Many crypto users ask:
Can they exchange Bitcoin for Litecoin? Or Can they buy Litecoin from Bitcoin?
The answer is, Yes (!), you can do so.
There are a hell lot of the ways out there to do so.
On a side note, it is good to see that you want to diversify some of your Bitcoin to Litecoin. After all, Litecoin has served as a reliable testbed for Bitcoin and is also considered as Silver to Bitcoin’s Gold.
Now, that you are doing this for the first time, I want to urge you to use Changelly service for this conversion.
I feel Changelly is the right service for you to do this because it is barter like service where you give one currency and get another in return.
So without further add-on let’s jump directly to the step by step process for converting BTC to LTC.
How & Where To Exchange Bitcoin (BTC) To Litecoin (LTC)?
Step #1. As shown in the below image, go to the sign-up section of Changelly and use your email ID to sign-up. There is no requirement of any KYC or documentation at this point.
Step #2. Confirm about your sign-up in your email, if you receive any mail from Changelly. (skip otherwise)
Step #3. Once you are logged in, you will see this screen. Enter here the amount of BTC you wish to convert in LTC. Make sure to enter the BTC amount correctly, and doing this will auto-populate the LTC amount you will get based on the current rates.
Note: For this post, I have taken BTC as my example to convert into LTC. Otherwise, you can do this for any other currency too 🙂
Step #4. Now click on the ‘Exchange Now’ option as seen in the above image and you will see this screen.
Here you can even change the amount of BTC you want to exchange into LTC. This screen also shows you in gist the amount of LTC to expect, the network fees and estimated time of arrival.
Step #5. Now click on ‘Next Step’ as shown in the above image and you shall see this screen where you would have to enter the LTC address where you would like to receive your litecoins.
Note: If you don’t have an LTC wallet address, choose a wallet from here, and you will get your address.
Step #6. Again click on ‘Next Step’ as shown above in the image and you will see this screen. This step is crucial, and here you know the gist of the actual exchange. After the transfer or conversion is complete, you will receive this.
Also, make sure to double-check the LTC address on which you are expecting your litecoins.
Step #7. Click on the ‘Confirm & make payment’ option as shown above to see the next screen. On this screen, you will find a BTC address as well as QR code. Use this to send Bitcoin on this address so that Changelly can proceed with your conversion.
Note: You have 36 hours to send funds otherwise the transaction will be canceled automatically, but I suggest you send it ASAP before the exchange rate of LTC/BTC pair changes.
Step #8. As soon as you send BTC to this address shown above, you will see this below-shown screen displaying ‘Wait for exchange or Swap.’
It shows that your BTC is being deposited and we are waiting for the blockchain to confirm. Usually, it takes six confirmations for depositing BTC.
The swapping process itself happens almost instantaneously, but the network takes the rest of the time. Typically, the swap comprises of these three stages:
- Getting confirmation
- Exchanging BTC to LTC
- Sending Litecoin to your wallet
Step #9. You need to wait now and let the conversion take place. Once that is done, Changelly will auto-populate all the details and inform you about the successful transaction as shown below.
You can also audit your transaction on Blockchain by tapping “See transaction on Blockchain” button as shown in the below screen.
Congratulations, Tada….!!! You have done it
Convert Litecoin To Bitcoin
Changelly has been in this business of converting one cryptocurrency to another since 2015, and they have garnered fair share as well as the trust of the market.
That’s why I recommend the first time users only to use Changelly and especially when they have lowered their exchange fees by 50%, making it an ideal choice.
Now I think all the questions surrounding ‘how to exchange bitcoin for litecoin?’ will rest in peace.
Lastly, if you wish to convert LTC to BTC, the process remains the same you need to send your LTC and provide your BTC address for this exchange.