The crypto market is not homogenous, and there are several different altcoins listed on cryptocurrency exchanges. Each altcoin has a unique use case and a unique purpose. Litecoin (LTC) is used to transfer money across the globe. Stellar is a platform that allows individuals to move money internationally at a much lower cost. If you want to convert Litecoin to Stellar, then you are at the right place. In this article, we will discuss the process of exchanging Litecoin for Stellar Lumens (XLM).
A person looking to buy Stellar Lumens will first need a Litecoin wallet and a Stellar Lumens wallet. Both wallets can be easily set up using a smartphone.
What are Litecoin and Stellar?
Litecoin is a cryptocurrency which was first introduced by Charlie Lee, an MIT graduate in the year 2011. Litecoin is an opensource payment network which is licenced under the MIT/X11. The production and transfer of coins is governed by no central authority and is based on an open-source cryptography technology. The coin was influenced by, modelled after, and is pretty much similar to Bitcoin (BTC) in terms of technical features, with a few technological upgrades.
Stellar is an open-source, decentralized payment network. It is a leapfrog technology that is built on the premise that the international community is ready for a more efficient way of moving money across borders. Stellar is a consensus network that is fully open source and is built on top of the same technology used by Bitcoin. The Stellar Development Foundation is a nonprofit organization that is supported by donations and grants. They have a mandate to support the Stellar network. The XLM token is the native currency of the Stellar network. The validation of the transactions happens through a consensus mechanism called the Stellar Consensus Protocol.
How to convert Litecoin to Stellar
To convert LTC to stellar, you have to follow these simple steps:
- After visiting Alligat0r, go to the Crypto pairs page of the platform and then pick the currency to be swapped.
- Choose the LTC to XML exchange option.
- Select the number of coins you’d like to exchange.
- Select the conversion rates for your LTC to be converted to XML. The two types of rates available are fixed and floating rates.
- To complete the Litecoin – Stellar transaction, enter your receiving wallet address. After your Litecoin to Stellar transfer is complete, you will get XLM to this address. It’s important to note that all data must be entered accurately; otherwise, the currency will be sent to the incorrect wallet address.
- You may also see how many coins you will receive once the conversion is finished.
- Send LTC from your wallet to the deposit address provided.
After reading this article, hope that you have a better understanding of converting LTC to XML using the steps mentioned above. If you’re still having trouble converting the currencies, then you can use the crypto aggregator – Alligat0r platform here; you will get the best exchange rates, and you don’t need to register an account.