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How Litecoin Wallets Work

Litecoin: What It Is & How It Works

Litecoin: What It Is & How It Works

Getty Images (Donald Iain Smith #597317523) Often referred to as the little brother of bitcoin , litecoin is a peer-to-peer cryptocurrency that has gained fairly widespread adoption since its inception in 2011. A form of digital money that utilizes a blockchain to easily maintain a public ledger of all transactions, litecoin is used to transfer funds directly between individuals or businesses without the need for an intermediary such as a bank or payment processing service. Litecoin is based on the same open source code behind bitcoin, with some notable differences. Created by engineer Charlie Lee to be the silver to bitcoin's gold, one of the main disparities between the two cryptocurrencieslies in their transaction speeds. Because it generates blocks about four times faster than bitcoin, litecoin can confirm the legitimacy of transactions a lot quicker as well as process a much higher number of them over the same time frame. For more information about how blocks are created and transactions are confirmed, be sure to read our primer on blockchain technology which functions as the underpinning of litecoin and most other p2p virtual currencies. One of the reasons some cryptocurrencies hold intrinsic value is because of their limited supply. Once a certain number of bitcoin (btc) or litecoin (ltc) are created, that's it. There can be no more new coins at that point. While bitcoin has a limit of 21 million coins, litecoin will max out at the 84 million mark. Although its market cap pales in comparison to bitcoin, litecoin still ranks among the top 5 cryptocurrencies at the time of publication. These rankings fluctuatebased on price and number of coinsin circulation. Another significant difference between bitcoin and litecoin is the hashing algorithm that each uses to solv Continue reading >>

Litecoin Cryptocurrency: A Complete Guide For Absolute Beginners

Litecoin Cryptocurrency: A Complete Guide For Absolute Beginners

Litecoin Cryptocurrency: A Complete Guide for Absolute Beginners By: Sudhir Khatwani In: Cryptocurrency Last Updated: The rush to collect cryptocurrencies continues well into 2017. If you are new to the crypto space, you might have heard of only Bitcoin . <br /> Can't load widget<br /> But there are hundreds of altcoins(or alternative cryptocurrencies) other than Bitcoin. Each altcoin comes up with its own unique technology and vision to change the world. One such cryptocurrency goes by the name of Litecoin. Fun fact: Litecoin prices surged more than 1000% in last one year. Litecoin is the worlds first altcoin. Like Bitcoin, Litecoin also exists on the internet as digital money. No one can feel, touch, or mint it. But there are still fundamental differences between both currencies. What Is Litecoin Cryptocurrency Used For? Litecoin is a cryptocurrency like Bitcoin, but it is based on an entirely different protocol. It was conceived to act like pure digital money. Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is also open source, decentralized, and backed by cryptographic math to secure transactions. Litecoin was not made to compete against Bitcoin, but instead to act as a complimentary payment solution alternative. Think of Litecoin as the silver to Bitcoins gold. Litecoin was created on 7th Oct 2011 by Charlie Lee, an ex-Google employee. Litecoin was designed to complement Bitcoin by solving problems like concentrated mining pools and transaction timings. Charlie is very active on Twitter , and you can read his blog here . Litecoin came from Bitcoins core code with some modifications. Charlie Lee modified the code and protocol in the way he considered best in orde Continue reading >>

The Complete Guide To Selecting Your Litecoin Wallet

The Complete Guide To Selecting Your Litecoin Wallet

Last updated on September 10th, 2017 at 10:36 pm Your Litecoin wallet will be perhaps the most important tool you have for securing and protecting your Litecoins and other digital currencies, so make sure you take some time to familiarize yourself with them! Like Bitcoins, Litecoins can be stored in a digital wallet. This wallet will track the total value of your Litecoins and allow you to conduct various transactions. It might be easier to think of your ewallet as a sort of email system, except instead of sending and receiving messages, you can send and receive Litecoins and money. You can also track your history of exchanges and monitor your financial transactions. Webwallets You store your Litecoins on someone elses sever. Desktop / mobile wallets You store your Litecoins on your device (e.g. your laptop). Each type of wallet has its pros and cons. Webwallets are risker since someone can hack the companies servers and steal your coins, but on the other hand you can use them from anywhere in the world. Offline wallets are considered safer since someone will need physical access to your computer to steal them, but you will also be able to send Litecoins only from that specific device. Some wallets are completely free, while other wallets charge fees for various transactions. Make sure you read any fine print when choosing a wallet and pay close attention to any fees, as they can add up very quickly. There are several Litecoin wallets currently available, so we will go over some of the most popular options. Unlike Bitcoin there arent many options for Litecoin wallets, so I tried choosing the top 3 for you to cosider. Hardware wallets These wallets are a small piece of hardware that connects to your computer via a USB portal. They allow you to send and receive Bitcoins Continue reading >>

2. Understanding Wallets

2. Understanding Wallets

When I first got into cryptocurrency, I lost a few hundred dollars worth of coins because I didnt understand what wallets or addresses were. I do not want this to happen to you, so lets take a moment to understand what Litecoin wallets are. If a wallet is where you keep your cash, then a Litecoin (LTC) wallet is where you keep and manage your Litecoins. To better understand this, I want you to think of your Litecoin wallet like you would your email account. With an email account, you can do various things with it like receive and send emails. A Litecoin(LTC) wallet is similar in that you can receive and send Litecoins through it as well. Your Litecoin wallet does 5 things specifically: It creates public keys derived from the private keys. It generates addresses from these public keys. It sends LTC by approving transactions. This happens by verifying transactions with a special signature created from your private key. It shares, or broadcasts, this information with the LTC blockchain network. If a Litecoin wallet is like a gmail account, then the LTC address is like an email address. Just like how you send you emails to other peoples email addresses, you send LTC to their LTC address. There are currently 2 types of Litecoin Addresses: These are segwit addresses which allow you to send LTC with lower fees. Some exchanges havent supported M-addresses yet. Therefore if you cant send to an M-address from an exchange, simply choose a legacy address. One more thing to note is that Litecoin and Bitcoin used to share the same 3-addresses for segwit. This caused confusion so LTC switched to M-addresses. Do not sent Litecoins to addresses that start with a 3. Above is a screen shot under the Send tab of an Electrum-LTC wallet. The Pay to section is where you enter the correct LTC Continue reading >>

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