How to Convert LTC to USDC
There are two options for converting your Litecoins into USD Coins. Before cryptocurrency exchanges became popular, investors had to find someone selling the coin they wanted in peer-to-peer marketplaces. This is an inconvenient and stressful process, given that it is difficult to find someone who wants to exchange the same cryptocurrency trading pairs.
With established cryptocurrency exchanges such as Rubix, you do not have to go around searching for someone to trade coins with. All you need to do is sign up with a cryptocurrency platform and select the LTC to USDC trading pair. As such, you are guaranteed a quick, reliable, convenient, and on-demand process.
About LTC & USDC
What is Litecoin?
Since Bitcoin emerged as the first cryptocurrency, many other coins have joined the fray. Each of them promises to offer something better in terms of scalability, speed, and transaction fees. Litecoin entered the cryptocurrency market in 2011. Since then, it has been marketed as a lighter and cheaper version of Bitcoin. Its transaction speeds are also faster than Bitcoin’s. Litecoin’s founder is Charlie Lee, who sought to address flaws inherent in the Bitcoin code.
The flaws include Bitcoin’s failure to process transactions at a faster rate, how it is mined, and its poor scalability. Lee intended to create a coin that would morph into a global payment system, allowing users to send and receive funds internationally and locally without requiring intermediaries such as banks. To achieve this, he made Litecoin’s transaction costs cheap and attractive. It only costs a few cents to send Litecoins. Similarly, it takes less than 2.5 minutes to complete Litecoin transactions, making them quicker.
Like most cryptocurrencies, Litecoin is decentralized, giving you control over your funds. No intermediaries are needed to transfer funds, making Litecoin an excellent option for sending and receiving funds. Another impressive feature of the Litecoin digital currency is its scalability. Litecoin can process up to 56 transactions per second. Litecoin uses the Proof-of-Work consensus method. Users can mine Litecoin using graphics processing units (GPUs). These are cheaper than the typically powerful and power-hungry ASIC computers used in Bitcoin mining. For this reason, more people can afford to mine Litecoin. Since Litecoin is a decentralized cryptocurrency, the security of users’ coins is guaranteed. The digital currency’s currency market capitalization is over $7 billion.
What is USD Coin?
USD Coin (USDC) is a stable coin pegged to the US Dollar. It is overseen by a group called Centre, which was established by Coinbase members. USDC often gets confused for a central bank digital currency (CBDC). However, the two stable coins differ because the USDC is issued by an independent entity. The coin’s founders claim that each USD Coin is backed by an equivalent dollar amount held in reserve.
USDC is an Ethereum token, which means it is possible to store it in Ethereum-compatible wallets such as the Coinbase wallet. The coin allows users to move dollar-equivalent amounts conveniently from their crypto wallets to other people or exchanges. The USDC is an excellent coin for high-volume traders. Being pegged on the US dollar gives it relative stability. Its current market cap is about $52 billion.
Convert LTC to USDC using Rubix
To convert your Litecoin to USD Coin, visit the Rubix website and select the LTC/USDC cryptocurrency trading pairing. Enter the Litecoin amount you want to convert to USDC, and then approve the transfer. Rubix has real-time charts indicating current LTC/USDC exchange rates. You can always complete the transaction when the rates are most lucrative. After approving the transaction, you will receive your USD Coin in your wallet immediately.