If you do not know where and how to store LTC cryptocurrency, it is recommended to have your own online Litecoin wallet. This cryptocurrency is very popular among a wide number of people, it is one of the best cryptocurrencies because of the quick Litecoin wallet download. Litecoin is less secure than Bitcoin, but the network is faster and has lower fees.
What is Litecoin (LTC)?
Litecoin is a global decentralized P2P payment network built on the Bitcoin source code. It was launched in October 2011 by its author and developer Charlie Lee, who wanted to improve the Bitcoin system by using a different mining algorithm and reducing transaction confirmation time. The code for the “digital silver” project was released with a free license from MIT/X11, which means it can be modified, copied, and distributed in a modified form.
Charlie Lee considers Litecoin slightly less secure and decentralized than Bitcoin, but interesting because of the lower fees, higher speed, and higher bandwidth of the network. Charlie Lee believes Bitcoin will increasingly be seen as a store of value and Litecoin will be used for small payments.
How does LTC work & where can I get an LTC wallet?
There are quite limited ways to get LTC coin. Litecoin can be bought on cryptocurrency exchanges or by using a credit card directly at Litecoin.com. Litecoin can be used to exchange for fiat money in ATMs, as well as for electronic payment for goods or services from merchants willing to accept them. It is less popular than Ethereum. Mining LTC is profitable only for ASICs.
Before Chinese mining giant Bitmain introduced an ASIC miner based on the Scrypt algorithm, it was possible to mine LTCs using central processing units (CPUs) and graphics processing units (GPUs). It was profitable to mine Litecoin. Today, without a special mining farm it becomes extremely difficult to earn on mining.
The question of how to create a wallet for Litecoin is very popular. It is better to store these coins in non-custodian wallets. Advantages of non-castodian Sapien online Litecoin wallet:
- No user`s data storage.
- Fully decentralized.
- Low exchanges fees.
- Opportunity to use Visa and Mastercard to buy and withdraw crypto.
Sapien wallet accepts a lot of different cryptocurrencies. The system does not contain any hidden information. In the long term, it is better to store coins in a non-castodian wallet. There are special wallets like Sapien Wallet for storing this cryptocurrency, Litecoin wallet download does not take much time.
Why was the SegWit fork needed on the Litecoin network?
Segregated Witness (SegWit) technology allows you to change the block size limit by removing signature data from a transaction. SegWit soft fork was originally intended to increase Bitcoin network throughput. Litecoin did not need such a solution but the update was activated on its network.
As a result, the block size in the network doubled, the update contributed to a better adaptation of Litecoin compared to Bitcoin and prepared LTC for the introduction of Lightning Network technology, which allows sending coins without paying fees. Sapien wallet for Litecoin is a great choice.
Initially, the LTC coin was not popular with professional traders and investors. But after Segregated Witness (SegWit) technology was introduced, it began to attract more and more attention. The demand for online Litecoin wallets is constantly increasing.