. The payment facility is one of the best out there, you get your payment same minute (instant).
5. Fast Transaction
You can get your transactions done on this site (web/app) quickly. The options available for payment as well as the app make your transactions quick.
Using an average of general trade trends, transactions only take minutes and payments are instant once requested.
6. Easy To Use
Prestmit is as easy as writing your name and email address. The platform offers an intuitive, beginner-friendly interface and 24/7 customer support for your trade. You can register your digital wallets in a minute on the platform.
Also Read– Which To Buy Between Filecoin & Litecoin?