Litecoin Cash is one of the newest hard forks to have entered the market, its parent coin being Litecoin, the fourth-ranking cryptocurrency in terms of market capitalization.
The coin was released on February 18, 2018, having some differences from LTC’s code. Instead of using Scrypt it employs Bitcoin’s proof-of-work algorithm SHA-256, aiming to improve the transaction process and ignite the reuse of old BTC mining rigs.
If you are interested in purchasing, selling or trading Litecoin Cash, continue reading our article to find out what you need to do in order to accomplish these actions.
There is currently no official wallet for Litecoin Cash, but a bootstrap file for the full wallet v0.16.0.2 can be downloaded from their website or Github page. The app can be run on Windows, Mac and Linux operating systems.
On the project’s official website, it is also recommended to use Coinomi and Electrum-LCC as a light wallet for Litecoin Cash storage. The first one is compatible with mobile users who prefer an HD multi-asset wallet, while the second one is recommended especially to those that want to import their keyphrase from Ledger, Electrum-LTC, Trezor, or Loaf.
Litecoin Cash Exchanges
However, LCC has low liquidity on most exchanges, with Mercatox having the highest trading volume -95.87%, in a 24-hour period. Most pairs are traded with BTC, but there are some options with ETH, USD, DOGE, WAVES, USDT and LTC. The only fiat pairs are against USD and RUB, available on YoBit.
How to Buy Litecoin Cash (LCC)?
In order to buy Litecoin Cash, you first need to set up a wallet that supports the coins after you have bought them. The wallet will also help you to sell your LCC coins.
– Create an LCC Wallet
Enter the Litecoin Cash website and select one of the recommended wallets which is compatible with your desktop or mobile operating system.
After you have downloaded the wallet to your desktop, run the app and follow the installation plus setup instructions of the wallet.
- Go to File>>Import Private Key
- The Litecoin Cash blockchain will need to be downloaded and synchronized.
- Select the Receive tab and copy the address
- Encrypt the wallet for added security
- Back up your private key in case something might happen to your funds.
- Now, click on settings>>Encrypt Wallet and create a secure password between 8 to 16 characters.
An icon will be featured at the bottom right-hand corner of the wallet to show you that the wallet is encrypted and locked.
– Buy Litecoin Cash
Buying Litecoin Cash (LCC) with Fiat Currencies
Currently, the only fiat options for purchasing or selling Litecoin Cash directly for fiat currencies is on YoBit, which is the only platform that supports LCC/USD and LCC/RUB for those interested in purchasing with fiat currencies.
Buying Litecoin Cash (LCC) with Cryptocurrencies
YoBit also has in addition to fiat options, four crypto pairings which enable the user to buy/sell Litecoin Cash against, namely Bitcoin, Ethereum, Waves, and Dogecoin. Of course, most exchanges allow you to trade against BTC, but only YoBit and STEX offer pairs against ETH, while TradeSatoshi is the only one that offers LTC and USDT options.
Step 1: Open Account
In both fiat or crypto options, you have to open an account on the exchange that supports the trade of your choice against LCC.
Access the exchange’s website and open an account. If you already have one, then skip this step. Keep in mind that exchanges have different requirements for ID documentation and different verification times. If you do not have one of the cryptocurrencies which are paired against LCC (BTC, ETH, LTC, DOGE, WAVES or USDT), then you should first go to an exchange where you can buy them with fiat currency.
Keep in mind that higher transaction fees are incurred for debit or credit card purchases, but on the other hand, the purchase is finalized instantly.
Step 2: Sign into account
After you have purchased your cryptocurrency and your account has been verified, sign in with your credentials. Now you will have to send your crypto to your newly created account by accessing the “Funds” tab and search for the crypto you are interested in trading against.
Click on the “Deposit” button, copy the deposit address and paste it to the exchange from which you want to withdraw the crypto, and then hit “Send”. This process can require a longer period of time depending on the network’s traffic.
Go to your trading platform and search for the trading pair you are looking for, select it and continue with the transaction. Click on “Buy LCC” and select a limit or market order, and specify the amount of coins you want to buy. After reviewing the details of your transaction you can confirm the purchase.
You should find the LCC coins you purchased in the Deposits ‘Withdrawals’ tab in the ‘Funds’ section of your account. Now you should send the coins into the wallet that you installed, as it is not recommended to leave it on the exchange. In your exchange’s account, click on ‘Withdrawal’, enter the amount of coins and hit submit.
How to sell LCC
If you wish to sell your Litecoin Cash coins, the procedure is similar to the purchasing process. From your LCC wallet, withdraw the amount you are interested in selling to an exchange that supports the LCC pairing.
Locate the “Sell LCC” button and search for the pair of your interest. After you have found it, specify the amount and other details and confirm the sell.
Buying, selling or trading Litecoin Cash is not difficult at all, but there are some limitations in terms of exchanges which support the coin and their limited trading pairs, and also the low liquidity.