Litecoin LTC was the 8th altcoin to be created, and it outlived the other 7 before it. Dubbed as the “Silver to Bitcoin‘s gold” when it started in October 2011, LTC became one of the most profitable wallets with an improved storage efficiency in just under 10 years. This article looks at that meteoric rise, focusing on how the LTC wallet was instrumental to that. We will also discuss the best Litecoin wallet apps and hardware wallets.
Overview of the Litecoin Wallet
One of the initial crypto assets to be developed, and one of the famous, Litecoin, is a Bitcoin fork; the digital currency majorly used the Bitcoin source code and made few changes. Litecoin has stood out among many altcoins, even though it has not been easy. Although the crypto coin started as experimental, it has become one of the most valuable cryptocurrencies worldwide.
It should be known that LTC mining is brought about; however, there is a fixed amount of available Litecoin, 84 million. A considerable difference between Litecoin and many other crypto coins is that mining from personal computers is possible. Litecoin was born to enable instant payments, something that Bitcoin was unable to do due to its slow transaction confirmation times.
History of the Litecoin Network
In 2011, GPUs were the significant miners of bitcoin, and this caused a lot of concern among some users who believed that the factors limiting bitcoin mining were higher than ever and that resources used for mining were becoming old and useless; this prompted a new altcoin, Tenebrix (TBX).
Tenebrix was based on a scrypt algorithm instead of the SHA-256 that was used in the Bitcoin network. The algorithm allowed the altcoin to be GPU-resistant. However, the developers added a clause that would enable them to accrue 7.7 million TBX for themselves freely; this was widely criticized and gave birth to Fairbrix (FBX), an alternative to Tenebrix.
Fairbrix was developed by the same person that created Litecoin LTC, Charlie Lee. Fairbrix was his first attempt, and as you would expect, it failed. Litecoin did not fail; it was released using an open-source client on October 7, 2011, and was linked to an online server on October 13 of the same year.
Litecoin enjoyed immense success after its launch because the developer learned from his Fairbrix mistakes and combined code from a bitcoin client that helped deal with the bug that killed Fabrix. So, they were running on the same basic codes (Bitcoin and Litecoin). However, the critical difference was that Litecoin had 84 million coins, significantly contrasted with Bitcoin’s 21 million.
Litecoin LTC has been successful with its launch so much that segregated witness was adopted in May 2017 and started completing transactions with the lightning network in the same year. More transactions have been met with it ever since then. The Lite coin has a market rank of #16 on the coin market cap as of writing.
An Insight into Charlie Lee
Charlie Lee, the founder of Litecoin and Litecoin wallet, is a computer science graduate from MIT. Digital currencies entranced him, most especially Bitcoin. He was working at Google when he read a Silk Road article about cryptos. Before coming across the paper, he had always been skeptical about the Federal Reserve System, so he was always looking for opportunities beyond the traditional financial methods (fiat currencies).
When the opportunity presented itself, he started mining bitcoin purely as an experiment. Then, he met Mike Hearn. Mike Hearn worked as a developer on Bitcoin. Mike inspired Lee to develop his crypto coin, his first try was a failure, and his second try was Litecoin which was a huge success. Today, Litecoin is one of the most prominent digital assets in the world.
Differences between Litecoin and Bitcoin
Litecoin is a fork of Bitcoin, but that doesn’t mean that no differences exist between them. Significant differences between them are highlighted below;
A significant difference between bitcoin and Litecoin is the cryptographic algorithm; Litecoin features an algorithm known as Scrypt, while Bitcoin uses the SHA-256 algorithm.
Another difference is the speed at which transactions are made. The average transaction time to be confirmed on BTC is a little under nine minutes per transaction. Litecoin is about 2.5 minutes per transaction; this translates to Litecoin having faster transaction confirmation times than BTC, appealing to traders and investors.
A third difference is the number of coins each cryptocurrency can produce. While bitcoin can have not more than 21 million, Litecoin can create precisely 4 times that, 84 million.
