Investing in Cryptocurrency can be overwhelming, especially if you don’t know your way around it. This ultimate guide will enable you to grasp what you can do to maximize your profit by swapping BTC to LTC
There are many ways of making profits when investing in cryptocurrencies.
You can earn some returns by staking, exchanging from BTC to LTC, for example, or using the currency as a means of payment. Let’s look at how you can benefit from swapping BTC to LTC and other tokens.
- Staking: how does it work?
Staking is committing your crypto assets to a blockchain network that uses a proof-of-stake model in processing payment transactions. In other words, it is leaving the Coin locked in the wallet for a certain period and allowing the network to use them as collateral.
Staking is, therefore, a passive way of earning returns on your Cryptocurrency, and the interest rates can be very awesome thus very profitable.
You can stake in three simple steps;
- Look for crypto that has a proof-of-stake model
- Buy the crypto you desire, for instance, LTC
- Stake the crypto through an exchange platform or pool and wait for your returns.
It is worth noting that staking is not risk-free. Although your coins are safe in the wallet, they will still be affected by the market dynamics. For instance, a decline in the price of an asset will automatically result in a drop in the value of your crypto holding.
Staking (holding) means that you will get rewarded for not using coins -there are rewards issued to investors who keep their cryptos on an exchange site for some time. Be sure to find out how staking works if you opt for this option.
This method earns you profit based on the exchange rates. If you prefer this method, here is what you need to know:
Choose the cryptocurrency platform that gives you the best options on deals. For instance, Alligat0r does more than swap your coins as it provides links to you with other platforms through the exchange aggregator Alligator. This tool saves you the hassle of browsing through several platforms to see the rates. After picking the site, you will need to do it to accomplish the exchange.
How do you swap BTC to LTC?
Here is a step-by-step process of changing BTC to LTC using the Alligat0r crypto aggregator tool.
- Choose BTC to LTC options
- Enter the amount of BTC coin you need to swap
- Choose either a floating or fixed rate for the exchange.
The Aggregator will then implement the search in the various linked platforms and present to you the best deals. The deals are listed for you to make your pick, after which the system will prompt you to proceed, as follows.
- You will enter the LTC receiving wallet address.
- The platform provides you with a real-time amount of LTC coins you will get when the swap is done.
Click on transfer BTC to the LTC receiving address above, and it’s all done.
Lastly, you can invest your coins in digital assets or goods and services just like you would with actual money. However, you will need to understand how it works and the risks and rewards, for instance, Cryptocurrency is different from the normal currency as it doesn’t have oversight of the federal banks or the government. Furthermore, the lack of regulations means the value might appreciate or depreciate quickly based on demand vs. supply.
Therefore, there are several ways to make a profit in Cryptocurrency if you understand what you are doing. You can always ask for help and the experts will be glad to help you.