How to Convert LTC to BNB
As with trading any other cryptocurrency pair, you need a safe and reliable exchange to convert your Litecoin to Binance Coin. Ideally, the platform you choose should also provide live charts of the current exchange rate so that you profit from the process. Rubix is designed to help you exchange dozens of cryptocurrency pairs, including LTC and BNB. The platform is intuitive and easy.
About LTC & BNB
What is Litecoin?
Litecoin (LTC) is a digital currency whose origin can be traced back to 2011. The cryptocurrency is the brainchild of Charlie Lee, a former Google engineer. Litecoin is a decentralized digital coin based on an open-source payment network. However, it uses Scrypt as Proof-of-Work besides boasting a quicker block generation rate than Bitcoin and other major cryptocurrencies.
Litecoin is regarded among the pioneer altcoins because it is derived from Bitcoin’s initial open-source code. During its nascent years, Litecoin provided robust competition to Bitcoin. Although that is no longer the case, LTC remains one of the most profitable altcoins to invest in. As of December 2021, one Litecoin was worth $215. This saw LTC ranked 14th among the largest cryptocurrencies with a market cap of around $15 billion.
Litecoins are created through mining, which primarily entails processing transactions. LTC supply is fixed, and circulation is capped at 84 million Litecoins. The Litecoin network generates a ledger entry of the latest LTC transactions every 2.5 minutes.
Each ledger entry gets verified using mining algorithms before being made available to network participants. There are various incentives for mining Litecoin. For instance, the first miner to verify a ledger entry gets awarded 12.5 Litecoins. Mining can be done on an ordinary personal computer. Nonetheless, using a more powerful computer increases your capacity to earn more Litecoins.
What is Binance Coin?
Binance (BNB) is a crypto coin, which initially ran on the Ethereum network on the ERC-20 standard. The coin was launched via an ICO in 2017 and has a maximum of 200 million tokens. Of these, 20 million got offered to the coin’s angel investors, while 80 million coins got allocated to the founding team. The remaining 100 million coins were reserved for different participants via the ICO process.
Although 100 million BNB coins were offered to participants during the ICO, the current supply is lower. This is because Binance uses 20% of its profits to repurchase and destroy BNB coins in its treasury each quarter. Initially, BNB was intended to be a utility token for cut-rate trading fees. However, the coin’s uses have expanded to multiple applications across a broader range of platforms in recent years.
BNB’s popularity has grown immensely over the past few years. The coin has garnered support via strategic partnerships with companies such as Uplive. This live video streaming service sells virtual gifts in exchange for BNB tokens. The Binance exchange supports over 1.4 million transactions per second. The coin’s current market capitalization is $1.3 billion.
Thanks to the growing popularity of the BNB coin, you can use it for credit card payments, pay for travel arrangements on specific websites, make loans and transfers, buy virtual cards, and donate to charity.
Convert LTC to BNB using Rubix
Rubix is the best platform to buy, trade, sell, and convert your Litecoin to Binance Coin. The exchange charges low transaction fees, besides guaranteeing quick and safe LTC to BNB conversions. Start trading your Litecoin for Binance Coin and vice versa; you need to sign up on Rubix and afterward, transfer the Litecoin amount you want to exchange from your cryptocurrency wallet to your Rubix wallet.
As soon as the Litecoins hit your account, head over to the “Markets” tab, select the LTC/BNB conversion option and indicate the amount you want to convert. Rubix provides live price charts of both coins so that you make the most out of the conversion. After converting your LTC to BNB, your new balance will be reflected in your portfolio.