Exchanging Algorand to Litecoin: Beginner’s Guide

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Exchanging Algorand to Litecoin

Algorand was built by an MIT professor and a Turing Award winner in 2019. It aims to provide a network that is scalable, cheap, and secure. ALGO aimed to overcome the problems that Ethereum had created for its investors. ALGO has a unique proof of stake protocol that allows its participants to be chosen based on the amount of stake. Algorand has a faster transaction processing speed than Ethereum, which makes it a better choice for investors. The ability of the underlying POS protocol that randomizes its participants also makes the network very secure. Has gained a market capitalization of $12 billion.

It was originally equitable in terms of technology to Bitcoin, but it was an open-source software project, which aimed to be more efficient than Bitcoin. Litecoin allows transactions to be cheaper and useful in everyday use. Litecoin was created to be the silver alternative to digital gold Bitcoin. Litecoin has an excellent prospect in the crypto market. It is one of the most reliable and longest-running cryptos in the markets, having given good performance over the years. 

Why should you exchange Algorand for Litecoin?

Both the coins have shown good performance over the years, but if you are a short-term trader, you should try exchanging coins. It is not only beneficial in maintaining the security of the coins since you should not keep your coins in exchange for more than one month. Also, it allows you to get profits due to the volatility of the crypto market. Therefore, for example, if the price of ALGO went down by $1 and the price of Litecoin went up by $1, and you hold $10 of both the coins, then an exchange from Algorand to Litecoin will give you a profit of $2. If you are a new trader, this method can sound a bit intimidating initially, but once you do it, the process would instead seem simplified.

On the other hand, if you are an old trader and have only held your coins for a long term, exchanging coins can be an excellent way to start earning day profits from your trades since you can get more profit from it without fearing losing the coins. In addition, the mistake that most traders make is to cash out too early from the crypto market, not knowing what to do once they have made a certain amount of profit. But by exchanging the coins, you always remain in the game and can make use of any sudden bear trend and make an entry, maybe in a coin you could not earlier. In all, exchanging cryptocurrencies has proven to be beneficial for traders and investors similarly. 

How can you exchange ALGO for Litecoin?

For many new crypto traders, exchanging coins seems to be rocket science. Nevertheless, it is a straightforward thing to perform, and even a beginner in crypto trading can do it. Be steps to exchange coins are as follows:

  • Find the exchange, which is trustworthy and reliable.
  • On the exchange, the platform chooses the content that you want to exchange. In this case, ALGO and Litecoin.
  • Enter the number of coins that you want to transfer.
  • Verify the life prices through to be sure of the transaction costs.
  • Enter the wallet address that you would want the coins to be deposited. Be careful while doing this step since wrong information can deposit your coins at the incorrect address, which would be unrecoverable.
  • Finally, enter the number of coins you want to be transferred and wait for the transaction to be successful. You would have received the intended coins at the address provided.

Final thoughts!

If you plan to exchange your coins, then waiting until there is a bearish trend in any coins is recommended. It will help you to book more profits. To check out the live prices of ALGO and Litecoin today, visit https://alligat0r.com/coins