Litecoin (LTC)

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Litecoin (LTC) was one of the first alternative coins (altcoins). The Litecoin network went live on 13 October 2011. Litecoin was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins and a different hashing algorithm (scrypt, instead of SHA-256).

See also: Bitcoin (BTC) (basic) - Fork, Soft fork, Hard fork & Coin split (advanced), [Supported cryptocurrencies]

Overview

Firmware (device) support Trezor One 1.5.2, Trezor Model T 2.0.5
Available in Trezor Wallet? Yes
Third-party wallets Electrum-LTC (active)

How to use Litecoin with Trezor

Litecoin is integrated in Trezor Wallet. It is, therefore, possible to use it in the standard interface.

  1. Plug in your Trezor device.
  2. Go to wallet.trezor.io.
  3. Select Litecoin in the top-left corner of the screen (see Getting to know Trezor Wallet#Switching cryptocurrencies (1)).
  4. Work with Trezor Wallet as usual. For more information, see User manual.

Litecoin can also be safely used with Electrum-LTC, with the seed and private keys fully protected by the Trezor device. For more infomartion and a manual describing the Trezor setup, see Electrum-LTC. You can also see our manual for using Bitcoin with Electrum in Apps:Electrum - the setup should be very similar.

Differences between Litecoin and Bitcoin

Bitcoin Litecoin
Creation 2009 2011
Creator Satoshi Nakamoto Charles Lee
Coin supply limit 21 Million 84 Million
Block generation time 10 minutes 2.5 minutes
Algorithm SHA-256 Scrypt
Initial block reward 50 BTC 50 LTC
Rewards halved every 210,000 blocks halved every 840,000 blocks
Difficulty retarget every 2016 blocks every 2016 blocks

Table data taken from https://www.investopedia.com/terms/l/litecoin.asp'

History of Litecoin

Litecoin went live in 2011 as a cryptocurrency forked from Bitcoin. Its aim were faster block generation and therefore faster transaction confirmation time. However, in other technical terms, Litecoin is nearly identical to Bitcoin. Sometimes, it was labeled as "the silver to Bitcoin's gold" by its community.

Its relative popularity (it reached the market capitalization of 1 Billion in November 2013) was partly due to its early adoption by Coinbase, where the founder of Litecoin used to work.

In may 2017, Litecoin became the first of the top 5 cryptocurrencies (based on their market capitalization) to adopt SegWit. Later that month, the first Litecoin Lightning network transaction was successfully sent.