Litecoin (LTC) is one of the top ten cryptocurrencies in the world by market cap, with a current market value of over $ 3.2 billion. According to Coinmetric, more than 150,000 Litecoin wallets are active every day.
Truth be told, there are some ways you can make proper money with Litecoin other than the obvious way of trading. So, I decided to explore some proven ways how to earn Litecoin.
What is Litecoin?
Litecoin is a P2P cryptocurrency and open source program released under the MIT / X11 license. The Litecoin transfer and creation is based on an open-source cryptographic protocol and is not administered by any central authority. Starting in October 2011 Litecoin was an early bitcoin spinoff or Altcoin.
How to Invest In Litecoin?
If you’re looking to invest in Litecoin, it’s important to remember that Litecoin is a currency. This means it doesn’t act like a stock or bond. Instead of buying shares of Litecoin, you are swapping your currency for Litecoin currency.
For example, $1 USD is equal to about $163 in Litecoin today. The goal is for the value of Litecoin to rise, in which case, you could exchange your Litecoins back to dollars (from someone willing to do the exchange).
So, where can you do this? Sadly, you can’t invest in Litecoin at your stock broker. Instead, you need a digital wallet. The best digital wallet we’ve found for US Citizens is Coinbase. Coinbase allows you to buy and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin all in their app.
Another solid choice is Uphold, which let’s you buy and sell upwards of 60 different cryptocurrencies in the United States.
Since Coinbase is also a digital wallet, you can use your wallet to buy, sell, send, and receive Litecoin as well (for example, using Litecoin to pay for goods or services online).
By using THIS LINK you’ll get $10 in BTC after you open a new account. You can then convert your Bitcoins and bonus into Litecoins if you wish.
If you don’t like the idea of a digital wallet, there are no ETFs that track Litecoin yet. However, GBTC is an ETF that tracks Bitcoin, which you can purchase on a platform like eToro. You can also invest in other cryptocurrencies on eToro as well.
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Litecoin Lending and Trading
One of the more popular ways to earn Litecoin online is through crypto lending and trading. Traders can leverage their existing crypto holdings to buy and trade Litecoin online. Crypto lending platforms offer loans with no credit checks as long as the borrower has cryptocurrency they can use as collateral to secure loans. Loans can then be used to trade crypto. Experienced traders who know the market can do well whether the price of Litecoin is up or down. The basic process is fairly simple:
- Register to a platform: Select a site to earn Litecoin and complete the registration process
- Identity verification: Users will have to verify their identity to comply with KYC requirements
- Deposit collateral: Deposit the required collateral to secure a loan
- Receive the loan and start trading: Once identity is verified and collateral is deposited the loan will be released immediately
Leveraging crypto assets to trade is a popular method to earn Bitcoin and other cryptocurrencies as well as LTC. There are many crypto lending platforms online. We have provided you with information on 3 of the top platforms to make selecting one easier.
BlockFi
Founded in 2017, BlockFi is a New Jersey based crypto lending platform that offers crypto based loans, interest earning accounts, and crypto trading for Litecoin and several other cryptocurrencies. The current interest rate for Litecoin accounts is 6.5% APY. There is no minimum deposit requirement to open an account and no monthly fees to deal with. Litecoin backed loans are also available. Interest rates on loans vary depending on the loan to value (LTV) ratio which at BlockFi can be as high as 50%. The minimum loan amount is $5000.
YouHodler
YouHodler is a Switzerland based crypto loan platform that opened its doors in 2019. The site offers interest earning accounts for 22 different cryptocurrencies including Litecoin. YouHodler LTC accounts interest rates are currently at 5.5% APY. The minimum deposit required to open an account is $100. There are no monthly fees on YouHodler interest earning accounts. The site also offers crypto backed loans in US dollars, Euros, GBP, Swiss Francs, BTC, and USDT. Loans may be secured using 18 different cryptocurrencies as collateral including Litecoin. The LTV ratio at YouHodler goes as high as 90%.
CoinLoan
CoinLoan was launched in 2016 and is a crypto lending platform based in Estonia. They offer interest earning accounts for 2 fiat currencies and 16 cryptocurrencies including Litecoin. Litecoin accounts can earn interest as high as 7.2% APY but this rate is only if the depositor has staked CLT, the CoinLoan Token. Without staking Litecoin accounts earn 5.2% APY. There are no monthly fees on CoinLoan accounts and the minimum deposit to open an account is €100. Crypto backed loans are another service offered by CoinLoan. Litecoin and several other cryptocurrencies are accepted as collateral.
How to Earn Free Litecoin (LTC)?
- Litecoin Faucet
- Litecoin PTC Sites
- Litecoin Airdrop
- Litecoin GameFi
- Litecoin Bounties
- Learning About Litecoin
- Shopping Reward
- Litecoin Interest
- Owning a Faucet
- Write about Litecoin
- Litecoin Affiliate Program
- Free Litecoin Cloud Mining
Read More:
- How to Earn Litecoin (LTC) – 12 Safe Ways to Earn in 2022
- Top 10 Most Popular Litecoin (LTC) Faucets 2022
How to Earn More Cryptocurrency?
How Is Litecoin Different?
Litecoin is different than other currencies is a couple key ways.
First, unlike Bitcoin and Ethereum, Litecoin uses a software algorthym (Scrypt) to mine units. This somewhat prevents individuals from making powerful custom computers (or rigs) specifically to mine the currency.
Second, Litecoin has one of the fastest transaction times of the digital currencies, clocking in at 2.5 minutes (versus the 10 minutes for Bitcoin).
Third, and most popular for investors, Litecoin is the cheapest of the three major cryptocurrencies. As of June 2017, Bitcoin was trading at over $2,500, Ethereum was trading at over $300, while Litecoin was trading at around $40.
Conclusion
Litecoin is still one of the most trusted cryptocurrencies on the market today, and you certainly want to use it. However, the way to make huge profits by accumulating coins is not so simple. If you are not careful, you may even lose a lot of money. Investing in the litecoin exchange itself has the risk of market fluctuations, and mining encryption technology will also bring threats from predatory hackers and malware. In the end, choosing to get Litecoin’s website for free may be the safest way for you to earn Litecoin without exposing yourself to many unnecessary online dangers.
