Selling litecoin on Uphold to make a profit

Learning outcomes

Review the amount of litecoin we have on the exchange

What was the original value

How much is it worth now

What profit do we want to make

Create a limit order to acheive the desired profit

Have the profit paid direct to bank account

Review

Log into Uphold and check the contents of the litecoin wallet and calculate it's current value.

We have 0.10239867 litecoin

It is worth:

$12.65

£9.58

We started with £10 that was sent originally from the bank to uphold.

Exchange Rate:

Sterling: 1.00 = Dollars 1.31962 = 0.01068 LTC

The table above shows the current value of our litecoin and what the target sell price has to be to make £2 profit.

For this exercise, we will create a limit order and have the funds automatically paid to the bank account

This represents a 20% increase so it's a nice example of how to make some money.

As before, you will create a transaction in Upload, select Litecoin in the from field then select Max to state all coins for sale.

Drag the buy / sell control toward the top of the screen next to the from field to indicate the limit order is a sell order.

The max number of litecoin we have.

The direction of the order, and the price.

Final amount that is due if the price reaches the target

We cannot use the max amount, we need to reduce it slightly by removing the last three digits in the from field. If we don't reduce the amount the limit order cannot be created.

.

Removed the last three numbers

Target Sell price

Current Sell price

Changed the to field so the money is paid direct into the bank when the price increases and the trade is executed

Press Preview to review the trade before comfirming the limit order

As usual, enter your 2 factor authentication code

Final check before Confirming the order

Press the Confirm limit order, then open the Activity Window and the Limit tab.

The Limit order is now active, keep and eye on new transactions in the bank account

Now we wait, patiently for the litecoin sell price to increase.

If we had bought more litecoin and still just wanted to make £2 profit then the sell price would need to be lower because we have more to sell.

Transfer Litecoin from Trezor to Uphold

Learning Outcomes

We are going to transfer the Litecoin we sent to the Trezor back to uphold

Get the litecoin wallet deposit address from Uphold so we know where to send the coins.

Check the different options for sending, we have more control over fee amount

Demonstrate signing a transaction on the trezor device

Check litecoin has arrived on the uphold exchange

Get the litecoin deposit address from Uphold

Open the transaction window in the uphold app or web interface, in the From section select the litecoin network.

Read the Crypto Investing is very high risk statement, if your happy then tick the confirmation box and press continue.

Uphold will now display your Litecoin wallet address as a QR-Code, this will be used to tell your Trezor where to send the litecoin.

The litecoin address is: LW36jemSAqPTG4hpa2Tbtdi3kj4RJ77Siq

Make a note of this address for future reference.

Create a send transaction with your trezor

Connect your trezor to your PC, login to the website trezor.io or launch the Trezor Suite software.

Enter the pin number using the 9 grid number range on the Trezor to select the boxes on the PC.

Select the asset you want to withdraw

Press the Send button

Enter the wallet address in the address field

The next field to enter is the amount, when you hover over the field a Send Max button will appear.

if you want to send everything, press the button.

Other options are to enter the amount of Litecoin or the value in the currency of your choice, click the drop down to select another if you need to change it.

The fee to send is alot cheaper than sending from the exchange, in this case it is 113 satoishi vs 30000 by the exchange.

If your happy to proceed with the transaction, press the Review & Send button

Enter your pin again: You will find you need to do this on a regular basis, it is there to protect you please expect to do it multiple times when performing operations on the site.

Here you need to check following is correct:

Litecoin address

The fee to send

Amount to send

If your happy all the information is correct, you then need to check the display on your Trezor

Your looking to check the following is correct:

Amount to send

Litecoin wallet address

If your happy, then press the Confirm button on the trezor

The trezor will ask again to make sure you really want to confirm the transaction

If your sure, then press Confirm otherwise press Cancel to stop.

After pressing the Confirm button, the trezor will sign the transaction and update the screen.

Click the Send button to pass the transaction to the Litecoin network

It takes time for the transaction to be picked up by the miners, please be patient to wait for the first block confirmation.

You can monitor progress of the transaction by checking the Activity Log in the Uphold app.

The transaction information looks like this

When the litecoin has been sent you will see the transaction status update

Click the arrow pointing up to get more transaction information

Click the TX ID link to view the transaction in the blockchain explorer

This screen gives you more information on the progress of the transaction, which block the transfer was included in and how many blocks have been solved since the block that contained the transaction.

Typically funds are not available for spending until a transaction has reached 3, 6 or over 20 confirmations, this is to protect against double spending.

As time goes on more blocks are confirmed that strengthen the previous block making it harder to make changes to the block chain. Which is why you have to wait for a set number of confirmations, below we see there have been three confirmations.

You can check the process of the transaction by viewing this link:

https://ltc5.trezor.io/tx/222019a2e9727adf6fd5903a4bfacc3a3fda048a1157c5738a004b0a885a12de

It will show the total number of confirmations, the number will keep incrementing forever.

Checking progress on Uphold

When the first block is confirmed it will show up on the exchange, the portfolio amount will update showing you have funds on the way but are not spendable yet.

The exchange needs to wait for a defined number of confirmations before it becomes spendable. The number of confirmations will differ with each exchange and currency. You just need to be patient and wait, there is nothing you can do to speed up the process. Paying a higher fee just speeds up getting the first block confirmation.

When the funds finally arrive, you will get an email and a notification on your phone.

We keep refreshing the Activity screen, when there have been enough confirmations the yellow timer icon will disappear and you will be able to start trading or withdraw the litecoin to sell to your bank.

Funds have arrived

It took 21 confirmations for the litecoin we sent to be spendable

The activty screen on uphold has now changed to indicate enough confirmations have been processed to allow the funds to be spendable.

Our available funds show the litecoin wallet is now active with the amount of litecoin we sent.

What have we learned?

Get the litecoin deposit address from uphold

Create a send transaction on the trezor

Check the details before sending

Confirm the transaction on the trezor device

Check the exchange to see if the transaction has been confirmed in the first block

Check the Trezor Litecoin explorer to see how many blocks have been confirmed

Realise it takes time for our litecoin to become spendable on an exchange, in this case it look an hour.

Next steps

Now we have moved our litecoin back to the exchange, we want to sell it and try to make some profit.

In the next post I will demonstrate how we work out our costs and what the litecoin price needs to be to make a profit.

I am really enjoying sharing my knowledge with you, I would love to hear from your to gain any feedback and to provide tutorials on any issues you maybe experiencing.