Bitcoin Forum

So I just opened up an Electrum wallet on my Mac.   I've had my first deposit from a friend.
Now the question is, when it comes to Litecoin, is there a tie in software that lets me direct deposit from the wallet into my bank account using an ABA tracking number?

Are there any that are free or low fee that is just a small percentage of the value?  What's the best for someone who is just a beginner trader who doesn't want to spend a lot of GB of space on their computer actually mining currency.

I hope I understood your question well. The answer is No. You will have to trade off the Litecoin for fiat currency using a crypto exchange after which the fiat currency you receive can be transferred to your bank account.

Can you please rephrase this question? I didn't understand what you were asking about.

No, I think the best option for you is to open up a crypto exchange and tie your bank account.

At least that's how I set up mine with our local exchange, so it goes like exchange->bank account.

What do you mean mining crypto currency in your computer? what coins are you mining thru your local computer?

No, that's not possible.
As an example, you cannot deposit to your bank your APPLE shares either. You can however transfer fiat between your bank account and your brokerage/exchange website (and for that various fees may occur).


You don't have to mine in order to trade. Actually you need special devices in order to mine Litecoin, so I am almost sure you don't want to mine it.
You can trade Litecoin on any (well, almost any) crypto exchange. At the point you want to transfer the coins you'll pay a fee. If you transfer from your wallet to the exchange you pay the miner's fee/transaction fee/network fee (call it as you want), if you withdraw from exchange you'll pay a withdrawal fee that'll also cover the the transaction fee.

If you would mine, the chance you'd also mine your own transaction would be slim (you would have to hit a block and unless you have huge mining power it would have to be "the right block" so the mining pool includes your transaction), so don't worry.

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What you should worry about is that you are missing the basics of crypto currency transactions. And I expect you also don't know how to make sure your wallet and funds (keys) are safe. I hope that at least you know about trading, TA and "reading" the news that matter, else you have good chance to lose your money in trading. I don't want to scare you off, but you should read more.