Cryptocurrencies are becoming more and more popular. Every day, thousands of people jump on the bandwagon. Many are drawn by the possibility of speculating with digital coins. Cryptocurrencies offer many opportunities for long-term investment and short-term trading.
However, for many newcomers, some basic operations with cryptocurrencies may seem difficult. That’s fine when you’re a beginner. One of the most common questions asked by rookie crypto investors is how to convert Litecoin to Bitcoin.
That’s not a big problem. Below, you will find a simple explanation of how to convert between those assets. But first, let’s briefly describe these cryptocurrencies and why many crypto enthusiasts decide to invest in them.
Litecoin (LTC) and Bitcoin (BTC) are likely the two most used cryptocurrencies nowadays. Bitcoin was the first cryptocurrency that ever existed. Later, other digital coins like Litecoin were created. The people behind Litecoin aimed at enhancing the flexibility and functionality of Bitcoin with their new cryptocurrency.
Bitcoin remains the most popular cryptocurrency. The majority of crypto investors and traders use Bitcoin. However, there’s growing interest in buying Litecoin also. As a result, Litecoin is catching up with Bitcoin. The two cryptocurrencies share many features. However, Litecoin was created to offer some advantages over Bitcoin like:
- A supply cap. Bitcoin has a maximum supply of 21 million coins, whereas Litecoin has 84 million;
- Faster mining rate. A BTC coin can be mind in 10 minutes, whereas an LTC coin in just 2.5 minutes;
- Simplified mining algorithm. To mine Bitcoin, special ASIC computers are needed. They usually are expensive and consume a lot of power. In contrast, Litecoin can be mined using CPUs and GPUs.
These characteristics motivate more people to join the Litecoin community as miners.
If Litecoin has advantages over Bitcoin, why would one want to convert LTC to BTC? Well, while Litecoin is more profitable for miners, Bitcoin has some characteristics that make it a more practical coin to hold. Some of these characteristics are:
- Bitcoin has far greater liquidity than other cryptocurrencies;
- More and more people and businesses accept BTC as a payment method;
- International transactions with BTC are much simpler.
To convert LTC for BTC in the best and most secure way, you should use a reliable exchange. There are several available. If you are a novice, you better choose an easy-to-use exchange like LetsExchange.
While every exchange has its particular characteristics, converting LTC for BTC is usually done through an online calculator. In one field, you have to type in the amount of LTC that you want to convert. The digital calculator will estimate the BTC amount you’ll get in your wallet. Make sure this quote is all-inclusive; otherwise, you’ll have to pay hidden fees later on.
If the conversion rate is fine with you, then you’ll have to enter your wallet address to complete the transaction. Enter any promo code if you have it for the exchange you’re using. That’s all. Within a few minutes, you’ll get Bitcoin in your wallet.
For more security, it is recommended to use a non-custodial exchange service. However, it is not necessary to perform this conversion.