How To Exchange Litecoin For Bitcoin

Litecoin is an amazing cryptocurrency. However, despite having several advantages over Bitcoin, many people would rather have Bitcoin than Litecoin simply because more vendors accept it, and it can be exchanged more easily for actual cash. I’ve had a lot of people ask how to transfer or convert Litecoin to Bitcoin. In this article, I will explain in detail how exactly to exchange Litecoin for Bitcoin. 

Let’s start by assuming you actually have some Litecoin in your possession. For whatever reason, you want to exchange the Litecoin for Bitcoin of equivalent value. Fortunately for you, this is quite easy.

All cryptocurrencies, including Bitcoin and Litecoin, can be traded for other cryptocurrencies on an exchange. An exchange acts as a middleman for both the cryptocurrency seller, and the cryptocurrency buyer.

An example of a cryptocurrency exchange would be Cryptsy.com. On Cryptsy, you would place a sell order for your Litecoin, and when a buyer is found that wants to buy your Litecoin with Bitcoin, the transaction will instantly take place and be credited to your Cryptsy account, where it can then be withdrew.

Let me explain a little bit further how this is done.

 

Step One: Generating A Litecoin Deposit Address

Litecoin Deposit Address

 

Once you’ve made your account with Cryptsy, you can instantly transfer funds over to your account. To do this, click on the ‘Balances’ tab at the top of the page, than go down to your Litecoin balance. Click it, and click ‘Deposit Litecoin’. A box should pop up, and you should be given the option to generate a new deposit address, just like in the picture above. Click the button, and after a few moments, you’ll be given an address to send Litecoin to. Do so from your wallet, and within minutes it should be credited to your account and you’ll be ready to exchange. Please note that under certain conditions, Cryptsy can take an hour or more to credit the coins to your account.

Step Two: The LTC/BTC Market

LTC/BTC Market

Next, navigate to the Litecoin/Bitcoin market by either clicking the buttons on the left side of the page, or by clicking Litecoin in your balances page and then clicking, “Go to LTC/BTC Market”. Here, you can exchange Litecoin for Bitcoin. Simply type in the price you want to sell your Litecoin for (in Bitcoin, not in dollars) and click submit sell order. If you’ve priced it fairly, you should see a message like this near instantly:

Exchange successIf so, congratulations! You’ve successfully exchanged Litecoin for Bitcoin. Now, all you have to do is withdraw it.

Step Three: How To Withdraw Bitcoin From Cryptsy

Cryptsy Withdrawal

To withdraw Bitcoin from Cryptsy, first you must go back to your balances page. From there, click on the ‘Bitcoin’ button, and click Withdraw BTC. From there, all you have to do is type in your wallet address and the amount you’d like to withdraw. For security reasons, you’ll also have to enter in your Cryptsy password and an SMS pin if you have two factor authentication enabled (which is highly recommended!).

There you have it. Congratulations! You now know how to send money from Litecoin to Bitcoin. Feel free to use Cryptsy to trade other currencies too, it can be quite profitable!

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