How to Convert Litecoin to Bitcoin?
In this guide, we will focus specifically on the options to convert Litecoin into Bitcoin.
Litecoin is an established cryptocurrency to test the waters and learn the ropes of digital cash. It has a relatively accessible price, is easily available for cash and very liquid. It is also cheaper than Bitcoin and less volatile.
But what if you need Bitcoin after all, for various reasons from spending to participating in an ICO that does not take Litecoin? Miners with some quantities of Litecoin sometimes prefer another cryptocurrency.
Shapeshift is an exchange service that does not require the creation of a new account. For some wallets, Shapeshift is an integrated feature. Shapeshift is a service that swaps between assets, without taking a pay cut, while only taking the miner's fee.
The fee for sending Litecoin is 0.001 LTC. There are limitations to the maximum amount of LTC that moves in a single transaction. Maximum transaction sums vary between coins, but for switching between Litecoin and Bitcoin, the limit is 225.45 LTC. The low-end limit is 0.39 LTC.
To use Shapeshift as a web service, you would need to have two wallets ready, for Litecoin and Bitcoin. Generate a receive address for LTC first. The refund address is where you receive a refund if the transaction is outside the limits or does not go through. Then, send the amount of LTC to the address the system gives you. Also, provide a receiving BTC address. If your transaction fails, the refund address ensures that you get your funds back immediately, instead of needing to contact the Shapeshift support team for an order that does not go through.
Changelly is also a simple, account-free service that allows an easy switch between currencies. To swap for Bitcoin:
- Select the amount of Litecoin you want to exchange.
- Follow the prompt to provide a Bitcoin receiving address. Generate a new address from your preferred Bitcoin wallet.
- Send Litecoin funds.
- Wait for the transaction to clear.
You may use an online exchange, to seek out a price for your Litecoin holdings. The most active trading of LTC for BTC happens on Poloniex (link to article on Poloniex), which would require an account.
Litecoin follows the Bitcoin price, but not perfectly. If you really need to change your holdings, see which rate would be more satisfactory. The LTC/BTC rate does not immediately follow the dollar price of LTC, and there may be moments when you could be selling at a smaller or larger loss.
Trading is an option for moving larger amounts of LTC, especially if the account has the right verification.
Use Exodus Wallet
Consider using the multi-coin wallet, Exodus. The wallet has a built-in exchange function, which also displays the current exchange rate.
If you are not an Exodus user, you may download the wallet just for purposes of exchanging, even if it is not your main Litecoin wallet. The fee for moving funds between wallets is small. After completing the transaction, you may transfer your new holdings into yet another Bitcoin wallet, or keep them in the Exodus wallet.
Send some amount of Litecoin to your Exodus wallet, then use the built-in mechanism to turn the funds into Bitcoin. The exchange minimum is 0.40 LTC, and the Exodus team promises to achieve the exchange in 30 minutes or less. Since Exodus uses Shapeshift, maximum limitations may apply.
The often-used service for exchanging Litecoin, BTC-e, no longer works. It was seized for providing an anonymous service. It is unknown if BTC-e would continue in some form. This platform was often the choice of Litecoin miners for converting their holdings.
Mind the Exchange Rate
There are many smaller alternative services to exchange between LTC and BTC. Exchange rates may vary by a few dollars, so you may choose to compare the potential orders. When moving between cryptocurrencies, keep in mind to return all holdings into safe wallets. Avoid having funds sitting on exchange wallets. Move them to a wallet where you own the private key.
For Litecoin, the above methods can be used to transform your holdings into other altcoins, such as Dash and Ethereum.