Lightning cryptocurrency exchange

 
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What is the difference?

Exchange Bitcoin Lightning Network to Litecoin

What do you need to know?

  • ­ The average time for exchanging BTCLN to LTC is no more than 1 minute
  • ­ You only need 1 confirmation of the Lightning Network for the exchange
  • ­If an error occurs when sending BTCLN, then you need to open a channel with FixedFloat. Information on how to do this is in our article
  • ­If you see the message "Payment in transit" when sending BTCLN, then there is a problem between intermediate nodes. You need to wait for the final invoice payment or refund

A brief history of the Lightning Network

The Bitcoin community has long been baffled by the scalability issue. The speed of transactions fell, and the network fees grew. In 2015 Thaddeus Dria and Joseph Poon proposed a solution called the Lightning Network. The idea was to carry out some of the transactions outside the network, thereby reducing the load on the BTC blockchain. In 2018, the Lightning Network was launched in Bitcoin.

The Lightning Network is a system that helps users move funds among themselves without having to use a blockchain to verify a transaction. Instead, there is a quick check of funds from the sender and a request from the recipient who agrees to the transaction.

Problems that may arise when sending Lightning Network

  1. If an error occurs when you try to send the Lightning Network, then most likely it happened due to the lack of channels. The Lightning Network requires links between nodes. If your wallet allows you to open channels yourself, then you can open a channel with FixedFloat.
    FixedFloat Node:
    037[email protected]lnd.fixedfloat.com:9735
    For more information on how to do this, see our article "How to start using the Lightning Network?".
  2. If you see a "Payment in transit" message when sending the Lightning Network, it means the Lightning Network has been sent, but there is a problem with intermediate nodes. You need to wait for the final invoice payment or refund.

Lightning Network Speed and Fees

Since transactions on the Lightning Network do not end up on the blockchain, they are almost instantaneous. But if one of the intermediate nodes is off the network, the transaction may be delayed.

The fee depends on the intermediate channels through which the payment passes. Usually it is almost zero. But it so happens that some channels charge a high fee for passing the payment. It can reach up to 1% of the amount.

Litecoin — Bitcoin's first fork

Litecoin — electronic peer-to-peer cryptocurrency, created in 2011 by a former employee of Google and Charlie Lee, when creating the basis was taken the source code of bitcoin (Litecoin is a fork of Bitcoin). In the crypto community, it is often called "digital silver".

The speed and fees of the Litecoin blockchain

Litecoin is considered to be a fast blockchain, the average block exit time is 2.5 minutes.

Today, the average Litecoin transaction fee is 0.00049 LTC, which is approximately $0.03.

exchange in 3 easy steps

  1. Enter the desired amount of Bitcoin (Lightning) and write your wallet address to receive currency.
  2. Click the "Exchange now" button and you will be taken inside your order.
  3. Send Bitcoin (Lightning) to the address from your order, after the required network confirmation, Litecoin will be sent instantly.