Litecoin was created in 2011 as an alternative to Bitcoin to address the flaws found in the original network. The coin was created on the basis of the Bitcoin blockchain and has retained many similarities with BTC:
- Decentralization. The functioning of the network is not under the control of any government in the world, nor is it influenced by groups of people or individuals, including the development team. This means that it is almost impossible to block or abort a transaction.
- Speed. The absence of regulatory authorities and intermediaries simplifies and speeds up the execution of transactions of any amount.
- Anonymity. All transactions carried out on the network are recorded on the blockchain and remain in the public domain. Third parties can see the fact of the operation, but the identity of its participants remains secret.
- Deflationary. As with Bitcoin, the number of coins is limited. This means that in the long term, the price of the coin will rise in response to increased demand.
Litecoin was initially positioned as digital silver, but today it occupies a modest enough position that the analogy with the precious metal could be considered complete.
Litecoin almost invariably appears in the TOP-10 most attractive assets for investment. And yet, he fails to catch up with the leader. The market is sensitive to the popularity of the coin and the convert LTC to BTC is available on almost all cryptocurrency exchanges. It is worth noting that the availability of both coins on the exchange does not always mean that the platform supports the LTC / BTC trading pair. In such cases, you have to make additional swaps using an intermediary coin.
Among the key disadvantages of custodian services, users name the need to register and verify an account. Registering an account gives you the right to access all the functionality of the exchange platform and by itself is done quickly enough. However, on most reputable exchanges, this is not enough. To remove the remaining restrictions, the new user will have to verify the account.
The procedure provides for uploading a scan of an identity card that:
- Contradicts the principles of anonymity in the crypto world.
- Creates a potential threat of personal data leakage in the event of a successful cyber attack on the platform.
In addition, verification of the information provided takes quite a long time (up to several weeks).
Where and How to Quickly Exchange Litecoin to Bitcoin
For this reason, non-custodial exchange platforms have appeared on the network. There, neither registration nor verification is required. To exchange Litecoin for Bitcoin, you just need to follow these steps:
- In the upper field of the exchange widget, select Litecoin for sale and specify the amount of coins.
- In the bottom field, select Bitcoin to buy.
- Specify the address of the Bitcoin wallet.
- Make a deposit.
- Press the "Exchange" button.
The smart search system will check all available offers, analyze them by all important parameters and offer you a deal with the most favorable conditions. The operation will be completed in a matter of seconds.
You do not need to waste time looking for profitable crypto exchange rates, comparing it on several sites, this part of the work is fully automated.
Another potential bottleneck for custody services is liquidity problems. Although this happens extremely rarely in the case of the LTC / BTC pair, a similar situation on your exchange is still possible. LetsExchange does not have problems with liquidity, since the search offers the client only those deals that meet all the specified parameters.
If you need to exchange cryptocurrency quickly, profitably and completely anonymously - welcome to LetsExchange.
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