We know our community has been eagerly awaiting for new currencies to be added to Bankera Exchange. Thus, this week, we are excited to announce the support for one of the oldest, however, most popular cryptocurrencies on the market — Litecoin (LTC).
What is Litecoin?
Bitcoin (BTC) is still the most popular cryptocurrency across the world, with millions of estimated users worldwide. However, ever since its birth, there have been many attempts to improve the cryptocurrency by creating better, more efficient versions of the coin.
One of such attempts is Litecoin, commonly referred to as a “lighter” version of Bitcoin. Released on Bitcoin Core protocol back in 2011, with a maximum supply of 84 million coins, it employs similar technology, however, with several important tweaks.
Litecoin vs Bitcoin: How the two compare?
The fundamental difference between the two cryptocurrencies and the technologies behind them is the cryptographic algorithms which they employ. The algorithms directly affect the cryptocurrency mining process during which crypto miners use mining hardware to solve complex puzzles that validate transactions and release new coins into the system.
While Bitcoin makes use of a sophisticated SHA-256 algorithm, which is favoured for its security, Litecoin employs a relatively new algorithm known as Scrypt. The latter is easier to compute, enabling faster transaction confirmation. Consequently, LTC managed to surpass Bitcoin’s block processing time and reduce it from roughly 10 minutes to approximately 2.5 minutes.
Although the Litecoin vs Bitcoin debate has been going on for years, LTC was not intended for competing with BTC, but rather for acting as a complementary payment alternative. While Bitcoin was seen as “gold” — a store of value for long-term purposes, Litecoin was intended as the “silver” — means of a transaction for everyday purposes. Due to its processing time the cryptocurrency is often favoured by merchants.
Since its initial release, Litecoin is still going strong. Currently, LTC is among the top currencies by market cap, with more than 63 million coins worth around 5 billion US dollars already circulating in the market. Now, it is also available for trading on Bankera Exchange, where it is paired with Bitcoin, Ether (ETH), Tether (USDT), and Banker (BNK).
Litecoin trading on Bankera Exchange
We are excited to let you know that Litecoin trading, deposits, and withdrawals have already been enabled on the exchange. We believe that support for Litecoin will help Bankera Exchange users diversify their trading portfolio and boost the trading volumes on the platform. Moreover, we believe that the latest addition will expose our service to the Litecoin community and in turn, attract new users to Bankera Exchange.
As an exclusive benefit for our own community, BNK holders can trade all BNK pairs, completely commission-free. For example, users looking to convert Bitcoin to Litecoin can first exchange BTC to BNK and then BNK to LTC to avoid trading fees. Find the full Litecoin schedule in our Fees and Limits page.
How to trade Litecoin?
You can easily convert Bitcoin to Litecoin, exchange Litecoin for Ether or trade it with other major cryptocurrencies by following a few simple steps:
Step 1. Deposit Litecoin or other supported crypto assets to Bankera Exchange.
Step 2. Choose the currency pair you would like to exchange on the left-hand side of the trading view screen. To avoid exchange fees, trade using BNK pairs.
Step 3. Decide on your preferred order type. At Bankera Exchange, you can choose among several different trading options, including Market and Limit orders.
Step 4. Input the amount of cryptocurrency you would like to trade. If you have chosen the Limit order option, input the desired price as well.
Step 5. Choose “Buy” or “Sell”. Market orders are completed nearly instantaneously, while Limit orders are executed at the point when the market price reaches the limit set by the user. That is it!
If you have further questions regarding Litecoin trading, check out our comprehensive guide How to Trade Digital Assets on Bankera Exchange?
Do not have an account with us yet? Visit Bankera Exchange — our next-generation cryptocurrency trading platform and sign up today!
Please note that the information provided in the blog post should not be considered as financial advice. While Bankera Exchange makes best efforts to choose high-quality coins, we recommend conducting your own research before deciding to buy, sell or hold any cryptocurrency.