Are you sitting on fat Bitcoin gains after the massive December 2020 pump? Or perhaps you just need to make a crypto purchase and want to do it in a currency that has significantly lower transaction fees than Bitcoin. Either way, you would want to know how to convert Bitcoin to Litecoin.
Luckily, that’s exactly what this article is about.
Choosing an Exchange
When you want to trade one crypto asset for another, the first thing you need to do is choose an exchange platform. There are two main types of exchanges. Each has advantages and disadvantages.
A fiat-to-crypto exchange is great when you want to buy digital currencies with dollars, euros, yuan, or pounds. It’s also ideal if you want to convert profits into fiat currencies to spend in the real world.
However, a major drawback of the fiat-to-crypto exchange is actually getting an account there. First, you need to register. Next, you almost certainly need to pass identity verification checks. While these are just legal requirements, they can be a real pain. For example, they are not good for particularly massive transactions you’re making.
Unless you already have an account at a fiat-to-crypto exchange, we don’t recommend creating one just to swap between BTC and LTC. You can do that easier elsewhere.
Another option is to use a crypto-to-crypto exchange. Usually, these platforms don’t require users to submit loads of documents before they can trade. Crypto-to-crypto trading venues also have a much wider variety of crypto assets available.
Another major advantage of crypto-to-crypto trading venues is that some of them allow you to use them anonymously. Some exchanges don’t even require an email address, for example.
Of course, if you want to turn your investments into fiat currency, you won’t be able to do so at a crypto-to-crypto exchange. You’ll also find that crypto-to-crypto exchanges are often unregulated. This can cause problems if something were to happen to the company operating the service. For example, exchanges were hacked in the past. Unregulated, smaller companies are less likely to refund customers at such events.
How to Convert BTC to LTC
Some exchanges allow trading between crypto assets in an entirely permissionless and anonymous way. Thus, we find platforms like Godex.io to be in keeping with what the crypto industry is all about. That’s why the instructions on how to convert BTC to LTC below are tailored to this particular exchange.
Here’s exactly how to swap Bitcoin for Litecoin at Godex.io:
- Visit Godex.io.
- On the main page, scroll down to the trading box. It’ll have fields for you to enter details about your conversion.
- To the right of the “You Send” box, select the crypto asset that you already have. In our example, it’ll be Bitcoin.
- Below, you’ll find an option to select the crypto asset that you want to receive. Here, you want to select Litecoin.
- In the “You Send” box, enter the number of BTC you want to swap for LTC. You’ll see the number in the “You Get” box change.
- Enter the address of your Litecoin wallet in the relevant field.
- Hit “Exchange”.
- You’ll then see a BTC deposit address. Copy it and paste it into your own BTC wallet.
- Enter the correct number of BTC in the wallet and initiate the transaction.
- When confirmed, you’ll have your LTC at the address you specified.
It really is that easy. No accounts. No verification. No stress. No waiting around. You can convert between BTC and LTC (or loads of other crypto assets) quickly and easily!