Litecoin (LTC) wallet
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Litecoin (LTC) represents a Bitcoin fork with faster block creation speed, lower transaction fees, and increased total supply. The project was founded in 2011 by Charlie 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 7th place globally.
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 must choose a reliable wallet. 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 less convenient for everyday use (you must carry the wallet to perform a transaction).
A wallet is the main user interface through which a person interacts with the cryptocurrency system. Litecoin wallets allow 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. To learn more about cryptocurrency wallets, check out this detailed guide. Atomic is a desktop and mobile wallet available for all major OS: Windows, macOS, Linux, Android, and iOS.
LTC transaction fees
It is important to understand that Atomic Wallet doesn't incur any fees for sending/receiving LTC; your only fee is the internal network fee set within the blockchain. This ensures that your transaction is added to the blockchain quickly and securely.
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 network's load, making it very expensive to deliberately or inadvertently overload the network.
Currently, the minimum transaction fee within the Litecoin network is set to 0.001 LTC/kB by default. By the way, a widespread misperception is that 0.001 LTC is the most minor fee you can pay to get the transaction processed by the miners. However, a closer examination of this value reveals that the fee is 0.001 per 1 kB. The kB term here refers to the amount of block space your transaction takes if it gets recorded. This means that the transaction fee depends 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 the conclusion that your transaction fee can be lower than 0.001 LTC.
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 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) and used another 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 Proof of Work algorithm that determines the process of new block creation. Compared to SHA-256, it's more affordable for individual miners, and its hash rate is lower. Also, an ASIC-secured protocol prevents large pools from mining Litecoin. For now, the reward for each block is 25 LTC. It is halved every four years. The total amount of LTC 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. If the community accepts the hard fork 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. According to one main rule, all records will be copied and transferred from the old to the new one. If you want to interact with a new ledger, you must have the update installed.
How do hard forks work?
The blocks on the pre-forked blockchain are copied to a new version. That's it. What happens to those who had funds on their addresses before the hard fork? They are the lucky ones! Their accounts will be doubled.
The way a fork works is instead of creating a 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, and Dash, to name a few.
LTC Wallet Features
Now that you know the primary purpose of a Litecoin wallet, why 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 explicitly designed for LTC and custodial and non-custodial wallets. The wider the choice, the harder it is to find the wallet that meets 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 desktop wallet, also available as a mobile wallet app. It supports over 300 cryptocurrencies, has built-in Cryptocurrency Exchange, Staking, and Buy Crypto features, and 24/7 live support. It has become famous for its convenience, user-friendly interface, lack of operational costs, and security. The latter is ensured by your crypto being 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.
In general, a significant advantage of decentralized wallets 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 if you keep your seed phrase, or private key, in a safe and secure place.
How to Use an LTC Wallet?
To enjoy the functionality of Atomic Wallet, one first needs to go through a simple process of creating a wallet where you; store your crypto assets. 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 crypto wallet. Be sure to keep it in a safe and secret place! Only you should have access to this data. 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 crypto wallet addresses of different currencies, including your Litecoin address. You can sort the assets by volume or hide negative balances. A remarkable feature of Atomic is the possibility of adding any custom ERC20 (Ethereum-based) tokens to the wallet.
The 'EXCHANGE ' feature tab provides an opportunity to exchange Litecoin through partner crypto 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, and import an external wallet into Atomic Swaps Wallet (for this, you must enter a private key).
Do I need a Hardware wallet for Litecoin?
Let's say a couple of words about hardware wallets. It's a physical device (cold storage), where your private keys are kept. To say shortly, a hardware wallet provides additional security features compared to most wallets, so-called hot wallets (mobile wallets, online wallets, browser extensions, etc). Hardware wallets aren't free and not so comfortable for everyday usage. Regarding security, most light wallets give you a mnemonic seed phrase. It's almost impossible to hack any hot Litecoin wallet without knowing it. Most advanced crypto users prefer a few wallets: hardware wallet + light or online wallet.
What's the best Litecoin wallet out there?
In terms of security, almost every popular Litecoin wallet is good enough to store your
Takeaways on Litecoin Wallets
Multiple LTC wallet providers, including Atomic Litecoin Wallet, support Litecoin (LTC). In Atomic Litecoin Wallet, you can send, and receive Litecoin, exchange LTC coins, buy Crypto with your bank card, and manage dozens of other crypto assets. After you Buy Litecoin, you'll receive Atomic Crypto Wallet empowers you with full control over your crypto assets since your Private Keys are protected with a mnemonic seed and never leave your device. Atomic Crypto Wallet provides the best safe storage to manage, send, exchange, and buy LTC. You can download the Atomic Litecoin wallet for mobile phones at Google Play market and the iOS version at AppStore.