Introduction to LTC
LTC (Litecoin) is a peer-to-peer digital currency built on a distributed ledger.
Inspired by Bitcoin, its founder Charlie Lee designed Litecoin in 2011, drawing on the implementation principles of Bitcoin technology. Litecoin features faster transaction confirmation times and improved storage efficiency than the bitcoin cryptocurrency system. Learn more
LTC wallet can help manage your LTC assets, including balance inquiry, transfer, etc. The most important component for a wallet is the private key. Once you control the private key, you can control the assets at the corresponding LTC wallet address.
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🔸Before creating a wallet, please learn how to backup your wallet
You can get LTC in various ways. The easiest way is to buy. There are many cryptocurrency exchanges on the market that allow you to buy LTC, but users need to choose the preferred exchange according to location and payment method.
Before buying LTC, try to understand the purchase methods & risks here, so that you can complete the purchase process in a safer and quicker way.
🔸Exchanges that support the purchase of LTC
LTC Address Format
The following describes the three common LTC address formats. imToken currently supports the first two address formats.
🔸P2PKH address format (supported by imToken)
The address in P2PKH format (Pay to Public Key Hash) starts with L, which is equivalent to the address starting with 1 in BTC. P2PKH address format example: LhyLNfBkoKshT7R8Pce6vkB9T2cP2o84hx
🔸P2SH-P2WPKH address format (supported by imToken)
The address in P2SH-P2WPKH format (Pay to Script Hash-Pay to Witness Public Key Hash) starts with M, which is equivalent to the address starting with 3 in BTC.
🔸P2SH-P2WPKH address format:
🔸Native SegWit address format (not supported by imToken yet)
Native SegWit format addresses begin with ltc, which is equivalent to addresses beginning with bc in BTC.
Native SegWit address format: ltc1qum864wd9nwsc0u9ytkctz6wzrw6g7zdn08yddf
Please make sure that your LTC wallet has sufficient assets and the balance is enough to cover the miner fees required for the transfer.
🔸LTC transactions tutorial:
🔸You may encounter the following conditions:
- The difference between doing transactions in blockchain and in bank
- What if I send to the wrong address?
- How to set miner fees?
Anyone can participate in LTC mining. The essence of mining is to process transactions by calculating hashes, to ensure the security of the LTC main network and to keep the account information of the entire network consistent.
Release time: 2011-11-09
Consensus mechanism: PoW
Total amount issued: 84,000,000
Total circulation: 64,472,400
Block reward: 12.5 LTC
Block speed: about 2.5 minutes / block
LTC Block Explorer
LTC Block Explorer is a web tool that provides detailed information about LTC blocks, addresses, and transactions.