What is LTC (Litecoin)?
Litecoin (LTC) represents a Bitcoin fork that features faster block creation speed, lower transaction fees and increased total supply. The project was founded in 2011 by Charlee Lee, a real and active person, unlike Bitcoin's Satoshi Nakamoto. The Litecoin project became one of the leading cryptocurrencies on the market. At the time of writing, the Litecoin market capitalization takes the 7th place in the world.
Atomic Wallet team is delighted to provide you with a smooth and secure interface to manage, exchange, and buy LTC with your bank card.
What is an LTC Wallet
If you decide to convert your savings into cryptocurrency (to be exchanged for electronic money) or to start earning cryptocurrency, you need to choose a reliable wallet for it. Litecoin wallet is an application that allows you to manage your Litecoin Private key and send or receive LTC. Such wallets exist in web/desktop, mobile, hardware, and paper versions. The most secure ones are hardware wallets; however, they may get fairly expensive and are not as convenient for everyday use (you have to carry the wallet with you to perform a transaction).
Basically, a wallet is the main user interface through which a person interacts with the cryptocurrency system. Litecoin wallets allow both storage and management of one's assets: with this software, one can buy, send, receive, and exchange LTC. The Litecoin wallet contains private keys and public addresses and gives you full access to your funds. If you want to learn more about cryptocurrency wallets, check this detailed guide. Atomic is a desktop and mobile wallet, available for all major OS: Windows, macOS, Linux, Android, and iOS.
LTC Wallet Features
Now that you know what the main purpose of a Litecoin wallet is, why not look at a specific example of a user-friendly multifunctional wallet!
There are plenty of wallets that allow you to keep and manage Litecoin. You may find wallets designed specifically for LTC, as well as custodial and non-custodial wallets. The wider the choice, the harder it gets to find the wallet that would meet your needs. Atomic Wallet is here to spare you the need to wander around hundreds of websites in search of the best solution!
Atomic is a decentralized multi-currency wallet. It supports more than 300 cryptocurrencies, has a built-in Cryptocurrency Exchange, Staking, and Buy Crypto features, as well as 24/7 live support. It has become truly famous for its convenience, user-friendly interface, lack of operational costs, and security. The latter is ensured by the fact that your crypto is entirely under your control, as your private key is stored only on your device (and not on some online server); this offers full control over your assets. We provide you with the options to manage, exchange, and buy LTC with a bank card.
The primary purpose of Atomic Wallet is not just to store cryptocurrency but to create a healthy multifunctional ecosystem that, in many ways, resembles a decentralized exchange. Atomic Wallet has an internal token - AWC (short for Atomic Wallet Token), which has many use cases in the ecosystem, such as dividends for holders and the cashback program. Furthermore, it also serves as a marketing tool for bounty and airdrop campaigns.
A significant advantage of decentralized wallets, in general, is the opportunity to manage cryptocurrency from any device. Still, you need to pay attention to how you store the backup phrase since that is the primary access to your funds. With Atomic, your Litecoin wallet is protected as long as you keep your seed phrase, or private key, in a safe and secure place.
LTC transaction fees
It is important to understand that Atomic Wallet doesn't incur any fees for sending/receiving LTC; the only fee you're paying is the internal network fee set within the blockchain itself. This is to ensure that your transaction is added to the blockchain in a fast and secure way.
To protect the system from being disrupted by spam and denial-of-service attacks, each transaction must destroy a tiny amount of LTC. This transaction cost is designed to increase along with the load on the network, which makes it very expensive to deliberately or inadvertently overload the network.
As of present, the minimum transaction fee within the Litecoin network is by default set to 0.001 LTC/kB. By the way, a very common misperception is that 0.001 LTC is the smallest fee you can pay to get the transaction processed by the miners. However, a closer examination of this value reveals that the fee is actually 0.001 per 1 kB. The kB term here actually refers to the amount of block space your transaction takes if it gets recorded. This means that the transaction fee is dependent not so much on the amount of LTC you're sending, but rather on how much volume it occupies in the block. This leads to a conclusion that your transaction fee can actually be lower than 0.001 LTC.