Similarities between Litecoin and Bitcoin
The first similarity between Litecoin and Bitcoin is that they are both my favorite assets. The second is that they are both decentralized cryptocurrencies.
Then the proof of work ecosystems that they both work on is there.
Now, this is where things get interesting. The way they carry out their transactions is similar. You can exchange Litecoin as well as bitcoin, or you can mine them. And they also both require a cold storage wallet as a means of storage.
What’s the Litecoin Wallet?
Now that we know everything about Litecoin, we can look at where Litecoin is stored. Litecoin typically has storage apps and is known as Litecoin wallets. Litecoin wallets are software apps that allow you to buy Litecoin, receive Litecoin send, and trade Litecoin. It ultimately makes our everyday use of LTC easier.
Litecoin wallet binds owners to their Litecoin using private keys. A private key allows you to make transactions in your wallet. It should be noted that Litecoin wallets help to manage your private keys so that they can easily be used without you having to input your private key every time.
A feature of Litecoin wallet is the LTC wallet displaying the amount of LTC coins you have. Your LTC wallet also indicates your Litecoin address which allows you to exchange LTC. You can also receive LTC with your wallet, and if you can store LTC for as long as you want.
Litecoin Core Wallet
The cryptocurrency wallet is the official node the Litecoin blockchain uses. Operating systems like Windows, macOS, and Linux support the wallet, which makes it user-friendly. The core wallet also helps to exchange LTC and make transactions easier. You can also have multiple wallets in the node.
The user-friendly wallet needs to be downloaded on your personal computer, though. It usually takes a long time, but it is more secure.
Available LTC wallets
LTC wallet is typically an app, a mobile app on your phone, a computer, or a hardware device.
Generally, an LTC wallet not connected to the internet is the safest because it cannot be hacked. Available LTC wallets can include Binance wallet, Coinbase wallet, Exodus wallet, Infinito wallet, etc. The above listed are the best wallet providers in 2021. They are divided into exchange wallets and software wallets, with Binance and Coinbase being an exchange or a mobile wallet and exodus wallet being a software wallet.
Examples of hardware wallets include Ledger Nano S, Trezor, and Bitcoin Paper Wallet.
What’s the best Litecoin Wallet?
The safest Litecoin wallet is the LiteWallet primarily because it is the Litecoin wallet developed by the Litecoin Foundation. LiteWallet also has an Android version and is probably the best option for Android users. Litcoin Core Wallet’s security level makes the wallet a fine choice for long-term savings. The Litecoin Core Client gives users a good level of security and functionality, and so it’s a good choice for storing and trading Litecoin.
It has been established that Litecoin has one of the many digital signatures in the crypto world. Even though there has been a decline in 2021, Litecoin is still very profitable, according to merchants with Litecoin wallets proving to be very instrumental in the profitability.
Surviving the 2018 crash made investors think that Litecoin has come to stay. However, there is a need for constant innovation if survival in the increasingly competitive ecosystem is to be maintained.
There are different ways to store and manage your Litecoin. All wallets have their features, along with varying levels of ease of use and safety. Among LTC wallets, we recommend using a software wallet or a hardware wallet since these are safer options.
Which wallet has Litecoin?
A trendy mobile wallet that is used to manage Litecoin is the Coinomi wallet.
What does a Litecoin address look like?
Litecoin addresses are typically 26-35 characters long and are usually alphanumeric characters.
Which Litecoin wallet is the best for Android users?
The lite wallet is probably the best option for Android users.
How do I get an LTC wallet?
You can get an LTC wallet by direct purchase, using a crypto ATM, or through an exchange.
Do I need a Litecoin wallet?
You need to install your Litecoin wallet before you can make any transaction with LTC.
Can Litecoin reach $1000?
CoinPriceForecast analysts think that the value of Litecoin can surpass $1000 before the end of the year and sustain a steady rise to the $4100 mark over the next 5 years.