You may have a bunch of reasons for wanting to convert Ethereum to Litecoin. You may not see potential in Ethereum but you do in Litecoin.
There are a couple of ways you could procure Litecoin –
1. ETH to LTC exchange – This is what we will be discussing in the article. This is also the easiest way to get LTC coins.
2. Buy Litecoin – You can either use a credit or debit card to do this. CoinSwitch allows you to purchase Litecoin with your credit card anonymously.
3. Learn Litecoin mining – Possibly the hardest way but mining is the oldest method to get more Litecoin. You could learn to mine litecoin and verify blockchain transactions.
Coming back to the discussion at hand, here is how you can convert Ethereum to Litecoin on CoinSwitch –
1. Check exchange rate: Enter the amount of Ethereum that you wish to convert and input the correct trading pair i.e. Ethereum <> Litecoin. You will see a rate displayed. This is usually the best rate. Currently, 1 ETH = 2.419 LTC.
2. Choose the best offer: You can view all the best offers and the best rate will have a recommended label on it. Say, an exchange is blocked in your country, you will see that information as well. You can go with the recommended offer or choose another exchange based on your preference or choose a fixed rate instead. This is very useful given how volatile crypto is and the transaction value may not remain the same as it can change even after the process has started.
3. Enter your Litecoin wallet address: Next, you need to input your wallet address. This starts with 3 followed by a string of numbers and letters. After that, you will be asked to scan the QR code for the address of the wallet you have to send it to to deposit Ethereum. The memo has to be filled in manually. This wallet is held by CoinSwitch.
4. Conversion: Once the transfer is completed, your transaction will begin. It usually only takes 15 minutes or less. However, you may witness a delay if the transaction size is huge or blockchain speed is low. After the conversion has been completed, you will get a transaction hash to indicate the completion.
1. Basic knowledge of cryptocurrency – If you don’t know a lot, you can use CoinSwitch as a stepping stone because it has a bunch of good resources for beginners
2. Knowledge of the platform – CoinSwitch is pretty user friendly so you will get the hang of it pretty fast.
3. Wallets – You will need a wallet that supports both Litecoin and Ethereum or separate wallets to complete the transaction. Choosing a wallet is completely dependent on your use case. You could choose a Hardware, software, mobile or desktop wallet. You may want to start off with one and then upgrade should the need arise.
If you are looking to maintain your privacy, CoinSwitch is the right place for you. There is no need for you to set up an account or undergo a verification process.