Convert Bitcoin to Litecoin
Introducing to Bitcoin cryptocurrency
Convert Bitcoin to Litecoin: Bitcoin was the first digital currency to initiate decentralization in the post-Internet world.
Bitcoin can be the kind of money you use to buy or order online, as a kind of investment that preserves the value of your savings in the long run, or as a platform for future decentralized programs in non-financial aspects of your life is entered.
Bitcoin is an electronic currency with which you can send money anywhere in the world or use it to buy goods and services.
The two main features of Bitcoin, namely decentralization and the avoidance of printing more monetary units, are an important achievement for today’s currencies that pave the way for a new form of economic system in the future.
Bitcoin can be considered as an investment tool, with which you can make your currency transfers and even order from online stores.
Who controls Bitcoin?
Unlike today’s currencies, which are supplied and distributed by governments, Bitcoin is not controlled by any particular individual, group or organization.
People who enter the network of this digital currency must accept the rules of the network.
These rules are in the form of programming codes that can be seen by everyone on the Internet.
There are several groups in the Bitcoin network, the most important of which are miners, developers, and network nodes (devices that are connected to the network).
Each of these groups has a specific task in the network; For example, miners verify the transfer of bitcoins, also known as transactions, online.
Or developers are voluntarily responsible for upgrading Bitcoin software and its capabilities.
Nodes also store the history of network transactions on their hard drives.
Bitcoin is not in fact controlled by any of these groups, governments or other individuals, and the cooperation of the various groups present in the Bitcoin network will keep it alive and growing.
Who made Bitcoin?
Bitcoin was born in late 2008.
You probably remember the big financial crisis of 2008 and the events of that time from the news.
It was around this time that an unknown individual or group, alias Satoshi Nakamoto, sent an article to a large number of cryptographers talking about new electronic money.
In this article, also known as the White Paper, Satoshi Nakamoto described bitcoin and how it works.
If you want to know more about Bitcoin cryptocurrency you can read our similar article about Bitcoin price and necessary information about it.
Introducing to Litecoin cryptocurrency
Litecoin is a peer-to-peer digital currency that enables relatively instant and low-cost payments worldwide.
Litecoin is an open source payment network based on blockchain.
In this protocol, digital assets called Light Coin, or LTC for short, can be transferred around the world in a completely decentralized manner without any intermediaries or central institutions.
Like Bitcoin, the security of the Litecoin network is guaranteed by encryption and proofreading.
Litecoin transactions are almost four times faster than Bitcoin.
While the identity of Satoshi Nakamoto, the creator of Bitcoin, is still unknown after about 10 years, the creator of Litecoin is a young Chinese-American named Charlie Lee.
A former employee of Google and Kevin Base, in 2011 with major changes in the Bitcoin protocol, introduced Litecoin network.
There is an interesting philosophy for the birth of Litecoin.
If Bitcoin is gold, Lightcoin, like its logo, is reminiscent of silver.
This means that Litecoin aims to create currency for more every day and cheaper purposes.
Like Bitcoin, Litecoin is limited, assuming that unlike Bitcoin, of which only 21 million can be produced, Litecoin will be mined up to 84 million units.
How does Litecoin work?
Just like bitcoins, miners secure their computers by performing mathematical calculations by placing their computers’ computing power on the network.
In effect, miners do this to verify and validate transactions, which saves the network.
All digital currencies use a special algorithm for activity. The bitcoin algorithm is SHA-256, but Charlie Lee changed the process to a better algorithm called Scrypt in creating Litecoin.
This algorithm has the ability to calculate easier, less workload and therefore the ability to confirm transactions faster than the Bitcoin algorithm.
While cost-effective bitcoin mining is only possible these days with ASICs, graphics cards are still a common way to extract Litecoin.
Of course, using ASIC devices is more cost-effective than the graphics card method.
Every 2.5 minutes, all approved Litecoin transactions are placed in digital packages called blocks.
These blocks are added to a chain of blocks called the blockchain.
If you want to know more about Litecoin cryptocurrency, you can read our similar article about Introduction to Lightcoin digital currency.
How to convert Bitcoin to Litecoin on Flashift website?
To convert Bitcoin currency to Litecoin currency, you can proceed through Flashift site and convert your currencies online and quickly.
With the Flashift site, you can get the equivalent of your desired exchange rate, and then select an exchange to convert through the offered exchanges and convert the desired currency into another currency.
The steps of converting Bitcoin currency to Litecoin are as follows:
First, we enter the Flashift website.
Click here to go to the Flashift website to convert cryptocurrency.
The second step is to select Bitcoin currency from the top drop-down menu and in the drop-down menu, select Light Coin according to the image below, and then click on View All Offers.
In the next step, you must select the best fee and the best exchange office you want and click continue.
In this step, you must fill in the required options, including the address of the wallet to which you want the exchanged Bitcoin currency to be deposited in Litecoin.
The bottom option is that if your address has additional memos, tags or IDs, enter it in this field and continue to enter the next step.
In this step, you must confirm the entered information and enter the last step.
In the final step, you deposit the desired currency to the given address and the converted currency will be sent to your wallet and transferred in a few minutes.