How to Convert LTC to USDT
If you have the Litecoin (LTC) and need to convert it to the Tether (USDT) stable coin, one option is to find someone who wants to convert their USDT into LTC in peer-to-peer marketplaces. Indeed, this is a time-consuming process. Not to mention the chances of finding someone to trade with are low. Besides, you may not get the best exchange rates.
Why go through all that hassle when you can convert LTC to USDT on a reliable cryptocurrency exchange like Rubix? When using such a platform, the security of the transaction is guaranteed. You also get the opportunity to convert the coins when the exchange rates are at the highest.
About LTC & USDT
What is Litecoin?
Litecoin (LTC) entered the cryptocurrency market in 2011. It is based on Bitcoin’s primary code and protocol and is built to improve Bitcoin’s scalability issues. Being a decentralized coin, LTC provides low-lost and instant payments globally. In addition, it is based on an open-source cryptographic protocol that is easy to create and transfer without a central authority.
Much like other major cryptocurrencies’ mining rewards, LTC also offers rewards to participants. New blocks get added to the LTC blockchain every 2.5 minutes. Currently, LTC miners receive 25 seconds per block. The maximum number of Litecoins in circulation at any point cannot exceed 84 million coins. A significant advantage of LTC over other coins is that transactions are quicker. The faster transaction speeds also improve block scalability, allowing LTC to handle more transactions.
Unlike other notable cryptocurrencies such as Bitcoin, which use the SHA256 hashing algorithm, LTC uses the Scrypt hashing algorithm. It is available on most cryptocurrency exchanges, including Rubix, and you can trade it for fiat currencies or digital currencies. In addition, crypto enthusiasts can purchase Litecoin either by debit or credit card payments or bank transfer.
Litecoin transfers are completed without any intermediaries. Therefore, the transaction fees are less than many other cryptocurrencies. Litecoin is also built on the scrypt PoW, making it ASIC resistant.
Mining Litecoin is accessible to more regular users; you can mine it using a standard PC. However, if you want to be more successful, it is best to use a powerful computer. Litecoin is one of the better-known cryptocurrencies with a current market cap of $7 billion, which is an impressive figure, given the general volatility of the crypto space.
What is Tether?
Tether (USDT) is a blockchain-based stablecoin backed by an equivalent dollar amount. The digital currency’s price is pegged to $1.00. The BitFinex crypto exchange developed USDT tokens and launched in 2014 as RealCoin before rebranding it to Tether. As of October 2021, Tether was the fifth-largest digital currency by market capitalization, valued at $68 billion.
Since it is a stablecoin, the USDT was created to keep cryptocurrency values stable. As such, it is immune to the wide valuation swings associated with other cryptocurrencies. It is primarily used as a mode of value storage and a medium of exchange rather than for making speculative investments. BTC to USDT trading represents the most significant chunk of Bitcoin traded into fiat currencies or stable coins.
For instance, 57% of BTC trading in February 2021 took place in USDT. For this reason, this stablecoin is a significant source of liquidity for the cryptocurrency market. In addition, it offers investors an opportunity to avoid the typical volatility of other digital currencies. Although Tether drops below or rises above $1 at times, its value stays constant because it is pegged on a fiat currency fund backed by Tether’s reserves.
Convert LTC to USDT using Rubix
Acquiring Tether is easy, thanks to the in-built trading tools of the Rubix exchange. You can do the conversion from your Rubix account. The Rubix exchange allows tens of cryptocurrency and fiat currency conversion pairs. With its real-time exchange rate chart, Rubix will also enable you to manage your assets conveniently. For instance, after converting LTC to USDT, you can send funds and make payments without transferring the coins to your personal cryptocurrency cold wallet.