Peer-to-peer platforms allow traders to exchange cryptos directly instead of using an automated engine to execute the transactions. In cryptocurrencies, peer-to-peer platforms are the Craigslist or Facebook Marketplace of crypto trading.
To convert LTC to USD on a peer-to-peer platform, a trader can create an advertisement indicating the Litecoin amount they want to sell and their terms for exchange, then wait to receive offers.
Although peer-to-peer platforms differ from established crypto exchange platforms that utilize exchange engines, they still have measures in place to guarantee the security of exchanges, ensuring safe transactions for users.
It has become vital to understand how to convert digital currencies such as LTC to fiat before making everyday payments, highlighting the need for knowledge in this evolving market.
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