How to Use an LTC Wallet?
In order to enjoy the functionality of Atomic Wallet, one first needs to go through a simple process of creating a wallet. Download the installation file for your operating system from the official website and install the app. Run Atomic, click "CREATE WALLET," enter a secure password, and click SET PASSWORD. You will now see a 12-word seed phrase that can be used to restore access to the wallet. Be sure to keep in a safe and secret place! Then click "START USING ATOMIC."
You will then be taken to the wallet interface. In the first tab "WALLET," you will see the balance of all available coins and generated wallet addresses of different currencies. If you wish, you can sort the assets by volume, or hide negative balances. A remarkable feature of Atomic is the possibility to add any custom ERC20 (Ethereum-based) tokens to the wallet.
The "EXCHANGE" tab provides an opportunity to exchange tokens through partner exchanges - ChangeNOW, Changelly, and ShapeShift.
The "SETTINGS" tab allows you to change your password, get private keys that are securely stored in the encrypted form, as well as import an external wallet into Atomic Swaps Wallet (for this, you must enter a private key).
Why is Litecoin (LTC) so appealing?
Litecoin (LTC) is one of the top cryptocurrencies nowadays. It's fast, cheap, and already accepted by many companies. You can get a plane ticket, rent a car, buy food, invest, or exchange it for other cryptocurrencies.
Litecoin was born as a Bitcoin hard fork that resolves some of the Bitcoin issues, such as scalability and high fees. To achieve this, Charlee Lee took the Core code of the Bitcoin protocol and introduced certain improvements. He decreased the block mining time to 2.5 minutes (in Bitcoin, it takes 10), used other hashing algorithm called "S-crypt" that brings new requirements to miners. Therefore, the key to Litecoin's success was cheaper transactions and easier mining.
Mining: LTC uses a Scrypt algorithm which determines the process of new blocks creation. Compared to SHA-256, it's more affordable for individual miners, and its hash rate is lower. Also, it's an ASIC-secured protocol that prevents large pools from mining Litecoin. For now, a reward for each block is 25 LTC. It is halved every four years. The total amount of LTC that is planned to be issued is 84 mln.
What is a hard fork?
Hardfork is a process that implies a modification of the program code of the blockchain. In case the hard fork is accepted by the community unanimously, it is successful. In case the hard fork brings controversies, the blockchain may split. In the case of Litecoin, the blockchain got separated from the original Bitcoin blockchain without any backward compatibility.
"No backward compatibility"?
Let's say you have two ledgers: the old one and the new one. All records will be copied and transferred from the old to the new one according to one main rule. If you want to interact with a new ledger, you must have the update installed.
How do hardforks work?
The blocks on the pre-forked blockchain are copied to a new version. That's it. You may ask, what happens to those who had funds on their addresses before the hardfork? They are the lucky ones! Their accounts will be doubled.
The way a fork works is instead of creating a totally new cryptocurrency (and blockchain) starting at block 0, a fork just creates a duplicate version that shares the same history.
What was the reasoning behind Litecoin launch?
It is common knowledge that Bitcoin has always exhibited certain flaws, and numerous altcoins, including Litecoin, were created to surpass those issues. Some of the most relevant Bitcoin issues that led to the creation of Litecoin include:
- Bitcoin scalability issues
- High miner fees
- Controversies in the Bitcoin community
It is worth noting that Litecoin is not the only Bitcoin fork. Some others include Dogecoin, Bitcoin Cash, Bitcoin Gold, Dash, to name a few.
Litecoin (LTC) is supported by multiple wallet providers, including Atomic Wallet. In Atomic, you can manage and exchange LTC, buy LTC with your bank card, and swap LTC with Atomic Swaps - everything you need in one wallet application. Atomic Wallet empowers you with full control over your funds since your Private Keys are protected with a mnemonic seed and never leave your device. Atomic Wallet provides you with one of the best options to store, send, exchange, and buy LTC. Install the app now and manage your LTC right in the Atomic Interface.