You have a crypto token but want to trade it for another digital coin. Some examples would include converting Ethereum to Bitcoin Cash or going for an LTCBTC trading pair.
Trading pairs are imperative because you can’t trade all digital currencies as you wish. Some tokens could only be traded for specific coins, so understanding the available pairs is important. Litecoin and Bitcoin are our article’s focus, so let’s see what you should know about these assets!
How Do Crypto Trading Pairs Work?
Pairing digital currencies for trading includes comparing their current prices. The comparison is important to learn about those tokens’ values and understand how much you’d get if you went for the trade. If you visit the page — https://godex.io/exchange-rate, you’ll see info about cryptocurrencies, and you can easily pick the desired pair.
If our trading pair is Litecoin and Bitcoin, you’ll learn more about these currencies. That includes how much LTC you can get for a single BTC and vice versa. This pair is available at most exchanges.
Bitcoin and Ethereum are the most frequently available, but Litecoin isn’t far behind. You might encounter pairs with fiat currencies or stablecoins like USDT. Based on the information accessed and the pair’s availability, you can go through with the trade if it seems like a good move.
|Price Change 24h||+2.24%|
|24h Low / 24h High||$93.05 / $97.73|
|24h Trading Volume||$754,905,415|
|One Year High||$40.68|
|One Year Low||$143.23|
Litecoin supports peer-to-peer transactions without needing a centralized authority, which provides anonymity and increased security. Litecoin is open-source and uses cryptology to create blocks via the hash function. You can acquire LTC with fiat money or other digital currencies. It’s possible to trade Litecoin for other crypto tokens on specialized digital exchanges.
|Price Change 24h||+0.66%|
|24h Low / 24h High||$22,884.89 / $23,225.02|
|24h Trading Volume||$22,374,673,185|
|One Year High||$15,599.05|
|One Year Low||$48,086.84|
Bitcoin’s origins go back to 2008 when someone named Satoshi Nakamoto presented it in a whitepaper. In 2009, it was launched as a digital alternative to fiat money. It was also a revolutionary decentralized payment option. It didn’t require a third party or a centralized entity but focused on securing P2P transactions. The ideas proved to be a jackpot, and BTC became the first digital token used by millions.
LTC/BTC Pair Summary
The upgrading could have gone better for Litecoin since it faced times of instability. But despite that, there’s no doubt LTC has many features that make it a better option than the competition.
For example, it’s an excellent alternative to fiat money. It seems a more natural choice for this than Ethereum, which is primarily a token powering the crypto network. LTC is easier to understand than ETH. Ethereum is an entire platform powering dApps and NFTs, while Litecoin is nothing more than virtual currency.
Transaction speed is an area where Litecoin performs better than BTC. If you need a virtual currency to execute a transfer quickly and securely, LTC is an excellent choice. You can use it to purchase various products on the internet, but also in some offline stores accepting this cryptocurrency.
Litecoin has a community working on implementing new functions and devices, which often end up used by Bitcoin. The current developments include privacy and security improvements, as well as the Lightning Network Protocol. Litecoin has a suitable name since it seems like a lightweight and low-cost BTC version, but it has a clear idea of its future. It’s a promising alternative, so it’s up to you whether you’ll trade it for BTC or not.