How to convert Litecoin to Bitcoin?

Is it worth buying Litecoin? Isn’t it too similar to a Bitcoin? The answer is up to the person, but technically Litecoin has a better algorithm, has a smaller blocktime, but the popularity of Bitcoin is high and the coin itself is looked onto as some sort of a golden standard for other coins.

It might be too hard to acquire a Bitcoin, Litecoin might be seen as a good alternative, especially because both currencies are easily converted one into another. People can trade Bitcoin to Litecoin and vice versa using an atomic swap, or one person can exchange the currency to the one that’s needed at the best possible rates and high security.

Buy Bitcoin BTC with Litecoin LTC

Litecoin is a cryptocurrency launched in 2011 by a former Google engineer Charlie Lee and it was based on the same model that Bitcoin had. Therefore it can be said that Litecoin is also a decentralized open-source currency, similar to Bitcoin in some way. Firstly it was intended to be a supported coin for a Bitcoin, in terms of helping with the shortcomings of the latter. Yet over the years, it gained its spotlight because of its different notable features that will be discussed later on in this article. Just as any other crypto, LTC to BTC exchange is commonly addressed when looking at Bitcoin VS Litecoin in crypto trades. Now, let’s look at other similarities:

  • Same mechanisms
    It’s quite important to mention that both Bitcoin and Litecoin use the same consensus mechanism, which is Proof-of-Work. Aptly speaking, it’s a mechanism where miners solve complicated computational puzzles to mine out the block and get paid for doing that. The mining itself was considered to be a quite democratic process, yet it shouldn’t (and can’t) be an easy process. Easy puzzles would quickly lead to very fast drainage of the entire crypto supply, in our case- Bitcoin’s or Litecoin’s. Bitcoin and its structure have been thoroughly discussed. Despite their similarities, both BTC and LTC have their implications and various features that become evident more on a Litecoin to Bitcoin chart. As an investor, an LTC to BTC chart is a ready guide for quick decisions when buying and selling each digital asset.
  • The ability to convert Litecoin to Bitcoin
    With that being said there’s another feature that should be mentioned — the ability to exchange Litecoin to Bitcoin and vice versa using cryptocurrency exchange platforms. A P2P exchange could also work as long as both persons have enough LTC and BTC, the trade can happen. This sort of trading is also seen in atomic swap and it doesn’t have any fees involved in it. Yet there should be another person that’s willing to trade for Litecoin or Bitcoin and they should have enough crypto to do it.
  • The usage of Lightning Network(LN)
    Not only this brings two currencies closer, but also the fact that they are compatible with Lightning Network. However, the big plus for LN is the faster transaction times for both LTC and BTC. If as a trader you do not have a party to trade with on LN, it’d be better to use exchange platforms, all of which have different exchange rates, various exchange pairs, and several different security methods. These data can be compared on a Litecoin to Bitcoin converter to choose the best exchange platform with the most suitable exchange rates via Swapzone. Beyond this, Litecoin VS Bitcoin price largely aligns and only in a few cases will they not have a correlation as a trading pair.
Best bitcoin exchange rates

Bitcoin Vs Litecoin

Just like Bitcoin, Litecoin uses blockchain, a decentralized framework with distributed ledger technology. But there are some crucial differences between Bitcoin and Litecoin.

  • Different hashing
    First of all — the usage of a different hashing function. Bitcoin uses an SHA-256 algorithm while Litecoin is based on a script (pronounced as ‘’ess crypt’’) algorithm, which is quite newer than SHA-256. The cruciality of this difference can be seen in the mining process — in both cases, there’s a need for computing power and in time. SHA-256’s puzzles are considered to require a lot of processing power, which led to the rise of ASICs — Application-Specific Integrated Circuits. This rise led to the usage of more sophisticated methods in mining Bitcoin to increase efficiency, which simultaneously led to the fact that new-coming miners have a harder time establishing themselves. Therefore Litecoin’s greater appeal to those who can’t mine Bitcoin because of the lack of computing power or because of the tremendously high competition became attractive.
  • Blocktime difference
    Bitcoin also has a longer blocktime than Litecoin does (comparing 10 minutes for BTC with 2,5 minutes for LTC). This point can be attractive for online shops, merchants, and others. Because even though the transaction is instantaneous on both platforms the person would need to wait four times more for the confirmation of payment in Bitcoin than in Litecoin, but it can vary greatly because of traffic. Also, a person can always consider zero-confirmation transactions, yet the security of these is highly negligible, but generally, it works just like a bank card — the merchant or the store can see that the person buying the product has enough money and the money itself will be transferred right after.
  • The coins supply
    Also, the supply of coins that the currency can produce differs a lot — Bitcoin can accommodate only 21 million coins, while Litecoin has four times more of that number — 84 million coins. This point is a bit complicated because both currencies can be divided into really minute amounts. However, there are some drawbacks that don't undermine each coin’s use case. With a Litecoin to Bitcoin chart, you can see first hand how the trading has fared to date.

Litecoin LTC to Bitcoin BTC price details

The value of the currency is never static, even in terms of Bitcoin, and it’s been thoroughly discussed, just like the anonymity and the risks of hidden fees. Yet there are some crucial points that can affect the value of the cryptocurrency both on the platform and exchange platforms. These factors are the influence of the media and liquidity, to name a few. The first one is quite simple — if the media portrays currency in a bad spotlight, people won’t buy it and those, who already have it, will discard it as quickly as possible. The second one comes with the understanding of how accurately one cryptocurrency can be exchanged to another. That means that if the liquidity is high enough, the prices are established most fairly and the whole market is more stable, and this holds for Litecoin to Bitcoin exchange rates

Litecoin LTC to Bitcoin BTC anonymously

Talking about how to convert Litecoin to Bitcoin, it happens in many ways. However, whether it can be anonymous is a different matter. For every exchange platform that is registered as a company. There is an obligation to follow the rules of the country it’s registered in, and cannot be avoided.

Bitcoin to altcoin exchange

Litecoin LTC to Bitcoin BTC without hidden fees

To exchange Litecoin to Bitcoin, each platform you can use has the bright side and will show it off, such as the best exchange rates and zero transaction fees. Yet, as it’s been mentioned before, if something’s too good to be true, then it isn’t true. People should consider some pitfalls such as hidden fees or wallet fees when they exchange Litecoin to Bitcoin. The first one can be disguised very well. Yet different services can help one to avoid spending more than they should, so does Swapzone, which helps to highlight different fees, establishes fast exchange speed, anonymity and also aggregates offers from many trustworthy partners.

How to get Bitcoin BTC?

Swapzone presents the convenience of a swapping service along with the best rate option and safety of the whole process to exchange LTC to BTC. There is no need to use any supporting documentation, nor registration in the system.

To exchange Altcoins to Bitcoins with us is as simple as that: