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Litecoin (LTC)

What is Litecoin?​

Here are 5 key points about the Litecoin Blockchain:

  • Litecoin (LTC) was created in 2011 by Charlie Lee, as a "lighter" version of Bitcoin, offering faster transaction times and a more accessible mining process. Often referred to as "digital silver" in contrast to Bitcoin's "digital gold,"
  • Litecoin has a block generation time of 2.5 minutes, which is four times faster than Bitcoin's 10-minute block time.
  • Lower transaction fees on makes it an attractive option for users who need to transfer smaller amounts of money frequently.
  • Litecoin has a maximum supply of 84 million coins, which is four times the maximum supply of Bitcoin. This larger supply aims to make Litecoin more available and less scarce.
  • Due to an active development community, Litecoin devs have implemented several improvements, such as Segregated Witness (SegWit) and the Lightning Network, which improve scalability and transaction efficiency.
tip

Learn more about Litecoin by reading the Gem Wallet Learn article:
What Is The Litecoin Blockchain?

Litecoin on Gem Wallet​

Gem Wallet has full support for Litecoin and can be used for the following:

  • Buy Litecoin (LTC) with fiat using debit/credit cards.
  • Hold Litecoin securely.
  • Send Litecoin to any Litecoin wallet.
  • Receive Litecoin via SegWit (Bech32) receiving addresses.

Litecoin Balance on Gem Wallet Litecoin Chart

How to Get Litecoin?​

Here are some ways to acquire some Litecoin:

  • Buy Litecoin (LTC) directly on the Gem Wallet app.
  • Receive Litecoin with the unique Litecoin address on the Gem Wallet app.

Buy Litecoin Receive Litecoin

Transaction Fees on the Litecoin Blockchain​

The fees on Litecoin are summarized as follows:

  • The low transactions fees on Litecoin allows users to send smaller amounts with just a fraction of a cent.
  • The fees on the Litecoin network are dynamic and can fluctuate.
  • Due to the efficient design and lower block times, Litecoin generally maintains lower fees compared to many other cryptocurrencies, including Bitcoin.

Sending Litecoin Adjust Litecoin Fee

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You can check the current transaction fees on Litecoin by going to this site, Litecoin explorer which is also a LTC Blockchain explorer. Fees can be adjusted by tapping "Network Fee" and selecting your preferred option.

How to Check LTC Balance?​

Gem Wallet app connects to the LTC blockchain to show the LTC balance on your wallet. Tap on the 3 dots then tap on View address on Blockchair.

Check Balance on Blockchair View Transaction on Blockchain

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Blockchair is the default LTC explorer of Gem Wallet. You can manually check balances and transactions by going to Blockchair and search for your LTC address.

Litecoin address on Blockchair Litecoin transaction on Blockchair