Litecoin is an open source, peer-to-peer cryptocurrency that enables fast and near-zero payments between anyone, anywhere in the world.
Team
Litecoin was created in October 2011 by Charlie Le, an ex-Google and ex-Coinbase engineer, as an alternative to Bitcoin. His vision was to create a cryptocurrency that would be an improved version of Bitcoin, with faster transaction times, lower transaction fees, and less centralized mining pools. He also wanted to enable larger-scale adoption by individuals and businesses.
Uses
Litecoin can be used by individuals to make purchases in the real world more easily than most other cryptocurrencies because it is supported by a growing number of wallets and crypto debit cards.
How does Litecoin work?
Transactions
Technically speaking, transactions occur instantaneously on both the Bitcoin and Litecoin networks, time is required for those transactions to be confirmed by other network participants. According to data from block explorers, the Bitcoin network’s long-term average transaction confirmation time is just over 10 minutes per transaction, though this can vary widely when traffic is high, not to mention that the BTC network is extremely prone to getting clogged and transaction times could easily reach over 1h.
Speed
In comparison, the LTC transaction times have constant time under 2.5 mintues . In principle, this difference in confirmation time could make Litecoin more attractive for merchants. Case in point, a merchant selling a product in exchange for Bitcoin would need to wait nearly four times as long to confirm payment as if that same product were sold in exchange for Litecoin.
Bitcoin V Litecoin
The most fundamental technical difference between Bitcoin and Litecoin are the different cryptographic algorithms which they employ. Bitcoin makes use of the SHA-256 algorithm, while Litecoin uses a relatively newer algorithm known as Scrypt. The core difference between the two is that custom ASIC-based mining solutions aren't as optimized on Scrypt as they are on SHA-256, which means that mining is harder to centralize and that it is more accessible for users who wish to participate in the minig process.
It goes without saying that pretty much every big, reputable broker or exchange offers Litecoin trading. Coinbase and Coinmama are the two most popular exchanges to obtain ether with fiat currency. You can either use a credit/debit card or a bank transfer.
Coinmama
Coinmama is a renown worldwide exchange for Litecoin and other cryptocurrencies that has been working in the cryptospace since 2014.
The site allows you to buy Ethereum with your credit card or SEPA transfer if you live inside the EU. Exchange rates are relatively fair especially if you use SEPA transfers.
Coinbase
Coinbase is a convenient and cheap way to buy Litecoin (if available in your country). Coinbase will charge a fee of between 1.49% and 3.99% depending on your payment method (credit cards have a higher fee than wire transfers).
The buying process itself is very simple. Just create and account and add your payment method, then go to the Buy/Sell section and simply input the amount you wish to buy. test
As always, there are two obvious choices for hardware wallets Ledger and Trezor. Both of these offer Litecoin support.
Ledger
As for using the Nano Ledger S, the first step towards setting up your device is unboxing and checking if you have received all the accessories coming with it. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes, post which you will be set to use your Ledger Nano S device.
Setup guide video: here
Trezor
As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to the device’s USB slot with the cable given in the box. After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet.
Setup guide video: here
As for desktop wallet choices, the two most popular online wallets, Jaxx and Exodus, happen to support Litecoin.
Jaxx
Jaxx, also known by its full name: Jaxx Liberty, is a multi-platform cryptocurrency wallet that supports Litecoin, Bitcoin and other altcoins as well. Jaxx works on Desktop and mobile (iOS and Android) and is very intuitive and easy to use. Jaxx also allows you to exchange between coins within the app which makes it even more convenient.
Exodus
Exodus is a beautifully designed wallet for Blockchain assets that supports Litecoin, Bitcoin and many other cryptocurrency assets. Exodus features a built-in exchange feature to switch between coins as well. Exodus is currently only available for desktop.
Litecoin QT
We also have a third choice, in the face of the litecoin-specific Litecoin QT. This desktop wallet also functions as a full node. Its aimed at hardcore Litecoin fans who want to verify transactions, but keep in mind that it also takes a lot of space on your computer.
LiteVault
LiteVault is a unique online wallet. The software is easy to use and the design is very simplistic. It's primary purpose is to store Litecoin but through integration with Changelly there are some extra options. You should keep in mind that, like most online wallets your private keys are kept on LiteVault's servers.
Your browser encrypts them before sending them so Litevault receives and encrypted version. As always, storing huge amounts of LTC in any online wallet is not recommended. LiteVault Wallet is an open-source project maintained by anonymous UK-based developer known in the Crypto community as user "Someguy123". He developed several projects, including the Litecoin Block Explorer.
Litecoin has been around for quite a while, establishing itself as one of the go-to currencies for fast transactions. This means that there are plenty of reputable wallet services that support Litecoin, and we will be going through them. As always, you will first need to decide how much convenience vs. security you’re looking for. According to this you should choose between a web wallets, a software wallet, a hardware wallet or a paper wallet.
