Bitcoin Forum

Hi, shall i transfer Litecoin instead of bitcoin from Coinbase to Binance and then use those Litecoin to trade for Bitcoin on Binance and then use the newly bought Bitcoin to trade with altcoins?  this way will enable me to get cheaper " sending" fees by Coinbase?

I came across some people saying that sending Bitcoin directly from Coinbase to their Binance would charge very expensive fee. but sending litecoin is much cheaper. is that true? some said they sent 50USD worth of bitcoin to Binance and Coinbase charged them 15 - 20USD of sending fee! come on, thats crazy. hope you guys are keen on helping me! and no i cannot use GDAX. it requested for my driver license or sign up as business which i dont have either other than my passport

Litecoin is cheaper at the moment to transfer. I'm not sure what fees coinbase charge but it's normally between 3-5% which isn't much at all. Bitcoin network is congested currently with unconfirmed transactions causing the fee to rise temporarily.

Litecoin will be cheaper and quicker to transfer from exchange to exchange, if the exchange has a litecoin market then you will save the fees to buy back the bitcoin but Binance doesn't have a litecoin market so you will need to buy back your bitcoin and even then the fees for this will be far less than you would have paid sending bitcoin from Coinbase.

Maybe so but they are covering the fees for when they send Bitcoin too. Bitcoin at the moment is failing as a currency due to the fees that are required to be paid if you want it to be confirmed in a reasonable time. Exchanges have either withdrawn from trading in Bitcoin or have increased their fees.

Yeah, if you transfer small amount of criptocurrency it is better to use criptocurrency with small fees (like Dogecoin for ex.). For big amount of criptocurrency it doesn't matter - you can loose more money during criptocurrency price change

Litecoin is made as a prime alternative to Bitcoin by providing lighter algorithm features to be mined, faster transaction confirmation features, and to serve smaller fractions of microtransactions from Bitcoin

If your only concern is fees then there are a myriad of alts with lower fees than btc, infact I'd say pretty much every alt has lower fees than BTC.

Whereas if you're looking for spending power, then stick with BTC. Of course, if you can convert between currencies, send payments, and then convert back for less than the bitcoin fee, then that'll work too.

Hey why don't you encash them ?? And then buy litecoins from that cash, won't it be a better alternative.

The bank charges are extremely low genuinely some don't even charge much, I do think that it will be easier this way .. will make things less complicated and you can think for yourself.. you will have plenty of time ...

Transferring and everything will take too much time and offcourse you will still have to pay fees.

you don't have to send bitcoin to know the fees, I am not using coinbase but I am sure they will show you the bitcoin withdrawal fees before you make a withdrawal. check it out and see how much it is. but it is surely a lot more than LTC withdrawal fees based on the fact that bitcoin fees on chain are high.

with that said withdrawing LTC is cheaper but be sure that the price you buy LTC in coinbase is not so much different than the price you sell LTC on binance. if there is a big gap you may lose a lot of money. additionally you have to consider trading fees which you have to pay twice.
this method is mostly good if you are transferring small amount of money like 0.005-0.01BTC but it if it is higher like 10BTC then you may lose a lot of money in fees.

Indeed, the Litecoin transaction fee will be lower, but the price of Litecoin is more volatile than bitcoin, so you may lose more.

The thing is you will loose the transaction fees that is 0.1% on every transaction that you make from one exchanger to another and plus when you convert from BTC to LTC and back to BTC from the LTC. I’m sure you know very well you can not skip that one at any point.

Also, the volatility matters a lot in this regards. As we can see BTC is being very stable at the movement and just to buy them cheap via indirect way wouldn’t help you much. You might just loose some value over LTC volatility while transferring from one exchanger to other. It might not seem much but what if that excavated beyond expectation.  :)

This is because bitcoin transaction fee at the moment is really high, unlike other tokens that have a very low transaction fees. I just read about one that uses DOGE for transferring to the exchanges because DOGE has a low-cost transaction fee rather than bitcoin. If you want to use litecoin, it's really up to you to save some money in the transaction, but on our case, Philippines at the moment only accepts bitcoin so we really need bitcoin in order to cash out.

You can opt-in to use doge instead of LTC,but doge is so volatile now because it is in the hype,you may lose a lot of money if you dont get a good timing.

Yes, thats best idea that i have choosen. I dont use litecoin to send to other exchanger.
First i sell my bitcoin into doge and send it to another exchanger because the fee is much cheaper and quicker. After that i convert back to bitcoin after arriving in exchanger.

Yes you can do that to have lesser fees since Litecoin has lesser transaction fees than that of Bitcoin. Then once you have transferred your Litecoin and sold with Bitcoin then buy another altcoin from your profits or you could directly buy from Litecoin to another altcoin too.

use ETH - Binance offers many ETH pairs so you may not have to switch back to BTC.

Litecoin is better to use when you are transferring from coinbase to other place like you said binance. Litecoin has faster transaction and cheaper fees than bitcoin.

Litecoin is really good to use for transferring funds. In some recent days, due to bitcoins I do not pay much attention to altcoins like ltc, etc but they do are the best for getting faster transactions and cheap transaction fees. Bitcoins have a high fees to transfer funds and it is not good for transactions with lower amount so is too do prefer now to convert my bitcoins to ETH first and then transfer ETH to desired wallet and the convert them back to bitcoins.

Yes it is always better to convert out bitcoins to any major altcoin which has low transaction fees. Recently bitcoins have too high transaction fees which cannot be affordable by everyone. At this situation individual can easily convert his/her bitcoins to doge/litcoin/etherum to transfer the funds easily with low transaction fees.

Satoshi Nakamoto launched bitcoin in2009 as the world's first cryptocurrency. The code is open source, which means it can be modified by anyone and freely used for other projects. Many cryptocurrencies have launched with modified versions of this code, with varying levels of success.
Litecoin was announced in 2011 with the goal of being the 'silver' to bitcoin's 'gold'. At the time of writing, Litecoin  has the highest market cap of any mined cryptocurrency, after bitcoin

Maybe LTC is relatively cheap and stable?
Personally, I would like to buy BTC. The advantages of BTC do not need to be described!
The BTC is the leader of all cryptocurrencies.
LTC prices may have peaked, and it's hard to get to a new level!

While this may seem reasonable, the volatility of the Litecoin is likely to cost you more money.
Although bitcoins are more expensive to transfer, short-term prices are less volatile.

The main difference between Bitcoin and Litecoin is the time of transaction confirmation. Congratulations LTC for BTC exchange! That way, we do our best to make sure the coin will end up where it should be and everyone remains happy. Crypto currencies like Litecoin and Bitcoin are all about anonymity and we're all about crypto currency. LTC to BTC exchange. Litecoin to Bitcoin and other popular crypto currencies.