Litecoin

How to sell Litecoin anonymously.

Is Litecoin anonymous?

Like many public blockchains, Litecoin is pseudo-anonymous. By Litecoin's pseudo-anonymity, users can transact without providing personal credentials, and a casual observer may be seeing strings of alphabets and numbers representing wallets and transaction identities without knowing who transacted them. 

This pseudo-anonymity of Litecoin is because it is a variant of Bitcoin from which it was forked and the code amended for faster transactions. Meanwhile, Bitcoin is not even a privacy-enhancing digital currency, and it is more private than Litecoin. By implication, all transactions made on the Litecoin network are public, so the transaction history of every wallet is traceable. Moreso, it gets worse: if the wallet owner adds their real-world ID to it, such as during verification while using an exchange or buying products online, it becomes easy to trace them. They are not anonymous, then.

There are also cases when exchanges have refused or flagged coins because they are considered "tainted", which often happens with cryptocurrencies that are not fungible. Even though Litecoin founder Charlie Lee is working towards the fungibility of LTC, users are at risk of unwittingly receiving tainted coins since they can never be sure of the source of the LTC they receive.

How to trade litecoin (LTC) anonymously.

The founder of the cryptocurrency stated on Twitter in January that the focus of the Litecoin developer team would be on fungibility and confidential transaction in an apparent bid to make the coin usage private. Meanwhile, the users are still exposed to privacy issues that may arise from exploiting the open network by blockchain analysis. So how can a holder of LTC secure their funds from hackers and use the network anonymously?

LTC Tumblers - way to trade cryptocurrency anonymously

Tumblers come into play as tools with which users can make transactions on the LTC network without being bothered over issues such as their privacy. Also, the possibility of exposing their wallet ID unnecessarily is settled by using good tumbling services.

A Litecoin tumbler, or a blending service, has multiple functions, even though the overall objective is to protect the privacy of the user of the network as well as secure their coins from unforeseen circumstances, such as hacks, and flagging due to the use of "tainted coins" in their wallet.

The best way to avoid these setbacks is using the Litecoin Mixer https://bitcoinmix.org/ltc. This service works like those that mix bitcoin, which BitcoinMix.org also provides. They use specialized algorithms to dissociate the owners of the coin from their wallets and obscure the transaction history of such coins.

The owner sends incoming transactions through the Litecoin tumbler, which mixes the coins with those held by the service, and then sends "new LTC coins" to the address designated by the owner. This effectively stops blockchain analysis, trackers, tracers, and other spying eyes in their tracks, making the owners of LTC anonymous.

Using the mixing service's wallet keeps the owner's wallet safe from undue exposure to malicious players that could see their balance if exposed unnecessarily to such people.

Other ways to buy Litecoin anonymously

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Buy Bitcoin using Tor Browser or VPN and swap it to Litecoin on exchanges.

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