In this guide, you will learn the main advantages of cryptocurrencies and find out how to exchange Bitcoin to Litecoin.
BTC and LTC have been ruling the crypto market for a long time now. They are counted as the top-tier cryptocurrencies, and hence, they are supported by enough market data. That is why a sufficient amount of information is available to support your trading and investing moves in these crypto tokens. Bitcoin is a pioneer cryptocurrency and is, in a way, the creator of Litecoin but it is less accessible than the latter. In the discussion of Litecoin vs Bitcoin, the most significant point is the ability to produce coins.
Litecoin can produce way more coins than Bitcoin. Not only that, in Litecoin, the transaction completion time is way faster than Bitcoin. This is just the tip of the iceberg about why Litecoin is the new boss. When Bitcoin feels too hard to acquire, a better alternative such as Litecoin seems useful, more accessible, and even more profitable. They are easily interconverted, which is only one of the many perks you get by buying or selling LTC.
Why is it possible and fairly easy to exchange Litecoin to Bitcoin? The straightforward answer to this question is that both Bitcoin and Litecoin work on the same proof-of-work mechanism, much like many other cryptocurrencies. In short, they are built on the same model, which facilitates this conversion. After this, we come straight on how to convert Bitcoin to Litecoin or vice versa?
To convert Litecoin to Bitcoin (or vice versa), it is crucial to use the best exchange aggregator. An aggregator would bring everything under a single roof for the user and will allow them to convert their assets rather easily. Swapzone, for instance, allows its traders to have the best rates by maintaining transparency. The users are well-informed about different fees and charges so that they spend what is necessary, and do not waste their money on unnecessary charges. Therefore. Swapzone’s prime goal is to let you know what you are dealing with and provide you with all the information you need beforehand.
Litecoin is a decentralized digital currency created by Charlie Lee in 2011. Litecoin was actually invented as a fork of Bitcoin. It has been verily used as a testnet or a testing currency for changes that were to be later applied to Bitcoin. It has been used because it works on a pretty similar model as Bitcoin does, and they both share identical working mechanisms.
Litecoin functions on the Scrypt Algorithm, designed to make hacking, custom-built attacks, and thefts more difficult. Built with the aim of being a bar of silver to the gold of Bitcoin, Litecoin individually has made digital payments more secure and protected. It completely fulfills its purpose of development which was to overcome the shortcomings of Bitcoin.
In recent years Litecoin has gained recognition other than just being a supportive currency due to its updated algorithm, lesser block time, and faster processing. Its ability to accommodate 84 million coins is highly appreciated and talked about in the crypto arena.
Swapzone provides the easiest and one of the fastest interfaces to swap BTC to LTC. You can exchange Bitcoin to Litecoin (or vice versa) in a number of easy and simple steps. As Swapzone is a crypto exchange aggregator, it relieves you of the worry of visiting various exchanges to get the best rates. You get everything you need on a single platform. It also allows you to see the LTC to BTC exchange rate to know the real-time price.
Follow these simple steps to convert Bitcoin to Litecoin:
Despite being launched as a sub currency, Litecoin has been able to stand consistently among top cryptocurrencies. It produces four times as many blocks as Bitcoin. To put it into simple words, it creates one new block every 2.5 minutes, which is one of the significant advantages enjoyed by Litecoin over Bitcoin. It has been improving its transaction efficiency and speed since its launch. The introduction of Segwit or Segregated Witness is an indication of this yearn. This feature was later applied to Bitcoin to address its scalability issue.
Litecoin has also been used as a testnet for experimenting on the Lightning Network. According to the developer of Litecoin, Charlie Lee, it is more feasible to use Litecoin on Lightning Network. Litecoin is on its way to adopting MimbleWimble, a privacy protocol based on confidential transactions. It aims at decreasing blocksize and increasing scalability, two of the most desired and sought-after features of blockchain.
The main advantage of Litecoin over Bitcoin lies in the purpose of creating Litecoin. It was to develop a greater version of Bitcoin or a testing unit to overcome all the shortcomings faced by the Bitcoin blockchain. One of the many advantages of Litecoin is its greater coin limit. The supply limit for Bitcoin is 21 million and for Litecoin is 84 million. This implies that Litecoin will be able to serve more customers than Litecoin. This is the very reason due to which many experts see a bright future for Litecoin.
As discussed earlier, Litecoin works on the Scrypt algorithm that makes it a lot easier and cheaper to mine. It is also a relatively more sustainable mining option than bitcoin. In addition to that, the faster algorithms of Litecoin make it an ideal choice for smaller tasks. Litecoin maintains a lower rate than BTC, allowing more users to buy and sell LTC in substantial amounts.
Swapzone presents the convenience of a swapping service along with the best rate option and safety of the whole process to exchange LTC to BTC. There is no need to use any supporting documentation, nor registration in the system.
If you’re a visual learner and want to have a better understanding of how to convert Litecoin (LTC) to Bitcoin (BTC) on Swapzone with no hassle, check out our step-by-step video tutorial: