Our Litecoin Calculator
Litecoin is meant to be the silver coin in relation to Bitcoin’s gold coin. It is a next generation cryptocurrency that attempts to solve many of the issues faced by its big brother. By being smaller in transaction size it hopes to stay scalable and keep transfer fees low. It is likely its size gives it agility and flexibility to the user – and therefore keeping up to date with the latest price using the Litecoin calculator is important.
The Litecoin calculator uses quite simple mathematics. The formula used is:
value in USD = exchange rate x amount of Litecoin.
The value of the Litecoin calculator is to draw in real-time data to give you the very latest price information. You can find out the latest price in dollars of your current pot of Litecoin or, in reverse, the amount of Litecoin your buck will purchase. To find out how much you will pay for your Litecoin simply type in the number of dollars you would like to spend. If you have Litecoin, enter the amount and wait as the Litecoin calculator delivers the data of how much they are worth.
Our Litecoin calculator works so well because of the relevancy of the data used – meaning you have the latest information available whenever you need it.
The Litecoin Converter
When seeking out a Litecoin converter, you are likely talking about a cryptocurrency exchange. These exchange sites work as a central platform where people can go to buy and sell digital assets.
Litecoin is one of the few cryptocurrencies that can be bought directly with your dollars, euros or other fiat currency. This is because it is established as one of the major coins available. You will likely be expected to sign up to an exchange, with proof of identity, to be able to register your credit card or your bank account. Some exchanges will only allow the exchange of Bitcoin for fiat currency. In this instance you will need to buy Bitcoin and then convert these to Litecoin. You will also need to set up a digital wallet in which you can store your Litecoin.
The major benefit of Litecoin is the low price in comparison to some of its contemporaries. This makes it a great starter coin to begin learning about cryptocurrencies and their potential uses. It is quite usual for people to start out with Litecoin and then graduate when more confident to Bitcoin.
Using a Litecoin Converter
Using a Litecoin converter can be as simple as clicking on a button on an API and making your purchase. However, it is worth noting that these API Litecoin converters are directly linked to cryptocurrency exchanges. This means it is still worth investigating the different exchange platforms before starting to buy and sell Litecoin.
One of the simplest ways to convert your Litecoin is to go to the exchange site where your wallet is held and request a cash out. This means all Litecoin funds will be converted to the fiat currency set up against your account and then transferred to your linked payment option – be it a back account or PayPal or your credit card. This essentially means you have sold your Litecoin at the price offered on that day. It is equally as simple to buy – just entering the amount of Litecoin you require and clicking submit.
The hardest part of using an exchange is choosing which one to use. You are allowing significant funds to flow through its mechanisms – therefore you need to trust that this platform is both safe and reliable.
The instances of security breaches have dramatically dropped as the sector has matured. As exchanges have experienced hacks or other criminal activity they have learnt the lessons. The sites now operate cold storage, which means most of the sites’ assets are held offline and out of reach of malicious activity. This might have the impact of reducing liquidity of the sites, with some question about whether they have enough coins to fulfil the requested orders. This would slow down the transaction significantly. However, there are so many coins in circulation that it is unlikely to impact on those speculating or real-world using Litecoin.
Trust is the key with exchange platforms and it is worth researching to see if the site has been independently scrutinised. Most US platforms are regulated at the state-level, giving users a sense that the practices used by the company are ethical and reliable. If you cannot see evidence of external regulation, then you may wish to question how you know your assets are safe.
When to convert Litecoin
Litecoin solves two major problems that Bitcoin faces. It solves the issue of scalability – with sizes of transactions slowing transaction speeds to an unacceptably slow speed. It also addresses the problem of high transaction costs. Therefore, there may be some value in buying and hoarding Litecoin in the belief that the price will continue to go up. You can then use the Litecoin calculator to keep an eye on your digital assets and make sure you time a sale perfectly to make a profit.
It is worth noting that this buying and selling is only profitable if the price rises. This is not an investment as such – it is more a buying of money and believing this commodity will be worth more in the future. Of course, the price will be improved with good news. Yet, any suggestion that the price will continue to rise is purely speculation.
Realistically, Litecoin has been created to make transactions in shops and for services could be paid for with digital currency. Therefore, you are likely to buy and sell Litecoin quite often to facilitate day-to-day living.