How to exchange Litecoin for Bitcoin?

With BestChange, users can find the right way to exchange Litecoin cryptocurrency for Bitcoin and other digital currencies and fiat currencies.

Ways to exchange Litecoin to Bitcoin

The BestChange website offers several options for exchanging Litecoin for Bitcoin, including:

• Bitcoin on the original network (BTC);
• Bitcoin on the Lightning Network (Bitcoin LN);
• Wrapped bitcoin on the Ethereum network in the form of an ERC-20 token (Wrapped BTC or WBTC);
• Wrapped bitcoin on the BNB Smart Chain network as a BEP-20 token (BTCB).

The choice of method will depend on the purpose of using the cryptocurrency:

• The original network is suitable for secure Bitcoin storage and transfers;
• Ethereum or BSC — for use in the decentralized finance market (DeFi): liquidity mining, lending, farming, staking, and so on;
• Lightning Network (LN) — for regular, fast, and cheap transactions, including payment for goods and services.

Step-by-step instructions for exchanging Litecoin for Bitcoin

First of all, the user needs to select the exchange direction of interest, for example, Litecoin LTC → Bitcoin BTC. When selecting this option, a list of exchangers will be displayed, allowing the opportunity to convert Litecoin to a Bitcoin native network.

If you need to exchange LTC for Bitcoin in Ethereum or BNB Smart Chain, select Wrapped BTC (WBTC) or Bitcoin BEP20 (BTCB) in the right column of the BestChange exchange table, respectively.

The table of exchangers available in the selected direction appears. You need to find a suitable service and click on its name to go to its website. Before doing so, you should carefully familiarize yourself with the exchanger's terms and conditions, limits, and other important information displayed in the table.

The next step is to fill out an application on the site to create a transaction. In the application form, you need to specify the amount of exchange in Litecoin or Bitcoin, the BTC address of the wallet, and your e-mail address.

It should be noted that many exchangers are very strict about the AML policy. In this regard, services may reject payment if the user has sent so-called "dirty" cryptocurrency to the exchanger's wallet, which has not passed AML verification.

In some cases, exchangers may request additional information about the user, including personal information, and some of them require verification during the transaction itself — such exchangers are marked with a special icon on the BestChange website.

When specifying the wallet address, it should be considered that all the main address formats used by exchangers and users are compatible. There are three formats in total:

• Legacy (P2PKH or Pay-to-Pubkey-Hash): 1FeexV6bAHb8ybZjqQMjJJrcCrHGW9sb6uF (always start with one);
• Segwit (Pay-to-Script Hash or P2SH): 3E97AjYaCq9QYnfFMtBCYiCEsN956Rvpj2 (always start with the number "3");
• Native SegWit (P2WPKH or Pay-to-Witness-Public-Key-Hash): bc1q7ye8s9g6hv2c4aa350emwdfz8qmc0ppzjrtj8k (always begin with the characters "bc1");
• Taproot (P2TR or Pay-to-Taproot): bc1peu5hzzyj8cnqm05le6ag7uwry0ysmtf3v4uuxv3v8hqhvsatca8ss2vuwx (also always begin with the characters "bc1")

The newer address formats (SegWit and Native SegWit) differ from legacy Legacy because they allow faster and cheaper transactions. However, from an interoperability standpoint, it doesn't matter which address format to send to the exchanger to receive bitcoins unless the service's website says otherwise.

To proceed with the transaction, the user needs to send the exchanger a completed request form and wait for a response from the service. In response, the exchanger should send the address to which the Bitcoin should be transferred.

As a rule, there is no need to wait until the transaction in the Litecoin network is fully confirmed: exchangers often confirm the sending of funds when the required number of confirmations set by the service itself is reached. Usually, exchangers require at least 10 confirmations on the Litecoin network.

Once the required number of confirmations is reached, the exchanger must confirm the LTC transfer and return bitcoins to the user's wallet.

It is worth noting that transactions on the Bitcoin blockchain can be subject to long delays of up to several hours due to the low speed of transaction processing. This happens due to spikes in activity on the Bitcoin network.

Once an exchanger sends a BTC transaction to the network, it can be verified using blockchain reviewers such as Blockchain.com. Exchangers send a hash or transaction ID for this purpose, which can be used to find the Bitcoin transfer in question quickly. The blockchain browser also provides information about the approximate execution time of the transaction.

You should contact the service's support team if the transaction is not displayed in the network according to the specified hash. The same applies to any disputable situations that may arise.