Convert Litecoin to Tether
How to Convert Litecoin to Tether on Flashift
Convert Litecoin to Tether: Litecoin, or LTC, is a digital currency founded two years after Bitcoin in 2011 by a former Google engineer.
The conversion of Litecoin to Tether is based on an open-source global payment network, and there is no central reference for controlling it.
Converting Litecoin to Tether follows specific rules and principles, which we will discuss below.
The difference between Litecoin and Bitcoin is in the speed of block generation rate and the use of Scrypt to prove-to-work (POW).
Read similar article about Convert Bitcoin to Ethereum
How to convert Litecoin to Tether?
First of all, you should go to Flashift website.
Then, select Litecoin from the pull-down menu above and enter the amount of Bitcoin we want to convert.
Next select to Tether from pull-down menu below that then click on view all offers like the image below.
In this step select the exchange service which meets your requirements and click on next.
After that step, you should enter your destination address(recipient) and MEMO (extra ID) then click on next.
Read similar article>>>>Convert Litecoin to dollar on coinbase
In this step review everything before conforming and click on next.
And final step you will get your coins in a few minutes.
Read similar article>>>>How to convert Tether to Ethereum on Binance?
What is Flashift?
Flashift is a multi-platform aggregator application for fast cryptocurrency trading and converting.
Flashift seeks the best offers from Exchanges, sorts them and discovers the best rates.
What is Litecoin?
Litecoin is one of the Altcoins derived from Bitcoin’s open-source code.
This digital currency was initially a strong competitor for Bitcoin.
In recent years, many digital currencies have been introduced to the market.
The saturation of the digital currency market has created a competitive environment.
Intense competition for digital currencies is reducing the popularity of Litecoin.
Often, Litecoin is known as a reaction to Bitcoin.
Litecoin was first introduced as a light version of Bitcoin in the Bitcoin community.
Converting Litecoin to Tether has the same features as Bitcoin.
The development team also modified or adapted some Bitcoin features to improve it.
Litecoin, like other decentralized cryptocurrencies, is not issued by the government.
However, it is trusted in the community to spread money. Cryptocurrencies are regulated by the central bank and are not published in printing offices.
They are extracted by a sophisticated digital procedure, which involves processing a list of digital currency transactions.
Unlike traditional currencies, the supply of Litecoins is fixed. Also, no more than 84 million Litecoins are in circulation.
What is Tether?
Convert Litecoin to Tether; Tether is a Blockchain-based cryptocurrency.
Tether or USDT is the cryptocurrency tokens backed by the US dollar equivalent.
Each Tether converts a StableCoin to a dollar.
StableCoin tracks traditional currencies such as Euros, Dollars, or Yen in specific bank accounts.
Tether tokens are developed by BitFinex cryptocurrency exchange.
These native Tether network tokens are traded under the USDT symbol.
Tether belongs to StableCoin cryptocurrency.
Tether aims to keep cryptocurrencies in check.
Unlike other volatile currencies, this currency is prevalent, such as Ethereum and Bitcoin.
Converting Litecoin to Tether, which is known as a tool for exchanging and storing value, is very important.
Tether is one of the subgroups of StableCoins with Fiat collateral.
Fiat currencies such as the yen, Euro, and the US dollar are a medium of exchange established as money, often by government regulation.
Types of StabaleCoins
There are two types of StableCoins.
The one of StableCoin has encrypted collateral, using cryptocurrency reserves as collateral.
Another type is unsecured StableCoins.
They do the same with the storage bank and maintain the required token supply depending on the economic situation.
The purpose of the Tether design is to make the connection between digital currencies and Fiat.
It is also responsible for providing stability and minimum transaction costs to miners.
Tether maintains a one-to-one value with the US dollar.
However, there is no guarantee for that.
That means it is impossible to exchange or repurchase Tether with real money and you cannot exchange tethers for US dollars.