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.
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. At Bankera Exchange, Litecoin is paired with four major cryptocurrencies including Bitcoin, Ether (ETH), Tether (USDT), and Banker (BNK).
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.
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.