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How to Use My Litecoins

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If you are a cryptocurrency enthusiast and you are curious about what you can use your cryptocurrencies for, this article is for you. If we strictly talk about uses, these can be very varied, since with smart contracts, stable currencies, and decentralized applications these benefits can be infinite. That is why at Ccoins, we have created a list with the most popular or most curious uses.

 

Holding Litecoin

Holding a cryptocurrency consists of acquiring or making an investment in some cryptocurrency and keeping it stored without using it for any reason. Holding is very similar to keeping money in a savings account, except that there is no interest rate involved. Instead, the profit is due to the revaluation of the asset.

 

Swapping Between Fiat Currencies

This application may not be as well known, since it is for a very specific need. Swapping between fiat currencies is a practice that can be done using cryptocurrencies such as Litecoin. Suppose you are from country X and need money from country Y. To avoid using conventional exchange houses and paying the high commissions they charge, you can acquire Litecoin in country X, and when you travel to country Y, you can sell your Litecoin there, thereby easily acquiring Y’s fiat money.

 

Purchasing Goods and Services

Perhaps the most popular use of all is this, thanks to the growth that cryptocurrencies have had in recent years, leading more and more businesses accept them as a payment method. More and more people use cryptos as a means of payment. Thanks to this symbiosis between both parties, electronic commerce with cryptocurrencies is becoming increasingly common.

 

Sending Remittances

It is becoming more and more common to send remittances with cryptocurrencies because they have fast transfer speeds and charge low commissions. One of the cryptocurrencies used for this is Litecoin. It allows you to send a remittance to any part of the world taking advantage of the strategy mentioned above (Swapping Between Fiat Currencies), with the difference being that the recipient is a different person.

 

Cryptocurrency Trading

This is one of the most popular uses to which cryptocurrencies are put, but it is also one of the riskiest. That’s why we do not recommend trading without first having been instructed about it. Trading consists of taking advantage of fluctuations in the prices of cryptocurrencies to obtain returns on their purchase and sale. 

 

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Is it wise to always use Litecoin in all these cases?

No. Litecoin shares many of its characteristics with other cryptocurrencies, such as Bitcoin. For this reason, it is very common for other cryptocurrencies and tokens to be used for the same things.

Is it necessary to be an expert to put these uses into practice?

Not necessarily. Adoption is currently increasing. Consequently, many people already understand certain terms and characteristics of cryptocurrencies. Therefore, it is not necessary to be an expert, but to have full knowledge of the crypto active market. However, there are uses where a very advanced level of knowledge is required to avoid making costly mistakes, such as cryptocurrency trading.

Are these the only things I can use Litecoin for?

Of course not. There are many other contexts in which Litecoin can be a protagonist. Cryptocurrencies have countless uses, and as global adoption increases, many more will appear.

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