Litecoin

## Network Basics - Bitcoin fork with faster blocks — 2.5 minute block time vs Bitcoin's 10 - Scrypt proof of work — different mining algorithm than Bitcoin - 84 million max supply — 4x Bitcoin's 21 million cap - Often called "silver to Bitcoin's gold" — similar but lighter for payments ## Address Formats - Legacy addresses start with "L" — oldest format, widely supported - SegWit addresses start with "M" or "3" — lower fees, better efficiency - Native SegWit (bech32) starts with "ltc1" — lowest fees, recommended - MWEB addresses for privacy — special addresses for confidential transactions - Verify address format before sending — wrong format may not work on all exchanges ## Transaction Characteristics - Confirmations faster than Bitcoin — 2.5 minutes per block - 6 confirmations for high value — ~15 minutes vs Bitcoin's ~1 hour - Fees very low — typically under $0.01 - RBF (Replace-By-Fee) supported — can speed up stuck transactions - SegWit reduces transaction size — use SegWit addresses for lower fees ## MWEB (MimbleWimble) - Optional privacy extension — confidential transactions - MWEB addresses start with different prefix — separate from regular addresses - Peg-in to MWEB, peg-out to main chain — move funds between layers - Some exchanges don't support MWEB — check before using - Privacy not default — must explicitly use MWEB ## Wallet Options - Litecoin Core full node — most secure, downloads full blockchain - Electrum-LTC light wallet — faster setup, SPV security - Ledger and Trezor support — hardware wallet integration - Trust Wallet, Exodus — multi-coin with LTC support - Litewallet mobile — official mobile wallet ## Fees and Speed - Fees based on transaction size — not amount sent - SegWit transactions smaller — lower fees - Priority fees for faster inclusion — rarely needed given fast blocks - Mempool usually not congested — transactions confirm quickly - Consolidating UTXOs costs fees — plan during low activity ## Exchange Considerations - Nearly universal exchange support — high liquidity - Fast deposits/withdrawals — 6 confirmations typical - No memo/tag required — simple address only - Some exchanges group LTC with Bitcoin — similar handling - MWEB deposits may not be supported — verify exchange compatibility ## Common Issues - Transaction unconfirmed — check fee, use RBF if enabled - Balance not showing — wallet not synced, wait or use light wallet - Sent to wrong address type — some services only support certain formats - MWEB funds not recognized — exchange doesn't support MWEB, peg-out first - Dust outputs — small UTXOs may not be economical to spend ## Merged Mining - Merged mined with Dogecoin — shares Scrypt hashpower - Increases security for both networks — shared mining work - No action required from users — happens at protocol level - Benefits from Dogecoin's popularity — more miners securing Litecoin ## Use Cases - Faster payments than Bitcoin — practical for transactions - Lower fees for transfers — cheaper to move between exchanges - Testing ground for Bitcoin features — SegWit activated first on Litecoin - Privacy with MWEB — optional confidential transactions - Established history — one of oldest cryptocurrencies, since 2011 ## Security - Same UTXO model as Bitcoin — similar security considerations - Seed phrase is everything — 12 or 24 words depending on wallet - Verify addresses character by character — clipboard malware exists - Use SegWit addresses — better security and efficiency - Cold storage for large amounts — hardware wallet or paper backup